Ulster Bank offset mortgages are not being sold to AIB

[Brendan Burgess]

Hi aorki

While you are correct, with another lender you could also pay down your mortgage with your savings and get the same 3% return.

The advantage of this account, is that if you need your savings later, you can get them back.

Brendan

 

[aoraki]

Hi aorki

While you are correct, with another lender you could also pay down your mortgage with your savings and get the same 3% return.

The advantage of this account, is that if you need your savings later, you can get them back.

Brendan

Thanks Brendan, I meant to include that very salient point!

 

[cremeegg]

So guys, I also have a drawdown facility of 33k left on my offset mortgage. From what I'm reading here is it as simple as calling ub and topping it up without all the rigmarole of payslips, credit checks , stress checks etc?

That wasn't my experience. Do please let us know how it goes.

 

[Indebadbooks]

That wasn't my experience. Do please let us know how it goes.

So they got back to me insisting that I get the original life assurance assigned to them. Gave me a couple of forms to be filled out ( deed of assignment and notice of assignment ), need a letter from assurance company as well. Then have to go to local branch to get above forms signed up. Will b doing that tmra before they reduce the facility ( every quarter apparently )

 

[Indebadbooks]

So they got back to me insisting that I get the original life assurance assigned to them. Gave me a couple of forms to be filled out ( deed of assignment and notice of assignment ), need a letter from assurance company as well. Then have to go to local branch to get above forms signed up. Will b doing that tmra before they reduce the facility ( every quarter apparently )

That wasn't my experience. Do please let us know how it goes.

So posted assignments etc last Thursday and got funds into my bank account this morning. Very fast I have to say.

 

[cremeegg]

So posted assignments etc last Thursday and got funds into my bank account this morning. Very fast I have to say.

Thats good news. Good to hear this still works.

 

[legolfer]

I understand that UB may be considering closing these facilities as part of the withdrawal, and compensating holders. The compensation may be linked to how much you use your current account and the offsetting facility. Then remaining mortgages transferred to AIB.

 

[Paul F]

I understand that UB may be considering closing these facilities as part of the withdrawal, and compensating holders. The compensation may be linked to how much you use your current account and the offsetting facility.

Compensation or not, would the withdrawal of these facilities be a breach of contract?

 

[legolfer]

Compensation or not, would the withdrawal of these facilities be a breach of contract?

I would think an engagement process happens before any breach is considered. Perhaps the thinking is that if the compensation number is acceptable to each holder then acceptance of the payment releases UB from the offset facility, and then ported over to AIB.

Given that rates have been low the past number of years if rates are to remain high going forward and you have a lump in the current or deposit account might warrant a reasonable payment.

 

[fliball123]

I would think an engagement process happens before any breach is considered. Perhaps the thinking is that if the compensation number is acceptable to each holder then acceptance of the payment releases UB from the offset facility, and then ported over to AIB.

Given that rates have been low the past number of years if rates are to remain high going forward and you have a lump in the current or deposit account might warrant a reasonable payment.

Hi Legofier, may I ask where your getting this information from with regards to compensation and these mortgages going to AIB?

 

[aoraki]

Hi Legofier, may I ask where your getting this information from with regards to compensation and these mortgages going to AIB?

I'm curious about this as well, seems like a messy way to go about this. For this they would need to engage with each account holder individually (of which there are a few thousand). And what happens if the account holder doesn't accept the compensation offer and is happy to continue as-is?

Obviously I know about as much as anybody else on this forum about what Ulster Bank is going to do with these mortgages, but this approach just seems a bit unlikely?

 

[fliball123]

I would think an engagement process happens before any breach is considered. Perhaps the thinking is that if the compensation number is acceptable to each holder then acceptance of the payment releases UB from the offset facility, and then ported over to AIB.

Given that rates have been low the past number of years if rates are to remain high going forward and you have a lump in the current or deposit account might warrant a reasonable payment.

Any update on this Legolfer

 

[aoraki]

Got a letter this morning from UB relating to this (as I'm sure other Offset account holders did as well). The first paragraph says it all.

We wrote to you recently to provide you with an update on the Bank's current position regarding your Offset Mortgage as the Bank withdraws from the Irish market. We continue to work towards a solution for our Offset Mortgages and we'll contact you again in mid-2023 when this has been finalised.

It's basically as-you-were, business as usual for the time being. It looks like these mortgages are being left to the very last and it wouldn't surprise me even if they kicked the can further down the road in mid-2023.

 

[Indebadbooks]

Got a letter this morning from UB relating to this (as I'm sure other Offset account holders did as well). The first paragraph says it all.


It's basically as-you-were, business as usual for the time being. It looks like these mortgages are being left to the very last and it wouldn't surprise me even if they kicked the can further down the road in mid-2023.

Yip same as. We wait and see, and wait.

 

[TK Max]

Yip same as. We wait and see, and wait.

Same as that

 

[aoraki]

Got another letter in the door this morning, which is basically about the withdrawal of UB branch and An Post services, and branch closures.

They included a separate booklet with updates to certain terms and conditions for the Offset mortgage. I looked at this carefully and from what I can see the only terms and conditions that have been changed are ones that previously mentioned branches or certain services only available within branches.

I couldn’t see any modifications that would impact things like offsetting, which is what I was primarily concerned with. The important thing in the letter is this;

“Please note, as an Offset Mortgage holder, you do not need to take any action relating to your Offset Mortgage or linked accounts if these products still meet your needs. You will still be able to transact on your Offset Mortgage linked accounts using alternative channels”.

 

[Brenlixnaw]

Got another letter in the door this morning, which is basically about the withdrawal of UB branch and An Post services, and branch closures.

They included a separate booklet with updates to certain terms and conditions for the Offset mortgage. I looked at this carefully and from what I can see the only terms and conditions that have been changed are ones that previously mentioned branches or certain services only available within branches.

I couldn’t see any modifications that would impact things like offsetting, which is what I was primarily concerned with. The important thing in the letter is this;

“Please note, as an Offset Mortgage holder, you do not need to take any action relating to your Offset Mortgage or linked accounts if these products still meet your needs. You will still be able to transact on your Offset Mortgage linked accounts using alternative channels”.

i got same letter this morning , will i be able to continue paying my mortgage by sending from bank of ireland acc

 

[aoraki]

i got same letter this morning , will i be able to continue paying my mortgage by sending from bank of ireland acc

Is it being taken by DD from your BOI account, or are you paying by standing order? I didn't see anything in the amendments to the T&Cs that indicated that there was an issue with paying your mortgage like this going forward. You have to be able to pay your mortgage somehow!

As long as you're not paying your mortgage by Bank Giro or by lodging cash to it in an Ulster Bank branch, I don't think anything changes.

 

[Brenlixnaw]

Is it being taken by DD from your BOI account, or are you paying by standing order? I didn't see anything in the amendments to the T&Cs that indicated that there was an issue with paying your mortgage like this going forward. You have to be able to pay your mortgage somehow!

As long as you're not paying your mortgage by Bank Giro or by lodging cash to it in an Ulster Bank branch, I don't think anything changes.

im paying it by lodging cash in branch ,id say ill have to set up a standing order

 

[BigChrisM]

Hi

I have the offset mortgage, what's the latest form you all ?, I'm still paying DD, and they closed my Current account, so they are breaching terms ? Right?