I/we hereby confirm that I/we understand and consent to the fact that the mortgage and all associated rights and interests will be freely transferable by Ulster Bank to Allied Irish Bank on such terms as Ulster Bank may think fit, as part of a loan transfer scheme.
We were with First Active. Great service.We're you ever with First Active
When Danske Bank left the market many loans and mortgages were managed from the UK.
That was my impression too.I am fairly certain this was not the case.
Got a letter (have a tracker with Ulster bank)
A letter sets out. (ill shorten it)
Your original mortgage documentation indicates that there is an objection to the banks right to transfer the mortgage into the future,
This objection means that this mortgage prohibits our right to transfer to AIB
They have included a letter for me to sign to wave the objection
but what is potentially worrying is the wording
"please sign to consent to inclusion in the planned load sale.
I/we hereby confirm that I/we understand and consent to the fact that the mortgage and all associated rights and interests will be freely transferable by Ulster Bank to Allied Irish Bank on such terms as Ulster Bank may think fit, as part of a loan transfer scheme.
WARNING TRACKER INTEREST RATES: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future"
Hopefully its just to early in the morning and I am concerned about nothing. I assume that the original contract even if this is signed still stands and the terms that Ulster bank can set is just a deal "package" for the group of sale of the tracker portfolio
I can leave the mortgage with ulster but then you will loose access to the ulster bank services / branch network. not sure what this means exactly as other than contacting them to up the repayment schedule I dont usually need them for anything
No. It can be managed by anyone. Just Ulsterbank can't sell their beneficial ownership (until they find another way around it).If you do not accept the move to AIB then they have to continue managing the mortgage. Is that correct?
Ok thought Danske was relevant but will remove. I thought it was relevant.No. It can be managed by anyone. Just Ulsterbank can't sell their beneficial ownership (until they find another way around it).
The references to Danske are largely irrelevant in this thread, as the issues are different.
There is no benefit to a borrower being stuck with a 'zombie' Bank.
There is no risk or issue with you remaining with a zombie bank providing you never plan on getting a top-up or making changes to your current loan agreement, and even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
2006phester, can you tell me in what year did you first drawdown your mortgage loan from Ulster bank
No, that's not said. I said, there is no issue staying with a zombie bank providing you never plan to get a top up or change you current loan agreement. If you want a top up, then you potentially enter into a new or different commercial arrangement. I've got a Ulster Tracker, I will never have a need to top it up. It's managed perfectly well out of Edinburgh, why would I waive any right for nothing?Right. So RBS will provide customers who refuse to waive their rights, top-ups on demand?
Brendan
even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
I never said they'd have a plan for someone who wants a top up, I actually said the exact opposite. Regardless, the core point I was trying to make is that you shouldn't simply give up your rights without getting something in return.That is what you actually said. Your words.
Ulster Bank will not have any plan for someone who wants a top-up.
You are in every case better off with a real live bank than with a zombie bank.
Brendan
There is no risk or issue with you remaining with a zombie bank providing you never plan on getting a top-up or making changes to your current loan agreement, and even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
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