Ulster Ulster Tracker Loan Offer

Banquo

Registered User
Messages
46
Hi,
I received a loan offer for a tracker on my PPR and two of the restrictions include a) I cant move it to another property ( I understood that this option was available before with an increased margin) and b) I can't rent the property out? Has anyone been able to push back successfully on these matters

Thanks in advance
 

peemac

Frequent Poster
Messages
816
They do allow you move the tracker but at a ridiculous 2.5% margin. So no real advantage over their fixed rates.

On the renting, that's fairly standard policy but banks seem to be getting strict on it.

"you can choose our 10 year European Central Bank (ECB) tracker rate of ECB+2.50% (2.9% APRC variable) for loan amounts up to your current level of tracker borrowings."
 

Banquo

Registered User
Messages
46
Thanks

I had read that when you move the mortgage to another property they increase the current margin by an extra 1.00%. either way it's not an option in this loan offer.

I would have thought that the loan offer should reflect the prevailing policy of the time at which you should have been offered it i.e. 10 years ago
 

peemac

Frequent Poster
Messages
816
Moving house means a new mortgage and would never give any entitlement to a rate from a different mortgage on a different property.
The "tracker mover" offers were banks way of getting some customers move, take larger mortgages and increase their margins. Basically a marketing tactic.
 
Top