Natwest considering closing Ulster Bank in the ROI

Timing belt

Szero wrote: »

Any chance the closure of Ulster Bank will get announced this week (maybe Friday?) rather than waiting for the results next week?

Possibly if Natwest have made a profit and don't want Ulster to keep it out of the headlines... That said I think they will be more than happy to have the Ulster story on the day they announce their results but you never know.

High Fidelity

JTMan wrote: »

The poster will not have any problems with the existing mortgage but could easily have problems with the new draw down.

Thanks for your views all,

This is my concern legal pack sent by UB to our solicitor and signing contracts now and paying over 10% or purchase price of the property shortly, concern really is when we go to draw with UB, they will have announced the pull out and we will be caught with no mortgage provider and possibly no house if we’ve signed contracts on the one we are selling.

JTMan

High Fidelity wrote: »

Thanks for your views all,

This is my concern legal pack sent by UB to our solicitor and signing contracts now and paying over 10% or purchase price of the property shortly, concern really is when we go to draw with UB, they will have announced the pull out and we will be caught with no mortgage provider and possibly no house if we’ve signed contracts on the one we are selling.

Why not start a second mortgage application with another financial institution straight away? That way you have a plan B ready to go should it be needed.

JTMan

Szero wrote: »

Any chance the closure of Ulster Bank will get announced this week (maybe Friday?) rather than waiting for the results next week?

Most media reports have said that Natwest will make the announcement with the results but one report said that they did not want the closure distracting from the results so they would do it in advance. So there is a small chance that it will be this week.

High Fidelity

JTMan wrote: »

Why not start a second mortgage application with another financial institution straight away? That way you have a plan B ready to go should it be needed.

Thanks JTMan

Sounds like the clever play, disheartening to the whole thing again, but might be thankful in the end.

Would have gone through a broker, but had a tracker with UB and we were porting part of it.

silver2020

High Fidelity wrote: »

Thanks JTMan

Sounds like the clever play, disheartening to the whole thing again, but might be thankful in the end.

Would have gone through a broker, but had a tracker with UB and we were porting part of it.

I really can't see you having a problem. They have legally agreed to provide the mortgage. If they are closing, it will be an orderly wind-down and they will not pull the rug from under their customers.

They'll do what Danske Bank did and close to any new applicants.

JTMan

silver2020 wrote: »

I really can't see you having a problem. They have legally agreed to provide the mortgage. If they are closing, it will be an orderly wind-down and they will not pull the rug from under their customers.

They'll do what Danske Bank did and close to any new applicants.

Mortgage approval in principal is NOT a legal agreement.

Mortgage approval in principal often lasts 6 or 12 months. Ulster Bank are unlikely to still be offering new draw downs in 12 months time.

The poster might be okay if the new hedge fund/financial institution that purchases the mortgages honors the mortgage approval in principal or if Ulster Bank still do new business draw-downs for another few months but there is no guarantee that either will happen.

Best having a Plan B just in case.

silver2020

JTMan wrote: »

Mortgage approval in principal is NOT a legal agreement.

Mortgage approval in principal often lasts 6 or 12 months. Ulster Bank are unlikely to still be offering new draw downs in 12 months time.

The poster might be okay if the new hedge fund/financial institution that purchases the mortgages honors the mortgage approval in principal or if Ulster Bank still do new business draw-downs for another few months but there is no guarantee that either will happen.

Best having a Plan B just in case.

The poster said that their solicitor has the legal pack from UB, so mortgage is fully approved and agreed on a specific property. That's quite different from Approval in Principal.

I'd chat with UB just to be sure, but I can't see an issue.

If it was Approval in Principal only, that's a different story, but I'm going by what the poster has said.

JTMan

Fair point that the poster might be beyond approval in principal stage but it all depends on what the poster means by "legal pack". I took out a mortgage via Ulster Bank and Ulster Bank posted a package to my solicitor long before everything was finalised.

High Fidelity

JTMan wrote: »

Fair point that the poster might be beyond approval in principal stage but it all depends on what the poster means by "legal pack". I took out a mortgage via Ulster Bank and Ulster Bank posted a package to my solicitor long before everything was finalised.

Thanks guys,

Just to be a little clearer - we have full loan approval on a particular property - have jumped through all the jigs and reels, not approval in principal. We've even sorted life assurance with the place the bank put is touch (but we got a good deal as had other quotes) with and they have been liaising with each other around the loan and policy.

We got notification from the mortgage manager last week that we had full approval and they were sending out a legal pack (when i asked what that was the said contracts and deed of assignment for life assurance) to our solicitor.

We haven't signed contracts on the place we are buying yet as solicitor is still raising deeds etc. We are probably another month or so away from draw down. Tried to get hold of the mortgage manager today - but no joy - that's not that unusual though.

phormium

They will know sugar all anyway, the staff are going to be the last to actually know what is happening with closing if it's happening! It will be announced to them only hours if even before the news is public, most likely called in at 8.30 for team briefing before the news hits the radio at 9. I think you'll have to decide yourself whether to take a chance or not, I would be surprised though if they won't keep processing ones in the system up until the last minute.

jj880

phormium wrote: »

They will know sugar all anyway, the staff are going to be the last to actually know what is happening with closing if it's happening! It will be announced to them only hours if even before the news is public, most likely called in at 8.30 for team briefing before the news hits the radio at 9. I think you'll have to decide yourself whether to take a chance or not, I would be surprised though if they won't keep processing ones in the system up until the last minute.

My bet is announced on a Friday afternoon. Give employees the weekend to calm down.

I have a current account with them. 2 euro a month in charges. Cant match that elsewhere. Post bank is 5 euro a month with a raft of other charges on top of that. AIB are a joke with charges. Wont be moving to BOI as I have a mortgage with them. Not sure online options like N26 are a realistic option just yet for a current account. Maybe in a few years time.

jj880

jj880 wrote: »

I have a current account with them. 2 euro a month in charges. Cant match that elsewhere.

Of course you can, you can even beat it with KBC & EBS.

The J Stands for Jay

jj880 wrote: »

2 euro a month in charges. Cant match that elsewhere.

You can beat yhat in a few banks. KBC, EBS, N26.

JTMan

jj880 wrote: »

My bet is announced on a Friday afternoon.

You are betting on this Friday so.

The results are announced to the stock market at around 6/7 AM on Friday 19 February so Friday evening on 19 February will be too late.

jj880 wrote: »

I have a current account with them. 2 euro a month in charges. Cant match that elsewhere.

You can.
- EBS are free (but limited services).
- AIB are free for those that have a mortgage with them.
- KBC are free if you deposit 2k per month (via Extra product).
- N26, Revolut and Monese are free provided you don't take out a lot of cash.
- PTSB is 1 euro per month if you use your debit card 50+ times per month and less if you have Sky due to cashback.

The J Stands for Jay

jj880 wrote: »

Not sure online options like N26 are a realistic option just yet for a current account. Maybe in a few years time.

My account with them has been perfectly fine over the last 5 years.

jj880

McGaggs wrote: »

My account with them has been perfectly fine over the last 5 years.

If you dont mind what kind of transactions do you have going in and out of the account? Ever had to contact N26 about a balls up with anything?

jj880

JTMan wrote: »

You can.
- EBS are free (but limited services).
- AIB are free for those that have a mortgage with them.
- KBC are free if you deposit 2k per month (via Extra product).
- N26, Revolut and Monese are free provided you don't take out a lot of cash.
- PTSB is 1 euro per month if you use your debit card 50+ times per month and less if you have Sky due to cashback.

Thanks but I am looking for an account with no conditions. I dont mind having to keep a few grand in to keep fees down but Im not interested in any other conditions / restrictions.

The J Stands for Jay

jj880 wrote: »

If you dont mind what kind of transactions do you have going in and out of the account? Ever had to contact N26 about a balls up with anything?

Salary going in
Direct debits going out
Contactless and chip and pin transactions
Online purchases
Transfers to other bank accounts
Very occasional ATM withdrawals

I don't recal ever contacting them, or having a balls up. That said, I never had much reason to contact Ulster Bank about my previous account either.

Timing belt

McGaggs wrote: »

Salary going in
Direct debits going out
Contactless and chip and pin transactions
Online purchases
Transfers to other bank accounts
Very occasional ATM withdrawals

I don't recal ever contacting them, or having a balls up. That said, I never had much reason to contact Ulster Bank about my previous account either.

The only draw back I have seen is in relation to job seekers allowance being paid monthly to a N26 account as opposed to weekly with the Irish banks.

Don't know how true it is but there was a thread on it a while back.

https://www.boards.ie/vbulletin/showthread.php?p=115248318

mbarosin

Any advice for someone with a fixed term mortgage with UB coming to and end in less than two months?
I would prefer to stay with them as their rates are very competitive (2.2%) and as someone else noted, their online process for choosing a new mortgage product is very streamlined.

But I am concerned that if they close down, I won't be able to get a top up from them if we choose to renovate down the line. Also after the next fixed term comes to an end, I presume whoever takes over the mortgage will apply a SVR so we'd end up moving the mortgage then in any case.

silver2020

mbarosin wrote: »

Any advice for someone with a fixed term mortgage with UB coming to and end in less than two months?
I would prefer to stay with them as their rates are very competitive (2.2%) and as someone else noted, their online process for choosing a new mortgage product is very streamlined.

But I am concerned that if they close down, I won't be able to get a top up from them if we choose to renovate down the line. Also after the next fixed term comes to an end, I presume whoever takes over the mortgage will apply a SVR so we'd end up moving the mortgage then in any case.

you can fix with them and anyone who takes over must adhere to that rate.

Whilst bank may call extra loan a "top-up" that is purely marketing speak. It is in effect a separate loan in it own right, but may be bundled into a single payment with an equivalent end date.

If they don't keep the mortgage part open, the chances are another bank will take over the mortgage book as its now relatively "clean" and you won't have an issue getting an additional secured loan.

And in any case the door to moving to a new bank is always open and you can simply ask them for 50k more than the redemption value if you want to renovate.

Timing belt

Looks like lonestar might be buying the loan book

https://www.irishexaminer.com/business/companies/arid-40222754.html

muddle84

Timing belt wrote: »

Looks like lonestar might be buying the loan book

https://www.irishexaminer.com/business/companies/arid-40222754.html

What would that mean for people with loans with Ulster bank as opposed to another bank buying them? Mortgagees would be included in that too i presume.

Would a private equity firm buying them be good or bad?

Cal04

Reading a bit about Ulster bank. Wonder if they would leave Ireland? Banking with them a few years and like them. Only curious

Timing belt

muddle84 wrote: »

What would that mean for people with loans with Ulster bank as opposed to another bank buying them? Mortgagees would be included in that too i presume.

Would a private equity firm buying them be good or bad?

It would be the same as another bank buying the loan book no better no worse.

The J Stands for Jay

Yes

easygoing39

Maybe.

Penfailed

No.

Spocker

correct horse battery staple wrote: »

Anyone know when current accounts be closed? heard nothing from UB

Also what about mortgages, they do have one of the better rates atm

You're jumping the gun there, nothing has been announced yet