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

phormium

https://www.boards.ie/discussion/comment/121431915#Comment_121431915

Definitely timed it to coincide with January credit card bills!

kenif

Pay and Redraw is just as it is now if I understand it correctly. At any time you can pay down your mortgage with a lump sum. At and time you can top back up your mortgage to your available facility... Just have to remember your facility goes down each year so the closer to the end of your term the smaller it gets.

fliball123

https://www.boards.ie/discussion/comment/121431915#Comment_121431915

It smacks of this and its not going to end well for Ulster bank. Ramming a one size fits all solution is never going to work they are going to paying out more for legal fees by the end if they don't pony up the differential I laid out in a previous post.

DB2023

Still no letter..so no idea of next steps

kenif

Or else you'll end up giving all your goodwill payment to a solicitor and Ulster Bank will still walk away.

You could very well be right but I'd try go central bank/regulator or whatever else before paying a solicitor for you to explain how this product works.

Ulster Bank are throwing 58million at this, plus what ever the sale write down will be they won't mind the legal fees as much as the man in the street.

fliball123

https://www.boards.ie/discussion/comment/121431979#Comment_121431979

Same here anyone who has a letter is there a contact number to ring if you have queries?

phormium

https://www.boards.ie/discussion/comment/121431944#Comment_121431944

Yes, I think you might be right. It's not the same as say lodging 30k of your own money to your mortgage and wanting it back in six months as I understood it, the amount you get to take back will be limited by your available facility which might not match the 30k? It would be hard to time that depending on amounts and the reducing facility amount!

It doesn't matter to me as I will be clearing the mortgage which is small at this stage but if it worked the way I thought initially then it was still a more restrictive but similar interest saving option.

Dfair3108

Anyone have a solicitor they'll be using for advice, or can recommend ..... we've approx. €330k left & 20yrs.... and 100% will be due inheritance in the next numbers of years.... definitely worth more than the €5k offered!

rameire

https://www.boards.ie/discussion/comment/121431979#Comment_121431979

Wait till you get the letter.

Their customer service team seem to have standard responses at hand so may not be able to provide the details on the letter you currently dont have.

phormium

There is a phone number on the letter.

fliball123

https://www.boards.ie/discussion/comment/121432002#Comment_121432002

Did you ring them and ask them about this?? I totally agree with you anyone not happy should band together much stronger as a multiple as Ulster bank will be trying to sell all 4500 mortgages together and if a high % are kicking up a stink and have a legal challenge it is going to delay them and ultimately cost them more to keep going in Ireland as well as legal fees?? I am yet to get my letter.

Dfair3108

https://www.boards.ie/discussion/comment/121432023#Comment_121432023

Yeah - they point blank said only monies in the offset account by 23/05/2024 can be factored in .....

DB2023

Are letters delivered normal post or registered? Wondering if it could arrive later or wait another day etc

kenif

Yeah you could be saying goodbye to that money.

Real world my facility is 13k now. If I payed off 30k... It becomes 43k.

I think it would take a while with continued repayments for that number to drop significantly. Just need to be sure of how they calculate the facility each year.

I think you should always be near that 30k ahead.... Think is no good though

Dfair3108

https://www.boards.ie/discussion/comment/121432049#Comment_121432049

Normal post. Got ours yesterday

Fran2001

Would be a good idea to find a solicitor who specialises with this kind of issue. I haven't got my letter but a work colleague did and got a large amount that is North of 50000.

As stated previously in other posts the figure should be based on potential savings from future possible life changes such as inheritance and pension lump sums etc.

fliball123

https://www.boards.ie/discussion/comment/121432039#Comment_121432039

Ah well give it a week lets see who else is not happy band together and get a solicitor on the case that is terrible that they think they can do this to people. They are giving very little time to mortgage holders I mean I rang them every month since they said they were pulling out and there was no information forth coming. I know you are annoyed chill for the week and see who else is unhappy with their lot and then go as a group strength in numbers and more of a chance of delaying their plans. There is also a discussion ongoing in askaboutmoney.ie so there will be others on there unhappy with this.

WhatsGoingOn2

Still waiting on my letter. My brother got his and got just over 90k, nearly enough to clear his mortgage, so obviously eager to see what I get. He had approx 200k left on his mortgage and over 100k offset against it.

fliball123

https://www.boards.ie/discussion/comment/121432084#Comment_121432084

Do you know how long he had left on his mortgage?

kerryjack

https://www.boards.ie/discussion/comment/121432084#Comment_121432084

Your brother nailed it and used it to perfection.

kerryjack

https://www.boards.ie/discussion/comment/121432084#Comment_121432084

Your brother nailed it and used it to perfection.

WhatsGoingOn2

https://www.boards.ie/discussion/comment/121432107#Comment_121432107

Approx 15 years

DB2023

I feel sorry for the people on here who said they had money in other savings not linked to their ub/first active mortgage account as they didn't know how product worked. Cost themselves a small fortune

paul321123

Just a taught that could be a big factor regarding who they sell your mortgage onto. For peoe who have a long time left this could be a major factor to consider. If they sell to the likes of aib or ptsb you know your payments will go up a relatively small amount relative to the ECB but if it is sold to a vulture fund then you could be potentially open to large interest hikes, this should be a big factor to consider for people who still have a large mortgage but as of yet there is no mention of who your mortgage will be sold to.

phormium

https://www.boards.ie/discussion/comment/121432312#Comment_121432312

It's a tracker though, it won't be going to any banks standard rates, will have to remain at 1.15% over ECB no matter who has it.

paul321123

Am I correct in saying that geatia payments are due into you account in early January, irrespective if your going to challenge this?. Also, I am happy with the payments that I will receive relative to what I have left to pay so will be paying down my mortgage when I receive these payments, so would I be correct in saying that I don't have to do anything regarding my accounts if I do this except transfer any money that is left to another account once the final payment is made

McSween

I note on the last page that id and proof of address has to be sent to them. I imagine anybody who sends this information is deemed to accept the situation

fliball123

https://www.boards.ie/discussion/comment/121432466#Comment_121432466

I think they have specifically said that you can object regardless of taking the money but I would be holding off this is their opening gambit they are looking to get out of the license for Ireland by 2025 so they are on a timer the more people tell them they do not want the offer the more likely they will have to come up with the full range of compensation. As they really don't need to be slapped with another financial regulator fine on top. Remember they paid double the 58million this is costing them they were fined 128 million so they need to thread very carefully on this and if they are not willing to negotiate they are going to have a lot of litigation on their hands which could tie them up meaning they may need to apply for a license again in 2025 and that is then nore cost again. So better to deal now with this and get people happy to have this taken away and their mortgage sold to a non-vulture fund Irish bank

paul321123

I'm not sure if it is an acceptance of the offer, more just for there recoreds, is there a date that they need these documents in, as I cant see any specific date to send them in by.

fliball123

https://www.boards.ie/discussion/comment/121432645#Comment_121432645

Id say any time before the 10th of Jan which is the date they are going to pay it but make sure you not being conned out of more Paul before you do so