Ulster Bank's proposal to deal with offset mortgages

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Keninf said:
Target added an extra zero there I think. Just looking at your figures. 21 years left I suspect your mortgage is large enough n even without the extra 30k you already had a good chunk offset and will have maxed out with the doubling.

Remaining mortgage (on 31st August) x term remaining (at 31st August) at 4% interest is the max your pay out can be.
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Hi. Thanks for the reply. The mortgage life ends on 2045 and we had 135000 left end of august. At the time we had 100000 in the offset account. So now we have 133000 in offset and 131000 left in mortgage
 
mufc77 said:
Hi. Thanks for the reply. The mortgage life ends on 2045 and we had 135000 left end of august. At the time we had 100000 in the offset account. So now we have 133000 in offset and 131000 left in mortgage
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I put 135,000 for 22 years at 4% and got 68,200. For the total interest you would pay. Your offer should be in this region give or take a little for exact term and loan amount at 31st of August.

Even using 100K (your offset at the time) your savings would of been 50K. Doubling then brings you above 68,200 which is the max.
 
Keninf said:
I put 135,000 for 22 years at 4% and got 68,200. For the total interest you would pay. Your offer should be in this region give or take a little for exact term and loan amount at 31st of August.

Even using 100K (your offset at the time) your savings would of been 50K. Doubling then brings you above 68,200 which is the max.
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Thanks. My offer is higher than that. Where did you see 68,200 being the max? I also read somebody was offered 90000.
 
mufc77 said:
Thanks. My offer is higher than that. Where did you see 68,200 being the max? I also read somebody was offered 90000.
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It's your max based on your loan and term. The 90k person had a bigger mortgage so more interest to pay and a higher max.

Higher as you most likely are overpaid due to the large offsetting so your facility would of been above the 135k reaming and UB would of used that figure.

Even with a 10k facility and UB using 145k for the calculation your offer rises to 73k ish.
 
I noticed a change of information on Ulster Bank website re:mortgage support “, relating to ex gratia payment arrangements.. in frequently asked questions… “when will I receive my ex-gratia goodwill payment? “ reply…”you will receive a letter shortly after 10 January with further detail relating to your goodwill payment. Where we are making the payment to account, your payment will be made within 10days of the date on this letter”…..
 
Petulaa said:
I noticed a change of information on Ulster Bank website re:mortgage support “, relating to ex gratia payment arrangements.. in frequently asked questions… “when will I receive my ex-gratia goodwill payment? “ reply…”you will receive a letter shortly after 10 January with further detail relating to your goodwill payment. Where we are making the payment to account, your payment will be made within 10days of the date on this letter”…..
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I thought I noticed changes to that page too. You can compare the current page to an archived version. heres a link to how the page looked on Dec. 18th last https://web.archive.org/web/2023121...and-support/support-hub/mortgages.html#Offset - versus the current version here: https://www.ulsterbank.ie/help-and-support/support-hub/mortgages.html#Offset
 
Oh ffs. So the letter they sent out at the beginning of December is already inaccurate? The comms on this has been quite sloppy.
 
Keninf said:
If they could at least date the FAO's... Some chance of keeping up
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Hi Keninf. I had a call from an Ulster Bank (ex FA). You are right in calculation pretty much. The offer for me wont be increased based on what i said before. A very helpful approachable guy based in this country. He said I can ring him again if required. Thanks again for your help
 
mufc77 said:
Hi Keninf. I had a call from an Ulster Bank (ex FA). You are right in calculation pretty much. The offer for me wont be increased based on what i said before. A very helpful approachable guy based in this country. He said I can ring him again if required. Thanks again for your help
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No worries. Nice use of offset n now a nice offer because of it. Got some good options to consider now..... He didn't happen to mention when you might see the payment?
 
Keninf said:
No worries. Nice use of offset n now a nice offer because of it. Got some good options to consider now..... He didn't happen to mention when you might see the payment?
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He said it could be any time from 10th. Theyre doing it in batches.

Interesting to see how others approach the new pay and withdraw from May
 
Yeah I was reading up on that. Can reduce your mortgage significantly. But have to be careful you don't go so low that your repayments repay your mortgage.

I'm very similar situation to yourself n think I'm just going to get rid of the mortgage. Pocket or invest some of the change n then what would of been repayments are free to spend.

Savings take a dip but better off in the long run. Could even save the repayment. A financial advisor might say something different but mentally to take 20 years off the mortgage is worth something.
 
A curious thing happened yesterday. Ub made a payment to my mortgage account for just over 1k. They lettered me b4 saying I was in arrears to this value,.... I know for a certainly they are wrong, im not in arrears at all, think it was a timing issue but i have missed no repayments. Anyway, swings and roundabouts it was to b netted against my ex gratia payment.
So now my mortgage is up to date according to ub. I'm assuming the actual ex gratia isn't far away now which should hit my ub offset current account.

So the process has definitely started.
 
We received a letter this morning regarding the payment, and indicating it will be made within 10 days. It also included a booklet of the Terms and Conditions for the Ulster Bank Flexible Mortgage. I've skimmed the booklet - will review it properly over the weekend. One thing I haven't seen in it is details on how to make overpayments and then redraw, and also I don't see anything about moving house and taking this mortgage to a new property. I may just need to read more carefully.
 
mufc77 said:
Hi Keninf. I had a call from an Ulster Bank (ex FA). You are right in calculation pretty much. The offer for me wont be increased based on what i said before. A very helpful approachable guy based in this country. He said I can ring him again if required. Thanks again for your help
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A very helpful guy. My own situation won't be improving as we have 4 years left on a current balance of €50,000. Total interest payble for the remainder of the mortgage is approx €6,000 so my offer of €5,250 is ok.
Unless someone lese thinks I'm losing out? (never had the funds to use the offset until recently)
 
PeterD37 said:
A very helpful guy. My own situation won't be improving as we have 4 years left on a current balance of €50,000. Total interest payble for the remainder of the mortgage is approx €6,000 so my offer of €5,250 is ok.
Unless someone lese thinks I'm losing out? (never had the funds to use the offset until recently)
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Seems ok. Could get a small win by reducing your mortgage by the 5,250..
 
Received my letter. Was dated the 8th and said payment to account within 10 working days of that date.
 
mufc77 said:
He said it could be any time from 10th. Theyre doing it in batches.

Interesting to see how others approach the new pay and withdraw from May
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Has anyone actually received their payment yet? Our letter said no later than the 10th but have received nothing
 
lhiggins73 said:
Has anyone actually received their payment yet? Our letter said no later than the 10th but have received nothing
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We've not received any payment yet. UB's letter of late November said "on or shortly after 10 January 2024".
 
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