Ulster bank put me on to tracker rate 2.15%+ecb

Discussion in 'Tracker mortgages - other than redress issues' started by tomo69, 3 Sep 2018.

  1. tomo69

    tomo69 Registered User

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    Hi all,
    I have just recently been been notified that our mortgage has been impacted by the tracker scandal. Ulster bank have put us on to a tracker rate of 2.15%+Ecb does this seem high? Took out mortgage july2008 fixed for 5 years,broke out of that to go variable 3.75%in mid 2009.
    Would anyone no what track rate would have been then ?
     
  2. moneymakeover

    moneymakeover Frequent Poster

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    Did Ulster ever sell trackers at ECB+2.15% ?

    Or is this a fictional rate dreamed up for customers who were originally a fixed rate and rolled off after trackers were discontinued?

    Bit like what aib and ptsb have done
     
  3. Editiono

    Editiono Frequent Poster

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    @tomo69 what does your mortgage offer say?
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    Hi tomo

    That is very interesting. I had not heard of UB doing this before.

    How did they explain the rate in the letter?

    And as Edition said - what did your contract say? That is where you have to start.

    Brendan
     
  5. RedOnion

    RedOnion Frequent Poster

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    Last edited: 3 Sep 2018
    Tracker margin was increased to 2.15% for >90% LTV from 14/4/08. So looks like this was the valid rate at the date you drew down.
     
    Last edited: 3 Sep 2018
  6. tomo69

    tomo69 Registered User

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    I have requested our original loan agreement from our solicitor so it will be interesting to see what d tracker rate was after fixed rate expired, is it best to get this from our solicitor or request it from Ulster bank.
     
  7. HollyBud

    HollyBud Registered User

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    My Ulster Bank tracker from 2007 is 0.95 + ecb
     
  8. Brendan Burgess

    Brendan Burgess Founder

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    Hi Red

    That is very interesting. Do you have a link to a schedule of these rates?

    Brendan
     
  9. tomo69

    tomo69 Registered User

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    One other point I should make is the mortgage was taking out with first active, so what was there tracker rate at that time?
     
  10. RedOnion

    RedOnion Frequent Poster

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    Hi, I had assumed it was First Active since that's the thread you originally posted to. I forgot to say that, but had to flick between a few of your posts to get all your info.
    It looks like the rate increased between your letter of offer, and date of drawdown, based on the info you posted elsewhere.
     
  11. RedOnion

    RedOnion Frequent Poster

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    @tomo69
    Apologies, I looked at the wrong row on a table. The exact date you drew down the mortgage is important here.
    From 14th April, the margin rate was 1.25%
    From 21st July it increased to 2.25% for >80% LTV

    Apologies again.

    Red
     
  12. tomo69

    tomo69 Registered User

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    Hi red ,that's very interesting. Is it best to get our mortgage loan agreement from our solicitor or Ulster bank ?We drew down the mortgage end june- start July .
     
  13. RedOnion

    RedOnion Frequent Poster

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    Hi tomo,

    I'm not sure that your solicitor would have received anything after your loan offer pack.
    I'm not familiar with how First Active wrote these, but there's generally a condition that rate is not guaranteed to drawdown, so it would be the rate applicable on drawdown date that would apply.

    If you get the exact date you drew down, I'll see if I can find the press release from when they changed rates.
     
  14. tomo69

    tomo69 Registered User

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    Hi red,
    I got a bit more info, we drew down the mortgage 16 July 2008 , would u have any idea what d tracker rate was at that time with first active. Would have been 90%ltv. I would really appreciate any info u could give me.
     
  15. Brendan Burgess

    Brendan Burgess Founder

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    It looks pretty clearcut from Red's previous post

    You drew it down when the margin was 1.25%.

    I think you should ask Ulster Bank to look at this rate and they might fix it which would save you the hassle and delay of an appeal. Their response to you if they say that the 2.25% rate is right, would help you to frame your appeal.

    Brendan
     
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  16. RedOnion

    RedOnion Frequent Poster

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    tomo69 likes this.
  17. WizardDr

    WizardDr Frequent Poster

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    The guru on the contracts is Padraic Kissane afaik
     
  18. tomo69

    tomo69 Registered User

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    What is regarded as drawdown ,? Is it when money is transferred to account which was 21/7/ 08 or is it payment requisition form which we signed on 04/07/18, sorry for my ignorance on this but I'm not familiar with the terms.