Ulster Ulster Bank customers who lost trackers but switched to another lender

Brendan Burgess

Brendan Burgess

Founder
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I am concerned that Ulster Bank's process for redressing these people is so complicated and frustrating, that some people will not get their trackers back.

The purpose of this thread is to list out the contributors to Askaboutmoney who have been affected by this and summarise how they are getting on.

If you have been deemed impacted but have switched to another lender, please summarise your experience in the response to this thread.

Successful - have either switched back to Ulster Bank or have been approved to switch back.

Notabene - They have agreed to restore her tracker. update

Smithers - Eligibility pack submitted and has been approved for transfer

Bazz71 - Eligibility pack submitted and approved for return of tracker.

Pat 123 - Got €9,000 initially. Received further cheque for €46,000 and tracker reinstated.

Madra Progressing. UB to make an offer of further redress

UBanker - switched to Bank of Ireland- and has completed the switch back to Ulster Bank

Ali Switched from Ulster Bank. Deemed impacted, have now switched back.

Googsie has switched back to Ulster Bank and received compensation


Refused

Sambo - because it was a Buy to Let

John 2017 Ulster - impacted but switched to another lender - tracker refused as Buy to Let

Don't know the outcome/eligibility applied for

Whatthe - Hasn't visited Askaboutmoney since Dec 2017
 
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The process seems very complicated. This is how I understand it.

1) Ulster Bank writes to you with a payment for compensation for the period from when you lost your tracker to the date you switched. This is usually a very small amount.

2) The package includes an eligibility pack.
The purpose of this is for Ulster Bank to determine if you are eligible to be offered a tracker or not.
If you paid off your tracker in order to move home, I would imagine that Ulster will deem that you are not eligible as the "switch" would have happened anyway.
If you had a mortgage of €200k and switched to Bank of Ireland for €200k and did not move house, you would be deemed eligible.

3) They will write to you deeming you to be eligible.

4) You have to sign a form saying you wish to switch back.

5) They will contact you after that to arrange the switch back.
 
Assuming you are eligible

You will be entitled to further redress and compensation for the period from when you switched to the date you switch back to Ulster Bank.


 
In my case the mortgage was approved for transfer & mortgage approval went through - I was given the full amount of compensation from impact in 2008 to December 31st, 2017. But this differs from most others as, as one bank official put it, my case at been noticed at the highest levels of the bank. However, the money is accumulating again since 1st Jan 2018 and that will only be paid to me upon transfer of the mortgage.

The amount approved for transfer was the mortgage amount on the last mortgage statement date available (when calculating the money owed in December 2017) which was 31st December, 2016.

As the contract was not the original contract I would not sign it - I also wanted the contract (or offer, as I think the bank officials refer to it) to be reviewed by my solicitor prior to signing it as I had no independent advice and the bank would not do this. I also noted that the term of the mortgae was not the original term of the mortgage ( I had reduced the term upon moving it) this was eventually corrected in their offer though the bank continue to refer to this as giving me 'an extended term'. They try to frame things to make the customer look as difficult and uncooperative as possible though it is them who are entirely uncooperative.

I twice met with them & twice one of their advisors tried to get me to sign the contract sight unseen - a senior Ulster Bank official was then to try to sort out these issues, however, he issued a letter of final response, without any attempt at resolving the issues. The best analogy I can give is that it is a bit like a divorce, they're the cause of the divorce and they are insisting on deciding the settlement, and will consider nothing other than what they deem fair, which really, is deeply unsatisfactory.

As there was no point in going to the Ombudsman at this stage (the Ombudsman can not do anything until the Central Bank's Examination is over) I got a solicitor's letter sent out to them which had little effect. I also wrote to the finance committee who were given an undertaking by the then interim CEO that it would get sorted. This was in mid June. The bank continued to play for time over the next six weeks and did not make any attempt to resolve the issue, though again, they said it was being considered at the highest levels. Not even a letter of response was issued in the end.

GDPR requests were then done but these were incomplete as no internal information was provided nor meeting notes from the two meetings held, amongst other missing items.

So where it currently stands is that there is an offer there should I be willing to accept a lesser contract - I have submitted an appeal to BDO in the last number of weeks, including the contract issue in it. I haven't heard anything back yet but the Christmas Post has been incredibly slow, so will see where it goes from here.

I haven't had an offer of a sum of money in liu of the mortgage being transferred back to Ulster Bank but I presume this is as the property is back in equity and that I am currently able to get mortgage approval required to move it back
 
I think I have been lucky so far in that I received the compensation letter when least expecting it. I suspect as I apply for eligibility it will get trickier and going from your post notabene this is only the start of it. will send on eligibility pack and see how I go from there.
 
3 months ago I received substantial compensation for the period 2010-2018 (I had moved my mortgage from UB to AIB for this period).
This allowed me to pay off my loans which was costing me €500 per month.
I have also been restored to a tracker mortgage in UB (ECB + 0.85%) which is saving me €200 per month.
This saving of €700 has been a huge boost to my wife and me.

I am still appealing my case as I think my compensation amount was €5000 less than it should have been.

I have given a more detailed description on the following thread:

https://www.askaboutmoney.com/threads/lost-ub-tracker-the-switched-to-aib-deemed-impacted.210952/
 
I mentioned above that UB's calculation of my refund is 5000 less than it should be.
Unfortunately(!), I used the wrong rate for 2011 and 2012, so it looks like they may be right!
 
As I am on the list Brendan, this is a note to update the favourable response received from UB last week
I received the compensation cheque up front for the period up till I remortgaged in August 2009. They sent me the eligibilty pack which I returned, early february 2019, along with back up documents ie Bank statements, valuations & bank facility letters for the two banks I have been with since 2009 (AIB & BoI). I received a reply last week to say I was eligible for the tracker mortgage and also that I am in line for further redress for any payment of interest over and above that I would have paid if I was on the tracker from 2009 to either when i draw down the new tracker or the end date of the new tracker period being offered (on the basis that for some reason i dont take / get the tracker product). They have also offered to pay various costs.

The next steps are to talk to UB re the tracker and when that has been processed to follow up on the redress

I think it is important to note that I kept my eligibility package application:
- simple as possible (think big picture)
- didnt get too greedy and look for every cost / compensation possible (such as inconvenience / storage etc)
- provided all documentation - as above - up front

My experience is thus, by making it easier for them, the quicker and in my case the more favourable the response. There wasnt a whole lot too it and with a bit of guidance (thanks Brendan!) its a relatively straightforward process.

any queries let me know.

Thanks
 
Out of interest, those impacted who had switched lender, were you required to reapply for your tracker mortgage with Ulster Bank i.e. submit a mortgage application with current proof of earnings etc? Is that part of the eligibility pack?
 
Hi Noddy,

Yes, they were, but no one has been refused on their home loans.

If you have further questions about a ptsb case, start a new thread. Don't take this one off topic.

Brendan
 
Bazz71 said:
I received a reply last week to say I was eligible for the tracker mortgage and also that I am in line for further redress for any payment of interest over and above that I would have paid if I was on the tracker from 2009 to either when i draw down the new tracker or the end date of the new tracker period being offered (on the basis that for some reason i dont take / get the tracker product). They have also offered to pay various costs
Click to expand...
 
@Baz71
Did they really offer to compensate you for the remaining tracker period if you did not take up the tracker now for whatever reason? Never a mention of this in my many discussions with them!
 
yes - may have to with fact that tracker period is up in 9 months (5 year as against 10 yr mover product)
 
Update on the previous 13 months as follows:

· Feb’18 - received payment for redress and compensation for the period from the end of fixed mortgage expired to the date of switching the mortgage. Backup calculations were provide

· Jun’18 - received notification of eligibility to apply for a new mortgage with a tracker rate of ECB + 1.05%. The amount of the mortgage is based on the outstanding balance on the latest mortgage statement with the current provider

· Jul’18 - went through the application process with a UB mortgage representative.

· Sep’18 - received copy of the Loan Offer

· Nov’18

o mortgage successfully switched back to UB

o within 2 weeks received remainder of the redress and compensation. No backup calculations provided.

Hope the above timeline helps with those who are still going through the process of switching their mortgage back to UB
 
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