Ulster bank Tracker and variable rate mortgages how will they be sold?

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Sconeandjam

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We have a few properties and plan to sell in the New Year. All with Ulster Bank mortgages. Do you think the mortgages will be sold as a porfolio or split between ptsb and Aib? They are a mix of tracker and variable rates.
We tried to get out of the rental market but on the market is very slow in our town unless you want to sell well below market rates. Will try in the New Year.
 
ptsb has agreed to buy the performing non-tracker mortgages

AIB is rumoured to be buying the performing tracker mortgages

Nothing has been agreed for the non performing loans.
 
Hi Red

That is a very good question.

What happens if I have a performing tracker and a performing non-tracker which are cross secured?

Brendan
 
RedOnion said:
It depends. Are the loans cross secured / collateralised on all properties?
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One property has a variable with a top up tracker.
Another variable, another tracker. All performing.
Each house is not secured against the other as mortgages applied individually. Would prefer it they all went to one bank instead of split against 2.

We have a thing with Ulster Bank called a deposit/mortgage account where the mortgage and insurance are taken out of it. Money can be transferred. No monthly fees as it is not a current account. Would we be able to avail of the same with Ptsb as well as AIB?
Should we set up an account now even though we do not know what bank is going to finally take on the mortgages.
If we have two different types of mortgage on one property we do not know where this mortgage will end up?
 
If you are planning to sell the properties, then you don't need to take any action.

You will probably have sold them before the loans are sold on.

Don't be worrying about or distracted by monthly fees. They are insignificant in the overall picture.

Ulster Bank will not be closing any accounts for a few years.

Brendan
 
Thanks. It makes it complicated when you have a mix of mortgage types(tracker variable).
I thought Ulster Bank were advising customers to close the current accounts? Did I read it wrong? They are not taking on new business from October 2021.
 
No, Ulster Bank is not advising people to close their current accounts at this time.

But they are not being transferred to any other bank, so you will eventually have to transfer.

But, in your case, you won't need this account you have after you have sold the properties.

You will need a current account generally, and if you don't already have one with another bank, you should open one now.

Brendan
 
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