Ulster Bank Mortgage Contracts

Discussion in 'Issues with tracker mortgages' started by UDurcan, Aug 18, 2016.

  1. UDurcan

    UDurcan Registered User

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    Hi All
    I have been following the various discussions here and obviously keeping an eye on the Central Bank updates on this investigation.
    Can someone just clarify for me...if in your Offer of Advance..it states that the interest rate shall be ECB rate plus 1.05% for the life of the mortgage...then does this mean that irrespective of fixing the rate for 5 years and irrespective of whether the bank told you that by fixing for 5 years that the tracker would be lost...that i am legally entitled to have my tracker because of this line in my Offer of Advance.
    Any comment would be appreciated.
    Thanks
     
  2. Gerard123

    Gerard123 Frequent Poster

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    Seriously??

    Legal agreements can be superceded. If the Bank told you that by fixing "the tracker would be lost", not meaning to be flippant, what part of that was not clear?

    Assuming that the documentation supports what you are saying.
     
  3. Brendan Burgess

    Brendan Burgess Founder

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    If the Fixed Rate Agreement said very clearly that you would lose your tracker, then you have lost your tracker.

    In many cases, the Fixed Rate Agreements were vague e.g."You would go onto a variable rate.". A tracker is a variable rate, so it could be argued that you didn't realise that you would lose your tracker.

    Brendan
     
  4. UDurcan

    UDurcan Registered User

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    Yes of course i am aware of this and i accepted this when i came off my fixed rate in 2012 and was offered all rates except the tracker rate. The information that I would lose my tracker was certainly given to me verbally but unfortunately i can find all documents relating to my mortgage except any paperwork that I may have signed when signing up for the fixed rate in 2007.

    However having become aware of the Central Banks order to Ulster Bank to examine its books in relation to tracker mortgages and having read the various forums and discussion..well a lot of these cases are identical to mine and I have read many references to this line "ECB rate plus 1.05% for the life of mortgage" and this seems to have been of some relevence in some of the cases where people got their tracker back.
     
  5. UDurcan

    UDurcan Registered User

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    Thanks Brendan

    The only document I do not have in relation to my mortgage is The Fixed Rate Agreement.....I am sure I could request a copy from the bank.
     
  6. corktim

    corktim Frequent Poster

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    I think you will struggle if the fixed rate letter you signed says you lose the right to your tracker.

    The wording on the fixed rate letter is key . I was told I would move to a variable rate but also given the option of taking a tracker as an option. No doubt they were trying to take my tracker off me but were too dumb to get the wording right.
     
  7. Gordon Gekko

    Gordon Gekko Frequent Poster

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    I would pay close attention to whether the term they use is "Variable Rate" or "variable rate". I would contend that the latter includes a tracker.
     
    Setanta12 likes this.
  8. notabene

    notabene Frequent Poster

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    This was the wording in my Uslter Bank mortgage contract & the ombudsman said that I should have automatically defaulted to the tracker rate from the fixed rate in his adjudication inDec 2014. Furthermore if you look at the documents in the thread 'prime time report on Ulster Bank Customer who lost her tracker' you'll see an email from them saying had I still been a customer they would have returned it as per section 2 of the contract. I haven't seen your documents but I would suspect both would apply to you also. However, mine was fixed in 2006 for 2 years and yours in 2007 so possibly the wording had changed in the fixed rate agreement by that stage
     
  9. notabene

    notabene Frequent Poster

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    Did you do this through a broker? Would they have a copy of your fixed rate agreement? If not do a data protection request and Ulster will have to supply it to you.
     
  10. UDurcan

    UDurcan Registered User

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    Thank you all for the advice....I am going to await the outcome of the investigation and see if the bank make contact with me...and if not i will definitely be requesting a copy of that fixed rate agreement and take it from there.
     
  11. UDurcan

    UDurcan Registered User

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    23
    Hi all...just to update on this thread...my tracker rate as per my original mortgage contract has been reinstated as of this month. Got my letter today. Thanks to everybody who has worked to raise awareness of this issue and hopefully everybody will get their letter soon.
     
    Wardy7, babyblackie, notabene and 2 others like this.
  12. Daffodils

    Daffodils Frequent Poster

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    I'm very surprised to see that people who were aware they were giving up their tracker rate now have that rate reinstated. How can a bank be accused of misleading a customer particularly where they explained the implications to a customer prior to the new agreement.
     
  13. peteb

    peteb Frequent Poster

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    because in the case of Ulster Bank they didnt inform their customer that they still had an entitlement to a tracker in their contract wording.
     
  14. mister32

    mister32 Frequent Poster

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    Daffodils you got it backwards

    People fixed for period of time (never gave up tracker)

    End of which bank originally denied them rightful tracker

    Finally this is being corrected
     
  15. mister32

    mister32 Frequent Poster

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  16. Daffodils

    Daffodils Frequent Poster

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    Sorry but the OP said he knew he was giving up the right to revert to a tracker rate in his second post on the thread.

    It just seems strange that someone who acknowledges that they knew the implications of signing a document which amended the terms of their contract now feels vindicated in having the terms of this document set aside. I can understand the argument that the wording was ambiguous or that they didn't know the implications but where they did I don't understand how it can be argued that they were treated unfairly.

    Obviously I don't know the full story...
     
  17. Linten

    Linten Registered User

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    Congrats on getting your Tracker back.

    A lot of people would like to know if you located the MFA you signed in 2007 when you fixed the rate for 5 years. You seem quite certain that you were advised that you would lose your Tracker if you Fixed, however it depnds on what was on the legal document that you signed.

    If it said that you would lose the Tracker then there is no legal contractual right for you to get your Tracker back. That would suggest that the Bank restored tracker to comply with Consumer Protection code obligations. Knowing what was stated in your MFA would clarify the position one way or the other and lots of people would be interested in the answer. If you located the MFA would appreciate if you could post outcome.
     
  18. Sarenco

    Sarenco Frequent Poster

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  19. UDurcan

    UDurcan Registered User

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    Hi Linten

    No I did not locate the form I signed when I fixed and I did not request it from the bank as I decided to wait and see if there was any outcome from the tracker examination.

    The letter I received in January stated "we have now completed an initial analysis of our mortgage portfolio which has identified tracker mortgage customers who have been affected by the use of ambiguous and confusing terminology in our mortgage documentation. Through this analysis we have identified your account as impacted."

    I can only assume that this is in relation to the consumer protection code obligations.

    Hope this helps clarify for other people waiting to hear.
     
  20. UDurcan

    UDurcan Registered User

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    By the way I fixed in April 2007 just in case that is of interest