Ulster Bank typo - gives me 2.3% for three years instead of two

brazen_dude

Frequent Poster
Messages
107
Opted for 2.3% fixed on my existing mortgage with ulster... got a letter confirming the rate as 2.3% till september 2021 which is for 3 years... LTV < 60%
 

brazen_dude

Frequent Poster
Messages
107
just had a quick look at the sheet I sent back. ( copy ) the 2 yr fixed rate until 30/09/20 at 2.3%.

The rate that is directly below it is a 3 yr fixed at 2.8% until 30/09/21.

id give them a quick call and just ask, what is the rate that is now on your account.
the letter i got after signing the initial offer letter says "fixed at 2.3% until 30/09/21"
 

irishguy

Frequent Poster
Messages
124
Fixed with Ulster bank earlier this year @2.3% and got a call today to say they messed up on the letter they sent and said it was valid for 3 years instead of 2. They made the same mistake for a number of people and will be honouring 3 years if I want it and in addition, they give me €250 goodwill gesture. Score :)
 

Brendan Burgess

Founder
Messages
39,623
Who says that banks don't make mistakes in favour of their customers?

That is a great score indeed. 2.3% instead of 2.9% to 2.99%.

upload_2018-9-20_15-46-21.png


Mind you, it's still a very profitable rate for them, even if it's the lowest on the market.

Brendan
 

mugsymugsy

Frequent Poster
Messages
72
Not to put a downer on it but what would happen if the rates in 2 years are more favourable than 3 years. Granted you can break after 2 years but I just wonder if you would end up with a better rate in 2 years or 3 years
 

rameire

Frequent Poster
Messages
395
Not to put a downer on it but what would happen if the rates in 2 years are more favourable than 3 years. Granted you can break after 2 years but I just wonder if you would end up with a better rate in 2 years or 3 years
Thats the gamble of Fixed rates.
 

fme

Frequent Poster
Messages
59
(Moved from another thread - Brendan)
Hi,
Just curious if anyone else experienced this.
I switched to Ulster bank already last year and a number of weeks ago I chose to move to the new 2 year fixed rate.
I then received a call from UB a few days ago stating there was an error in the documentation and that it incorrectly gave the rate until 2021 instead of 2020.
They will be sending out new documentation in the post but in the meantime have offered 250 euros compensation and also offered me the option to keep it at 3 years at the same rate, so seems like a win win from my point of view.
Given that the current 3 year fixed rate is 2.9%, i think that would be a good option to take up to get it at 2.3%
:)
 
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DeeKie

Frequent Poster
Messages
519
Do they have a basis for changing back? I suspect the compensation figure is intended to wrong foot the recipient. I’d probably write back and say that I relied on the correspondence and am sticking with the original, rejecting the 250.
 

RedOnion

Frequent Poster
Messages
4,061
Do they have a basis for changing back? I suspect the compensation figure is intended to wrong foot the recipient. I’d probably write back and say that I relied on the correspondence and am sticking with the original, rejecting the 250.
There is no need to reject the money.

They have provided the compensation, and allowed the documentation to stand, or allow customer to revert to the originally intended 2 years.

Basically, "I'm sorry for making an error in you favour. Here's an extra 250 for the inconvenience".
 

Marobar1

Registered User
Messages
18
So just last week, II switche to Ulster for 2 years at 2.3%, when I log on to the inet banking now it says current deal ends 31/3/21.

I would love to lock that in as it suits our circumstances and obviously get €250 would be nice too!
I presume I should wait for the call? Has anyone contacted Ulster back themselves and then been offered to extend + compensation??
 

RedOnion

Frequent Poster
Messages
4,061
So just last week, II switche to Ulster for 2 years at 2.3%, when I log on to the inet banking now it says current deal ends 31/3/21.
No, that's correct. You won't be getting compensation.

When UB offer a 2 year rate, it's never exactly 2 years - it's until a specific date.

Every 6 months, they do a fixed rate hedge, so in September they did a hedge until March 2021 (2.5 years). Anyone who fixes between Sept and March will be fixed UNTIL March 2021, so you could have either 2 or 2.5 years, depending on when exactly you fix.

What happened was their template document was updated with the wrong year for a period, so a number of customers received an extra year.
 

Marobar1

Registered User
Messages
18
Ahhhh ok, thanks for the explanation!
That's great news still though, I thought two years meant two years!!
 

Mixer2017

Registered User
Messages
9
Same story for me last month, got the €250 and jumped on the 3 yr fixed @ 2.3%, there's definitely more than 4 of us!
 
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