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Ulster Bank Mortgage Being Transferred to Permanent TSB Question

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  • 05-01-2022 3:04pm
    #1
    fireglo2020
    Registered Users Posts: 34 ✭


    Hello all,

    1. I am in fixed rate until 2023 with Ulster Bank
    2. I got a letter this morning formally notifying me that my mortgage will be transferred to permanent TSB in due course

    Question: Does the fact that the switch is happening allow me to break out of my fixed period without penalty and switch providers to avail of a better rate? (similar to the way that if your phone provider up the price you can switch to someone else etc.)

    Thanks,

    K



Best Answer

  • Options
    #1
    Grumpypants
    Registered Users Posts: 7,750 ✭✭✭Grumpypants


    Same as myself, although I've 5 more years on the fixed.


    I don't think it does though. I'm sure the small print allows them to sell it to someone else. If PTSB tried to change the agreement then you might have a case. But if it is the same rate over same time then you are likely stuck for the moment.



Answers

  • Options
    #2
    breeno
    Registered Users Posts: 741 ✭✭✭breeno


    I believe that as the terms of the agreement aren't changing you won't have a get-out clause.

    It would be worthwhile enquiring how much the fee to break the fix actually is. I know of friends who have done it recently for very small costs ie less than €100.



  • Options
    #3
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    The cost of breaking out of your fixed rate won't be effected by the sale.

    PTSB are not upping the cost of your mortgage over the period that you have fixed. You can be damn sure that the rates they will charge when you're out of your fixed will be higher than if Ulster had stayed but that doesn't entitle you to break for free.

    The best thing you can do is find out what the cost of breaking is currently and then explore the best options. The break fee will be capped at 6 months interest. It could also be zero.



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