Ulster Bank Mortgage Rates

redbayking

Hi,

I'm currently with Ulster Bank for my mortgage and am being shafted by their variable rate. I'm in fairly heavy negative equity and am in arrears.
Ulster Banks variable rate seems to be extremely excessive, far higher than any of the other major banks. I know I cant change my mortgage to any other provider because of the position I'm in but is there anything else I can do to try and reduce the rate I have to pay with them?
Would be great to hear from anyone in the same position with any advice.
Thanks

chris85

redbayking wrote: »

Hi,

I'm currently with Ulster Bank for my mortgage and am being shafted by their variable rate. I'm in fairly heavy negative equity and am in arrears.
Ulster Banks variable rate seems to be extremely excessive, far higher than any of the other major banks. I know I cant change my mortgage to any other provider because of the position I'm in but is there anything else I can do to try and reduce the rate I have to pay with them?
Would be great to hear from anyone in the same position with any advice.
Thanks

You could see what their fixed rates are and if they suit you any better. Unsure if they are.

Otherwise not a lot of choice open to you unless another lender wishes to give you a mortgage instead but this wouldnt happening with the equity, arrears and the state of the economy at present.

unclebill98

Have you conducted a Flex meeting with the bank?

killers1

Only option is to meet with the bank & arrange an agreeable reduced repayment plan. They won't do anything for you on the rate but may look at extending the term or reduced repayments for a period

redbayking

Hi Unclebil, whats a flex meeting? Is it just to discuss moratorium's etc?
Thanks

killers1

In theory a 'flex' meeting should be an opportunity for the Bank to show you how flexible they are to your circumstances....in reality it's an opportunity for them to 'flex' their muscle...

phormium

Ah to be fair that's not really true, the bank will try and come to some arrangement if the borrower is in difficulty, only trouble is that can only be temporary, that road is only so long for kicking the can down. However the OP makes no mention of being in financial difficulty paying the mortgage, maybe they are but it is not clear from the post. If the only reason they want the rate reduced is because they think it is too high then that is not likely to happen, if on the other hand they have difficulty paying it with present income then there is some point to making an appointment re the flex options.

killers1

phormium wrote: »

Ah to be fair that's not really true, the bank will try and come to some arrangement if the borrower is in difficulty, only trouble is that can only be temporary, that road is only so long for kicking the can down. However the OP makes no mention of being in financial difficulty paying the mortgage, maybe they are but it is not clear from the post. If the only reason they want the rate reduced is because they think it is too high then that is not likely to happen, if on the other hand they have difficulty paying it with present income then there is some point to making an appointment re the flex options.

It was more a tongue in cheek comment and in fairness the bank are obliged to work out a repayment schedule you both agree to. The OP said they are currently in arrears so I'd definitely recommend meeting with UB

unclebill98

redbayking wrote: »

Hi Unclebil, whats a flex meeting? Is it just to discuss moratorium's etc?
Thanks

It's a meeting where the bank will assess your ability to repay based on what you provide them with. It's very detailed and will go into everything.

Based on this the bank may reduce your payments to a more manageable level. This reduced payment can last up to six months and would then be reviewed.

MaryAnn38

Hi im in the same scenario, i negotiated interest only payments for the past year. Staff member I dealt with was very nice but it was still very intrusive, they copy all your bank statements and analyse your spending. My year is nearly up and have to try and renegotiate this for another year. My income is still falling, have to try and retrain to get back into work. Have moved out of my house and rented it, rent still only meeting 60% of mortgage (rents due to fall massively now with welfare cuts on rent supplement). Resent being fleeced on interest, like you I was on variable last year and fixed to a 1% higher rate as there was a lot of hype at the time about rising rates, now they've come down im being even more fleeced on the fixed rate. Just feel like a free landlord agent for ulster bank now, pay to maintain the house but cant even pay anything off it, after all my hard work will they just repossess anyway in a few years? after losing my job in 2008 I slaved for 3 years building up a business to meet full repayments then that collapsed last year. No straight answers from them so it feels like waste of time. Option of moving to the UK and declaring bankruptcy seems more appealing everyday. At least then I could move on with my life. I can take another year of this limbo hell but after that my view is if their not willing to discuss a long term realistic plan its time to cut the chord. even if i get back into work now my earnings will be 40-50% less than what they were when i took out mortgage so havent a hope of being able to pay full amount back.