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Ulster Bank / First Active Tracker Mortgage

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  • 12-04-2013 2:38pm
    #1
    Silpac
    Registered Users Posts: 51 ✭✭


    I have a former First Active and now Ulster Bank tracker mortgage. One of the features of this is I can draw down the difference between the original loan and the current balance , where in effect I have over paid / saved due to having an offset deposit.

    I did this in 2010 to use it to finance a purchase. It was hassle free although it was clear that UB wish they didn;t have this product any longer...the lady on the phone said what we know - they're a lousy deal for the bank (hope I'm not upsetting anyone !).

    HOWEVER - I now tried to avail of this again this year (its called a facility) and they have sent me what looks in effect to be a new loan agreement whereby I have to enter into and agree a mass of new conditions. To be fair I don;t believe these are overtly trying to change the rate on me but there is some language in there that concerns me.

    MY QUESTION is - why do I have to agree to something new now, this was not part of the original deal, I have already availed of the facility and this feels like its designed to put me off. Has anyone else doen this.

    I can confirm there has been no change to my credit or employment status and I have always made my payments.

    Thanks for any help in advance.
    Tagged:


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    #2
    phoenix999
    Banned (with Prison Access) Posts: 581 ✭✭✭phoenix999


    I ran into the same problem. They insisted on additional paperwork and I had to assign my life policy to them. However, they still gave me the funds at a very attractive rate of 1.9%. Just new rules for a changed economic climate. They can't change your rate. But they will make you jump through a few extra hoops.


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    #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Generally the banks love to tell people to what to do on the phone. I have heard them even telling people to sell all their properties worth €1 million over the phone. But ask them to put that in writing and oh that isnt necessary or we arent going down that route

    Write to the bank requesting to it and see if they change their tone. They probably will


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    #4
    rameire
    Registered Users Posts: 4,126 ✭✭✭rameire


    I would say its not a new loan offer,
    it would be just an agreement so that you understand that the release of the available facility will increase your balance and repayments.

    the original terms and conditions have not changed.
    you are still entitled to the available facility, you just have to jump through a few more hoops.

    if you dont sign it you wont get the facility.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #5
    phormium
    Registered Users Posts: 3,301 ✭✭✭phormium


    It would also be normal to have to provide sufficient life cover for the new higher loan balance, either existing or new policy.


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    #6
    Silpac
    Registered Users Posts: 51 ✭✭Silpac


    Guys not really happy that this answers the question. I've read the agreement and its substantial and it suggests that it replaces and succeeds any new agreement with UB. Surely unnecessary to draw down a facility. Has any one else availed of this Ulster Bank / First Active tracker mortgage arrangement recently ?


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    #7
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Get your Solicitor to have a look at it.
    Silpac wrote: »
    Guys not really happy that this answers the question. I've read the agreement and its substantial and it suggests that it replaces and succeeds any new agreement with UB. Surely unnecessary to draw down a facility. Has any one else availed of this Ulster Bank / First Active tracker mortgage arrangement recently ?


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    #8
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    zombie thread..


This discussion has been closed.
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