Ulster Bank's proposal to deal with offset mortgages

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Maybemoving said:
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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It's not 4% of 360. But 4% interest over the term.

What was your remaining term? Also the 200K moved after the 31st of August so would not have been included in their calculation.

You without a doubt need to contact Ulster Bank, ask them what was included in the calculation and argue the case for that 200K to be included. Depending on your remaining term your payment could/should be way north of 28K. Way north!!
 
Sorry I see now 14 years. If they include the 200k the doubling effect will bring you up to 105K or a bit more. The max on 360K for 14 years.

Why the delay in moving the money to offset. Have a reason for them but ring them n argue your case.... You would have saved that money going forward and was in offset before their announcement.
 
Thanks for your response and clarifying the calculation.

The money hasn’t been offset as we were waiting to see what UB were going to do with the mortgage - not sure if this is deemed a valid excuse but it’s the truth.

Will contact them tomorrow. It’s worth a punt for sure.

Thanks again
 
I spoke to my local Financial advisor who i dealt with in previous years. As he no longer dealt with Mortgages he recommended Padraic Kissane he dealt with the tracker mortgage scandal previously.

I spoke to them last Friday and he had been contacted by a number of UB customers with regards to the offsets. I have sent on all my details to them and am awaiting their response. Again my issue isn't with their calculations with previous usage but with their view that because i haven't had the ability in the past to use the offset feature that it would be status quo for the remainder of my term.
 
Emmy32 said:
If you call them they'll call you back and give you the details of what's in your letter over the phone
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Emmy on what number will they do that. I called 0828 210 275 and got the letter resent to me. She said she doesn't have the details of the letter. Are these posted from dublin or the UK?
 
Indebadbooks said:
Emmy on what number will they do that. I called 0828 210 275 and got the letter resent to me. She said she doesn't have the details of the letter. Are these posted from dublin or the UK?
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That's the number I called last Friday and someone from the mortgage team called me back on Tuesday with the details.
I ended up receiving the letter on Wednesday.
 
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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U still waiting? Nothin for me today, called and got letter re-issued
 
Indebadbooks said:
Same here, can't get details off them over the phone either
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are we the only two in the country who still don’t know what they’re being offered?!

My biggest concern with the delay is that it eats into the available time to seek financial advice.
 
Hi Aniascor and Indebadbooks.
Are you renting your properties or are they your principal private residences?
I am just trying to think of a reason that Ulster Bank might try and withhold the payment from you.
 
I don’t think they are trying to withhold the payment? I think it’s a postal issue of some kind. We’ve got a normal offset mortgage on our primary residence.
 
RichInSpirit said:
Hi Aniascor and Indebadbooks.
Are you renting your properties or are they your principal private residences?
I am just trying to think of a reason that Ulster Bank might try and withhold the payment from you.
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I have a second home alright but this house is my principal residence. I'd hope they didn't try and pull that or I wouldn't give them another penny.
 
Aniascor said:
I don’t think they are trying to withhold the payment? I think it’s a postal issue of some kind. We’ve got a normal offset mortgage on our primary residence.
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Even if they did try ro get out of it we still need communication from them. If I don't get a letter next week I will hold my December payment until they do contact me. Don't care about credit ratings to b honest.
 
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