Ulster bank letter RE tracker mortgages change from Residential to Investment

L

landlord

Registered User
Messages
1,043
I have just received a letter from Ulster bank stating....

"Following an internal review, we have reason to believe that the mortgage detailed above relates to a rental property and not your primary residence."

They are asking me to fill out a form confirming that one of my properties (that was my old home) status has been changed from primary residence to a rental property. (This is true)

The letter goes on to state that ....
"We now have updated our systems to reflect this change (even though i haven't filled out the form yet). This change will not impact on your current mortgage arrangement and payment"

Put quite simply I dont believe them!! and am concerned that this is the first step in an attack on investment property tracker holders.

Do I have reason to be concerned?
 
What's the benefit for the customer here - ? Best to leave it and send no reply. Obviously keep up the payments though
 
I also received the same letter from them this morning.

My UB mortgage was my primary residence years ago. At the time it ceased to be my PPR, I informed them that it was changing to a rental property and they converted the mortgage to an investment tracker mortgage rate. So, all totally legit from my end.

It beggars belief that they now need to contact me to confirm this is the case. Have they no records??
I won't be replying to them.

I would like to know the reason for this "out of the blue" communication though.
 
I got this letter from UB also. I was planning on ignoring it!
My reasons are that I had to rent out the property due to the fact that UB withdrew my original tracker and I was unable to keep up the repayments. I was left with no option but to rent the house up to avoid going into arrears.
After a battle I finally got my tracker back but they knew at the time that the property is rented.
I am not going to engage with them on this issue. I have an agreement with UB on the mortgage and am overpaying them to reduce my capital so there is zero risk to UB not getting their repayments. There are no arrears on the mortgage either.

Glad I'm not the only one getting this letter though!!
 
You must log in or register to reply here.
Back
Top