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

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    #392
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    https://www.boards.ie/discussion/comment/121979525#Comment_121979525

    You do realise you cannot offset anything and you will be paying the ECB rate + what ever you got on your morgage



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    #393
    aoraki
    Registered Users Posts: 123 ✭✭aoraki


    Interesting, I was told something similar, albeit under a different context. I thought the whole point of this exercise was to allow Ulster Bank to exit the market. Although if they are sticking around they won’t have the offsetting feature to deal with.

    Regarding the point that fliball123 made, you can still use the pay and redraw feature which admittedly is not as good as the offsetting feature but can still be used to reduce your interest exposure.



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    #394
    rameire
    Registered Users Posts: 4,117 ✭✭✭rameire


    Ulster Bank are leaving the market.

    The Offset mortgage is just taking time to go.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #395
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,001 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/121982958#Comment_121982958

    Absolutely, how orderly it will be remains to be seen.



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    #396
    aoraki
    Registered Users Posts: 123 ✭✭aoraki


    Will be interesting alright to see how long it takes them and if there will be any further obstacles in their way



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    #397
    paul321123
    Registered Users Posts: 70 ✭✭paul321123


    Just wondering has anyone cleared their mortgage after receiving the payment and if so have you received your deeds of your house yet



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    #398
    kenif
    Registered Users Posts: 59 ✭✭kenif


    No but they say 5-6 weeks by registered post after redemption. The rate at which they are doing everything else I'd be adding a bit onto that.



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    #399
    McSween
    Registered Users Posts: 1,249 ✭✭✭McSween


    i owe 128000 and have 129000 in the current account. What do i have to do to minimise my interest. Withdraw current account money (129000) and let them close it? Then put back in less than what i owe, thus paying minimal interest? So if i owed 125000, put 123000 in against it and pay interest on 2000?



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    #400
    paul321123
    Registered Users Posts: 70 ✭✭paul321123


    I redeemed mine in January and was told 4weeks which I taught was a bit too quick so did not expect it, I rang them up a couple of weeks back and was then told 3months would be the earliest from the time it was redeemed so it is coming up to that soon, I just taught if anyone else had similar news regarding this,



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    #401
    kenif
    Registered Users Posts: 59 ✭✭kenif


    https://www.boards.ie/discussion/comment/122027299#Comment_122027299

    No you have to reduce your Mortgage. And get them to reduce your repayments over the term. It means paying down(giving them the money in the current account) but you can the redraw it if you need it again.

    But only way to reduce interest after 23rd of May is to reduce your mortgage.



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