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

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.

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.

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.

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.

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.

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.

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.

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??

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.

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.

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 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.

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

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.

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,