Important information request in relation to your Mortgage Account

stephen_1984

Hi folks, just a question, I wonder what you think. Today Ulster Bank emailed me to say...

"In preparation for the transfer a recent review has identified that we need to update our records and re-verify information held for your mortgage account... This request is to make your transition as smooth as possible in the event that we transfer your mortgage to Permanent TSB and to comply with regulatory and legislative obligations... We need you to provide us with the documents listed below..."

My question is, what if I just don't? Like, what could happen?

stephen_1984

Yes, I think it is legit because they said to go into any branch with the following...

• Proof of identification
• Address verification

Assuming it is legit, what do you think if I don't? I'm not on a tracker - I say this because I heard this was a strat to knock people off their tracker (if they don't) or something like that.

stephen_1984

Thanks, I see what you are saying. I thought it odd they wrote to me and my wife by email. You are right - I should just wait for a letter. I doubt it will matter if I send it. Actually there is a line at the end " This request is to make your transition as smooth as possible in the event that we transfer your mortgage to Permanent TSB and to comply with regulatory and legislative obligations"

Dude, I'm not asking you to transfer my mortgage, I don't care. :)

Jakey Rolling

Got the same email. Fair enough, if they need to provide PTSB with up to date ID and address verification.

What made me suspicious was that I'm being asked to provide info via a 3rd party verification Service, HooYu. Never heard of them. May well use the option to drop in to the branch with the docs.

Yes, the email reads a bit like a phishing scam, but they have both my wife and my emails plus account number, so most likely legit.

Jim2007

https://www.boards.ie/discussion/2058250696/important-information-request-in-relation-to-your-mortgage-account

Contact the bank directly, if you are unsure of the message.

The bank is leaving and will close its doors on giving date. If you have not moved your mortgage before then and it was not possible to transfer it, then the debt will crystallise. That means will be liable to pay the debt in full at that point and will need to start from scratch seeking a new mortgage.

stephen_1984

Really, the debt will crystallise? Wouldn't that break the contract?

Jim2007

https://www.boards.ie/discussion/comment/119220693#Comment_119220693

The bank will cease to exist, so who are you going to try and take to court?????? At the end of the day, no one will care what happens to you and there will be no one around to help you at UB. It is in your own best interests to sort out your affairs as soon as possible.

Mrs OBumble

https://www.boards.ie/discussion/comment/119220693#Comment_119220693

Without reading the fine print of your particular contract, no one exactly knows.

But you can be pretty sure that the bank will have looked after their interests, and considered what would happen if they closed etc.

You cannot stop them closing. You cannot choose who they sell your mortgage to.

You can choose whether to make the process easy or hard.

Your dime.

OO7FITZY

got the same request

so basically my reading of it is that it would be too hard and/or they "lost/never retained" the ID information we gave UB originally when opening the mortgage (where's the regulator/ombudsman?), so it's easier and cheaper to waste the time of the customer x tens of thousands of people who have to go and dig out and re-submit their ID to a third party rather than do it themselves

also the bank receiving your mortgage does not want to do it either

my issue is that I have to pay bank charges to hold my money even after decades of technological advancement

there was no charges when everything was done through cash, cheques, drafts, branches, people face to face etc.

so why is my time and the time of all the UB mortgage holders free of charge when they charge you and I for everything?

anyway, rant over...nobody cares and the house always wins (even if I don't for a second think the mortgage will crystallize)

I will have to reluctantly do it also 😡

BTW, I fought with EBS to transfer my DD and STD Orders when I switched my current a/c from UB - they denied to my face they had to do it until I showed them the banking code and even though I won in the end, it was a pain taking months and again wasting my time on calls with multiple equally uninformed people - that's was not an accident by the bank...it's design!