Ulster bank mortgage - I have heard nothing from AIB?
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SaySomething
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Got a letter from UB this morning. Advising me of changes that will apply when AIB takes over the mortgage. It seems it's imminent. I'm guessing in the next 8 weeks or so?
Basically... if you had been putting ad hoc extra payments onto the mortgage and you missed a payment date...Ulster Bank would have used the ad hoc additional balance to stop you from going into arrears. AIB will not allow you to do this. Customers who made regular overpayment arrangements are not affected.
I noticed last week they also seem to have removed the online lump sum overpayment facility. You have to ring into the mortgage centre to arrange this directly.
Basically... if you had been putting ad hoc extra payments onto the mortgage and you missed a payment date...Ulster Bank would have used the ad hoc additional balance to stop you from going into arrears. AIB will not allow you to do this. Customers who made regular overpayment arrangements are not affected.
I noticed last week they also seem to have removed the online lump sum overpayment facility. You have to ring into the mortgage centre to arrange this directly.
Brendan Burgess
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80% of mortgages have transferred.
They expect to transfer the rest before the end of the year.
Brendan
They expect to transfer the rest before the end of the year.
Brendan
I’m in the same position and got a letter from UB this week saying it hasn’t transferred and it will move before end of the year and I’ll get 2months notice. Balance outstanding is less that €100k tracker so I’m guessing they completed higher value accs first.
Brendan Burgess
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Do you realise that you can still fix with Ulster Bank who have not got around to raising their rates as much as the other banks?
For example, if you are on ECB +1% , you will shortly be paying 5.25%.
You can fix with Ulster today as follows:
You will lose your tracker at the end of the fixed rate, but your balance will be quite low by then, so it won't matter as much.
I am not saying that you should do it. I am saying that you should consider it.
Brendan
Your mortgage interest rate is almost certainly much higher than the maximum return possible with your state savings, in which case it may even be more efficient to cash them in early and pay them off the mortgage sooner rather than later. But you'd need to do the maths.
Brendan Burgess
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I seem to recall that Mars is handling the administration of these mortgages on behalf of AIB.
Brendan
Brendan
Brendan Burgess
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It still seems odd.
Did you not get a welcome letter from AIB telling you this?
Have you a tracker or a non-tracker?
AIB took over the trackers.
ptsb took over the non-trackers.
Brendan
Did you not get a welcome letter from AIB telling you this?
Have you a tracker or a non-tracker?
AIB took over the trackers.
ptsb took over the non-trackers.
Brendan
I did get a welcome letter from AIB but no mention of Mars Capital in any of the communication. I have a performing tracker. Never missed a payment.
I'll call them tomorrow.
Brendan Burgess
Founder
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That is very poor that they would not alert you to the fact that your mortgage is being paid to someone else.
Brendan
Brendan
I spoke with them this morning and they said that Mars Capital are assisting them with large volume of mortgages at the beginning and that the next direct debit will be to AIB. It is some sort of temporary measure and my mortgage is with AIB. I'll keep an eye on it.
My tracker has also been transferred but it's maturing at the end of next year and only has an outstanding balance of around 8k. I don't think the outstanding balance played any role in the order of transfer. Maybe it's just alphabetical order?