Ulster Bank's proposal to deal with offset mortgages

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Does anybody think we are within our rights to request UB provide a breakdown of the estimated future mortgage interest to see how far the goodwill payment will cover it? Tbh I don't see how this could be calculated, ECB interest rates were at zero a couple of years ago and are now at 4%, so don't know how UB can predict anything.

Other sneaky issue is that UB are basing the average offset based on past 6 years/ 2 years but the early years of a mortgage is when people are struggling most, less income coming in etc. it's the future 10-20 yrs that is more important as your kids grow older, work experience means your wage increases etc so I don't think this goodwill payment will even scratch the surface.

Next year rates are expected to go down but they could start rising again the year after, impossible for UB to predict this.
 
There are numerous moffset mortgage calculators online as some banks in the uk still provide these.

Barclays have an offset mortgage calculator
 
Ben Don said:
Hi all,
I called UB today to query the details and I lodged a complaint which they took details and said I would get a response.

Just to be clear, the pay and redraw facility is no different to what is available at this moment. This facility means that if your minimum payment to cover capital and interest is 1000 euro and you pay 1500 euro, they log the overpayment of 500 euro each time and make this a facility whereby you can apply to borrow this money as a loan but this then increases you mortgage. This facility is there right now despite the latest UB info seeming to dress this up as something to address the removal of the offset. It doesn't!!!!
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Thanks for that. I didn't fully understand the pay and redraw facility. In that case, losing the offset facility is much bigger loss than they are presenting it as.
 
Still no letter here. Called Ulster Bank and they said all mortgage holders should have received their letters by 1-Dec-2023, so they have sent a request to re-issue my letter. Anyone else still waiting may wish to do the same.
 
Aniascor said:
Still no letter here. Called Ulster Bank and they said all mortgage holders should have received their letters by 1-Dec-2023, so they have sent a request to re-issue my letter. Anyone else still waiting may wish to do the same.
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For what it's worth, I didn't get mine until the 4th, so it might still arrive in a day or two
 
So, just on the payment proposed initially, my understanding is this payment will come on or soon after January 10th whether or not we are happy with it. It will include €250 towards legal advice so I assume we can take said legal advice and challenge the final settlement anytime up to the withdrawal of the facility on May 23rd?
 
Aniascor said:
Still no letter here. Called Ulster Bank and they said all mortgage holders should have received their letters by 1-Dec-2023, so they have sent a request to re-issue my letter. Anyone else still waiting may wish to do the same.
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My sister got her letter yesterday, it was posted on the 27th November. Her post is dreadful though she is in a rural area.
 
Sarah Ryan said:
My sister got her letter yesterday, it was posted on the 27th November. Her post is dreadful though she is in a rural area.
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I've often noticed 10 days between some ub correspondence dates and me receiving my letter. Still not received today. Il give it till Friday.
 
My sister got a letter regarding this yesterday, she is due back €18,507.74 - I don't know a lot about this product but I have seen sight of the letter. Her mortgage was discharged on the 17th November (I think, some date in mid to late Nov) due to the death of her husband.

Would I be right in assuming that this decision was made a long time before the 17th November and she actually is due this money? I know financial institutions can and do make mistakes when it comes to things like this.
 
This is a unique situation. Sorry for her loss.

The date Ulster Bank have chosen is 31st of August last.

I don't know how it will apply to your sister's situation but it is a cut off point that Ulster Bank picked. If someone found them self in the same situation between 10th of January(money paid) and offset ending on 23rd of April/May then the bank could hardly ask for it back.

I just don't know. Is the bank account still open? Personally I'd wait till after 10th of January and then ask where is my money if not lodged.
 
Keninf said:
This is a unique situation. Sorry for her loss.

The date Ulster Bank have chosen is 31st of August last.

I don't know how it will apply to your sister's situation but it is a cut off point that Ulster Bank picked. If someone found them self in the same situation between 10th of January(money paid) and offset ending on 23rd of April/May then the bank could hardly ask for it back.

I just don't know. Is the bank account still open? Personally I'd wait till after 10th of January and then ask where is my money if not lodged.
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Thank you x

I was / am pretty sure she is entitled to it, we have forwarded it to the solicitor just to be sure, for somebody who has lost their main source of income overnight I will fight tooth and nail to make sure she gets it.

The bank account is still open, dispute with Ryanair for a refund ongoing, due to be closed once that is completed but I have advised her to write a letter stating this account is not to be closed until this ex gratia payment has been made. It was a debacle to get the mortgage redeemed and this payment was never once discussed.
 
Sarah Ryan said:
My sister got a letter regarding this yesterday, she is due back €18,507.74 - I don't know a lot about this product but I have seen sight of the letter. Her mortgage was discharged on the 17th November (I think, some date in mid to late Nov) due to the death of her husband.

Would I be right in assuming that this decision was made a long time before the 17th November and she actually is due this money? I know financial institutions can and do make mistakes when it comes to things like this.
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They calculated the ex gratia payment based on the mortgage details as at 31st August 2023 (see the first post in this thread) so, as far as I can see, she's fully entitled to it even if the mortgage was redeemed (presumably via mortgage protection life insurance) in November.

Edit: apologies, I see that @Keninf already clarified the 31st August date above!
 
ClubMan said:
They calculated the ex gratia payment based on the mortgage details as at 31st August 2023 (see the first post in this thread) so, as far as I can see, she's fully entitled to it even if the mortgage was redeemed (presumably via mortgage protection life insurance) in November.

Edit: apologies, I see that @Keninf already clarified the 31st August date above!
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Yes mortgage protection paid out thankfully in November. I just had fears the letter 'could' have been a mistake! I mean in this instance it really is kinda, free money :-(

Bittersweet is the only word to describe it.
 
Wonder if someone would be so kind to validate my formula for determining if our ex gratia payment of 28k is correct:

360k balance x 4% x 2 = 28k

We’ve had an inheritance of 200k sitting in a second UB current account since May 23. This account was closed at the end of Sept and the balance moved to our facility. We’ve been intending to reduce our loan balance by 150k and bringing in the term from 14 to 7 yrs paying same monthly mortgage but we were waiting till we knew more about what was happening with UB offset before requesting the restructure.

Wondering if this should be reflected in our ex gratia payment?

Thanks in advance
 
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