UB notification of ECB rate change?

T

tallpaul

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As a matter of interest, has anyone been written to by Ulster Bank advising them of their revised mortgage payment following ECB rate change earlier in the month?

I vaguely recall that they are required to do this? Although with all their recent shenanigans, it may well have been lower down their priority lists...
 
havent got it yet either.. 935 came out in june 935 came out july, usually get it in writing about the rate change.. they are quick to increase never seems to be quick when the rate decreases.
 
We got a letter dated 18/7/2012 advising that the rate decrease had been applied to our mortgage with effect from 17/7/2012 (Ulster Bank Offset Mortgage / Tracker).
 
Didn't get it either. My mortgage comes out at the end of the month. They were really late taking it last month but took it this month as same rate as previous so no reduction as yet.
 
LDFerguson said:
We got a letter dated 18/7/2012 advising that the rate decrease had been applied to our mortgage with effect from 17/7/2012 (Ulster Bank Offset Mortgage / Tracker).
Click to expand...

Yes we have a Tracker also but we also overpay each month. Our actual monthly amount should remain unchanged, just the ratio of actual payment to overpayment.
 
Still haven't seen a letter but I assumed it could be delayed given their recent difficulties.
 
Ulster bank seem to take a month longer than the other lenders to send out the letter and apply the rate change, which is disadvantageous when rates are on the way down, but advantageous when they are on the rise.
 
Got the letter today to say that the rate decrease announced on 7th July would be applied from 19th!! And I live in the bog - so thanks, an Post!
 
When do T&c’s for UB’s Trackers say ECB changes will be applied ?

Are you able to see online what rate is currently being applied to your Tracker ?

I’m not familiar with UB, but with my NIB Tracker the T&c’s state any changes up or down will be applied within 3 working days.

I can always see on line that this has been done.

I might not get the letter for a few weeks, but the important thing is, I can see the correct interest rate has been applied from the correct date.
 
Still nothing from KBC either. I called them today and they said the rate would be applied from the 1st August but wouldnt be reflected in payments until the 1st September.

I dont understand how the banks can decide when they apply ECB to tracker mortgages. Surely as the basis for your mortgage, it should be applied immediately?
 
it depends on the contract you signed newbie.

the rate announcement is usually announced on the first thursday of the month and is actually applicable from the next wednesday.
some mortgages will have the rates applied in 3, 7, 14, 30 days depending on the mortgage t's & c's at the time.

ldferguson in relation to the offset mortgage,
when the rate decreases the bank have 7 days to change the rate of the mortgage
when the rate increases the bank have 30 days to change the rate of the mortgage
this is set out in the offset mortgage terms
 
I got the letter yesterday and mortgage at new lower rate was taken today.

Which was nice.
 
Has anyone's SVR rate with Ulster Bank gone down? They announced it but havent got a letter. And my mortgage came out at the same amount as always.
 
Got mine on 31st was done in time for 1st Aug - the decrease was alot less then expected they said interest rate fall also decreases the TRS?
 
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