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

phormium

https://www.boards.ie/discussion/comment/121701803#Comment_121701803

Not yet, I've applied for the redemption figure but it hasn't arrived yet. Applied for it day after I got my money!

paul321123

I was told my redemption figure was what is owed ( I am fully offset so no interest to calculate) plus 38euro redemption fee, I need to look back at statements to see if that is the case, I was not aware of a redemption fee.

WhatsGoingOn2

https://www.boards.ie/discussion/comment/121701819#Comment_121701819

Same. Have applied twice and heard nothing back. Will ring them tomorrow.

paul321123

Just wondering who did you get through to, you need to talk to someone in mortgages not just general enquiry, make sure you talk to someone in offset mortgages,

phormium

https://www.boards.ie/discussion/comment/121701840#Comment_121701840

In theory yes, it should be what's owing however there is always a calculation depending on what time of the month v the repayment date, something to do with allowing for final payment to bounce in case it does, really more relevant to where you'd have a dd coming from an external account and not directly from internal account that obviously has money when fully offset. Either way you get back the excess later when the payment goes through if it's added to redemption figure.

There was always a 'vacate' fee of a small amount so I presume that is the 38 and I would have been expecting that. They will have to issue an official redemption letter to get it closed off, if one were just to transfer over the balance outstanding to the offset nothing would happen officially.

coffee to go

Slightly off-topic, but have people got an annual statement and annual interest certs for the UB offset mortgage - I have quarterly ones, but no handy end of year ones to use for the 2023 Interest Relief from Revenue.

Anyone know if these are being sent out automatically as a matter of courtesy (looks like BOI are: https://personalbanking.bankofireland.com/borrow/mortgages/mortgage-interest-relief-2024/)

Or do we need to request them?

Thanks in advance.

paul321123

If you need one I would request one, by the end of May all you accounts with Ulster Bank will be no more so you will not have access to them, I would imagine they would have to send out final statements but to be on the safe side just request one, print off anything you need before they close your account.

rameire

https://www.boards.ie/discussion/comment/121703014#Comment_121703014

Interest certs go out every year for all of their mortgages, I usually get mine in February.

The statements for the offset are always quarterly, they don't do an annual mortgage statement, it's only the interest cert that is for the full year.

kenif

https://www.boards.ie/discussion/comment/121703014#Comment_121703014

One of your quarterly statements contain your statement of interest. For the 2 years you need to you should still have them on the app. If not certainly on Anytime.ie.... I was looking at mine recently.

kenif

Yeah just checked, not on app but web page goes back 7 years.

aoraki

Similar story here. Sent in an online request and rang them up 3 weeks ago. Still waiting for a call back. I’ve been thinking about it since and I may not redeem, might try the “pay and redraw”angle for a while to see how it works. But still have a couple more months to decide.

kenif

I'd like to know where these mortgages are going before offsetting ends... That would help me decide one way or another.

Abel Magwitch

I would hope they will go to AIB/BoI/PTSB. Since everyone got the letter about the accounts closing in May it seems the sale is already done and dusted so I presume we will find out 90 days before May 23 who the buyer is, if not sooner

kenif

Accounts are closing as offsetting is ending. That's not to say Ulster Bank won't be left with the mortgage part for a while longer.

wellboy76

https://www.boards.ie/discussion/comment/121707230#Comment_121707230

Until I receive my goodwill payment they better not close anything

Dfair3108

Has anyone moved monies into their account to prove they can offset more than UB had accounted for in Dec'23 & therefore getting a larger "goodwill gesture"?

Avdel

Hi new to this post. I have a tracker mortgage thats now with AIB. I was originally with First Active moved to Ulster Bank now AIB. Im not familiar with the drawdown facility. Was this available with all tracker mort??

Dfair3108

hi @Avdel I'm not sure if the drawdown facility was available for tracker mortgages. I think this thread relates to the UB Offset mortgages (which had a current account linked to them and reduced your interest based on on your savings). A very high level overview :) Hope that helps... maybe other threads re the tracker mortgage specifically have info if the drawdown was available

phormium

https://www.boards.ie/discussion/comment/121827818#Comment_121827818

No it wasn't, it only relates to Offset Mortgages which are different to a standard mortgage, they were on a tracker rate but are not the same as an ordinary tracker mortgage.

shanoh

Anyone get an update about when the mortgages will be sold on?

The current accounts are being closed in May but if mortgage not sold until next year that's a lot of time I'll be paying interest due to not offsetting...

kenif

I'm not sure what difference it makes when they'll be sold. Offsetting is ending in May and won't be back. Whoever takes on these Mortgages will be doing so without offsetting being available.

shanoh

Yep but you'll still be able to offset indirectly by lodging money into the mortgage account as long as you don't trigger redemption. Apparently... Which is what I want to do. And I'd prefer my current and mortgage accounts be with the same bank for convenience

kenif

https://www.boards.ie/discussion/comment/121863487#Comment_121863487

Your best organising that with Ulster Bank now(if you can). And make sure they reduce your repayments out over the term. It would be convenient to have current n mortgage in same place but really it's money transfers either way.

But yeah still a lot of unanswered questions which makes decisions harder. I'd love to know for sure if there's any tax implications. And if what you do with the ex-gratia affects that. Is it income if just left in the bank, or if as you perhaps intend, lodge it into the mortgage is it capital, or neither?

I'd like to redeem my mortgage before offsetting ends, but if I do.... Then I don't have the money for the guys in revenue.

aoraki

Yeah, nothing stopping you for lodging that money to your mortgage account and getting Ulster Bank to recalculate the repayments. I did that myself recently, it just takes a phone call. But it takes about 10 working days for them to actually execute the transaction (but it’s backdated).

You can withdraw the money again but only up to your available facility balance, which reduces every year.

paneur

Anyone have any real life experience of using the " pay and withdraw "??. Info from ulsterbank is very vague. Can't find much online or in the terms and conditions

McSween

Im still trying to get my payment out of the account. I sent the paperwork weeks ago

aoraki

@McSween It’s taking them weeks to do what you would think should only take a couple of days at most. I rang them up mid Feb to transfer the Good Will Payment I was given into my mortgage account and recalculate the monthly repayment. They told me it could take up to 10 days. Over a month later it still hasn’t been done.

@paneur I was talking to them about the pay and redraw. It’s basically you lodging a payment against your mortgage that you can withdraw again later easily enough (you just need to send them a letter and ensure that you have a life assurance policy assigned to the mortgage). You don’t have to go through any loan approval process apart from that. However if what you lodge covers the full mortgage it’s an automatic redemption. Also you have to make sure that you are mindful of the way the facility attached to the mortgage reduces every year. You can’t withdraw more that the available facility. It’s nowhere near as flexible as the offset arrangement was and you can’t offset fully.

But I’m going to give it a go for a while and see how it goes.

paneur

https://www.boards.ie/discussion/comment/121897252#Comment_121897252

Thanks for that..

McSween

I got the Ireland based qfa rep to transfer it to my no on UB bank account. He processed it. It went through on Friday. (I dont have a card so i cant do it using a card reader)

Mmar1234

I rang the mortgage number to ask for the redemption letter. The person I was talking to said that the mortgage is staying with Ulster bank. They still don't have anyone to take them over. So looks like mortgage terms staying the same. I think I won't pay it off now.