Ulster Bank/First Active Offset mortgages, here's the answer to previous thread!

kerryjack

https://www.boards.ie/discussion/comment/121636382#Comment_121636382

I think we could have same problem I wonder if both persons sighns back of cheque would that do the trick for them.

rameire

You could just contact them to reissue the cheque in one name or cancel the cheque and do an electronic transfer to your bank account.

wellboy76

Has anyone else not got sorted yet?

paneur

@ wellboy76...

Same as you .. no contact or payment

paneur

Can one explain exactly how the pay and withdraw facility works....

Called UB for details , but despite her best efforts , the poor staff member failed to educate me 😏

kenif

You pay down your mortgage, but your facility remains as it is. You can then redraw money onto your mortgage. Limited to the level of your facility without all the usual credit checks.

Your facility reduces every year so you'd need to be sure how it is calculated.

KevRen007

https://www.boards.ie/discussion/comment/121636970#Comment_121636970

No, linked current account is still open as our mortgage is paid out of it

KevRen007

https://www.boards.ie/discussion/comment/121637508#Comment_121637508

Wife went into BoI and managed to lodge it to her account, took a bit of explaining and a couple of phone calls but got sorted, just need to wait 5 days for cheque to clear now 😐️

paneur

@ kenif..

Thanks for that...

How can i withdraw then... Do I have to apply similar to loan application ...... ? Is there a limit to how many times you can do this......?

kenif

Still.a unique mortgage so you would have to contact them. When 1st paying off make sure your repayments are then reduced to spread over the remaining term. If that's what you want as they won't reduce them automatically.

I don't believe there is any limit on number of times, the limit is on the amount(available facility)

paneur

@ kenif

Thanks for that yeah...

If I get any clarity I'll post it here in case somebody is in the same boat....

Abel Magwitch

https://www.boards.ie/discussion/comment/121639250#Comment_121639250

What I have used ( a few times) might be the pay and withdraw.

Works like this.

I’m due to pay eg €600 pm on my mortgage. But I pay €1k. I slowly notice my facility increasing (shows as “available” on the mortgage account in the app)

I then need money for doing up my house. I send a nicely worded letter stating my account numbers and the reason for the request of eg €30k. I also send them a copy of my life insurance which shows that the new sum pf my mortgage to be owed is fully covered. Within 5 working days of sending the letter the money is in my current account. A few weeks later the letter arrives. They will automatically increase the mortgage dd amount to suit the new balance owed.

I found it a wonderful way of saving money and them getting a home improvement loan without hassle (like back in the day) and the interest rates were obv great - until recently

I would plan to keep some sort of facility and keep using it until the end of the mortage as much as possible. I was advised a long time ago never to pay off your mortgage early in case of early death. Your family left behind could use that money and the life insurance would cover the balance of the mortgage. Pretty morbid stuff to think about, also peace of mind from fully owing your house is a consideration.

Anyway hope that helps

wellboy76

https://www.boards.ie/discussion/comment/121638339#Comment_121638339

Been ringing and they have no idea why

KevRen007

https://www.boards.ie/discussion/comment/121638483#Comment_121638483

Update:BoI rang to say that they now couldn’t accept the cheque and that it would have to be lodged into a joint Acc. Wife rang UB who have agreed to cancel cheque and lodge money into our joint UB Acc. Let’s see how many follow up calls will have to be made before it’s sorted

Jim2007

https://www.boards.ie/discussion/comment/121641111#Comment_121641111

Would there be a possibility to just make a payment from that account to your other accounts? either electronically or manually? Or just by a bank draft in one name using the funds from this account?

paneur

@Abel Magwitch

Thanks for that...

So you must provide a reason for withdrawal ( eg home improvement ) to withdraw your own money 🤔

paneur

@wellboy76

Still no funds.. Haven't bothered contacting them ....... Staff are pleasant , but so far I haven't had a straight answer on any query.... Maybe they took offence at my letter and don't wanna pay 🤣🤣

phormium

https://www.boards.ie/discussion/comment/121643068#Comment_121643068

I'm not sure you need to provide a reason but there is a distinction between drawing back your own money as in savings you put in there to offset or drawing down some of what was the 'available facility' which was technically bank's money and you were increasing the debt. Taking back your own savings just affects the interest charged.

wellboy76

https://www.boards.ie/discussion/comment/121643084#Comment_121643084

I have no arrears or issues outstanding. Just no payment. And no way to contact there by the looks of it either

paneur

Thoughts on the following anyone. The payment has been constantly referred to as " ex gratia ". I assume to avoid any challenge were it described as compensation. Given that its ex gratia or goodwill ,(essentially a gift ) what right does the bank have to use it to clear mortgage arrears ???

Milacon

Heard nothing since initial letter but strange activity to my mortgage account, a lodgement of 1,040 to my account from the bank. States it's a PWS payment. Has anyone ant idea what this is or means? Waiting on a call back from bank.

Milacon

No payment yet.

kenif

Have the bank said you are in arrears? For money to go into your mortgage account and no other payment yet fits the bill.

I'd ring them. They have been known to make a few mistakes.

wellboy76

https://www.boards.ie/discussion/comment/121672514#Comment_121672514

I’ve not got it either. After a week of phone calls I got through and mine is delayed due to “arrears” of 18.50. An overcharge which they have admitted was their error over 3 weeks ago. Even got a letter admitting their error. But because of this I won’t get it till on or before the fifth of February. Shocking stuff really from them. Not as if I have a branch to kick off in either.

Milacon

Yes they are saying we are in arrears. However, we are not and have statements and letters from the bank stating no arrears. We have been getting an arrears letter monthly for the past year. No one can answer the reason and they keep telling me, "not to worry" and ignore letter. Stressful and annoying and now I'm thinking that the payment will be delayed.

wellboy76

https://www.boards.ie/discussion/comment/121673958#Comment_121673958

In the same boat so. Let me know if you get it and vice versa

Milacon

Will do. I'm at the end of my tether with it all. The paper trail getting longer and no sign of sorting it out.

gavIreland

Has anyone heard from revenue on whether this payment is taxable or not? I've sent them a query but not heard back.

Opinions from people and the statements from ulsterbank aren't enough if you don't want a surprise tax bill at the end of the year.

Why can't revenue simply state their position for the majority of cases, ie mortgage on own home, irish resident etc.

Does paying a finance/tax advisor help if revenue haven't stated their position?

fliball123

https://www.boards.ie/discussion/comment/121694543#Comment_121694543

How can they even start to quantify taxing something that has been calculated out of future figures like future losses, future interest rates and future savings with the greatest respect Nostradamus would find it hard to predict and each case is individual so I cant see revenue interfering as its just way to hard and open to challenge.

paul321123

Has anyone redeemed there mortgage since getting the payoff,