Ulster Bank will honour the uFirst mortgage discounts after you close your account

Brendan Burgess

Brendan Burgess

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from their brochure

Discounted mortgage rates are also available with your ufirst account. If you
currently avail of these rates, any requirement to maintain a ufirst account is no
longer applicable therefore there will be no impact on your existing mortgage
rate discount by closing your ufirst account. Please note, however, if you decide
to switch to a different rate at any stage over the remaining term of your loan,
you will not have an option to avail of the ufirst mortgage rate again.
You will lose access to www.ufirstaccount.ie after your account is closed.

***You may wish to consider arranging alternative insurance cover if you are
registered for any of the insurance benefits available with this account.
 
I have an Ulster Bank tracker mortgage and a UFirst account. If I close the UFirst account I guess I just pay the mortgage via direct debit from another Irish bank account?

At the moment I find it handy to have the Ulster Bank account to look at the balance and status of the mortgage but I guess it is not really needed. I could just request a paper statement by phoning the UB mortgage department.

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So that is the simple part. The more difficult part is that I don't live in the house anymore and the house is rented out. I couldn't sell it when I left the country as it was worth only 50% of the value. The tenancy is registered and tax compliant etc. and I have a management company in place. To date there has been no communication via post from UB.

When it comes to switching over the mortgage to AIB or whoever takes it over will I need to set up another bank account? I won't be able to supply utility bills etc.

Or will a letter just be sent out saying this is the new account that the mortgage has to paid into? I have another Irish bank account so could organise a direct debit from that.

Will getting annual mortgage statements for tax returns be difficult if you don't have an account with the mortgage provider? ( I suspect everything to go digital in the next 10 years). There is 20 plus years left on the mortgage. It was one of these 40 year mortgages.

Thanks in advance for any input you may have.
 
You will need to setup a new direct debit from another Bank account from another Bank provider as your UB current account will be closed and possibly before your Tracker moves to AIB.
 
Thanks rameire. That's what I suspected. I will wait until I get formal notification from UB before I do anything yet. I am surprised not to have heard anything yet. Luckily I don't use the UB account for anything else.
 
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