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

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Comments

  • #422
    paul321123
    Registered Users, Registered Users 2 Posts: 89 ✭✭paul321123


    Just noticed that I can not access my ulster bank account on line, only had a couple of euro left in there, anyone else notice this,



  • #423
    aoraki
    Registered Users, Registered Users 2 Posts: 132 ✭✭aoraki


    If you had accounts that you were using to Offset against your mortgage, the deadline for getting them closed was the 23rd of May. If you had any money left in an account that was closed you’ll probably get a cheque in the post



  • #424
    McSween
    Registered Users, Registered Users 2 Posts: 1,308 ✭✭✭McSween


    anybody who is keeping the mortgage. Youd imagine our direct debit to UB will carry through to Dilosk. We lose the UB app and online banking Monday 22nd July.



  • #425
    aoraki
    Registered Users, Registered Users 2 Posts: 132 ✭✭aoraki


    @McSween Are Ulster Bank switching off the App and Online banking next week? Was that communicated to customers?

    Is your mortgage transferring to Dilosk on the 22nd?



  • #426
    McSween
    Registered Users, Registered Users 2 Posts: 1,308 ✭✭✭McSween


    https://www.boards.ie/discussion/comment/122384173#Comment_122384173

    yes re the app. Not sure exactly for mortgage transfer. Possibly end of august, not sure.



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  • #427
    aoraki
    Registered Users, Registered Users 2 Posts: 132 ✭✭aoraki


    Thanks for the info @McSween. Will be curious if this applies to all customers. My mortgage is not being sold to Dilosk and is staying with UB, but I’ve heard nothing about the app or online banking being discontinued.

    I guess I’ll find out next week 😂



  • #428
    kenif
    Registered Users, Registered Users 2 Posts: 71 ✭✭kenif


    https://www.boards.ie/discussion/comment/122385037#Comment_122385037

    Just curious, but how is it your mortgage is staying with UB?



  • #429
    rameire
    Registered Users, Registered Users 2 Posts: 4,326 ✭✭✭rameire


    Some people never signed specific documents are loan stage which means they can't be sold on.

    They Would in theory stay with the residual bank unless agreement is reached.

    But as Ulster are getting rid of their banking license, the options open for a remaining customer will be very limited. They will continue to pay their mortgage have full regulatory cover and rules but won't have the availability of extra lending or apps or websites to guide them.

    🌞 3.8kwp, 🌞 Clonee, Dub.🌞



  • #430
    kenif
    Registered Users, Registered Users 2 Posts: 71 ✭✭kenif


    Out of ignorance how does that work when a bank no longer has a licence. Have they still got the authority to collect repayments?



  • #431
    aoraki
    Registered Users, Registered Users 2 Posts: 132 ✭✭aoraki


    Yeah, that’s a good question kenif. Remains to be seen how it’s going to be implemented, they still haven’t provided any details to these customers other than “the mortgage is staying with Ulster Bank”. I have no clue about banking licenses and if they will need one to service a residual loan book.



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  • #432
    Q&A
    Registered Users, Registered Users 2 Posts: 579 ✭✭✭Q&A


    https://www.boards.ie/discussion/comment/122473068#Comment_122473068

    You don't have to be a bank to collect repayments. You do have to be a bank to take deposits. It's the latter part and the unique nature of the offset mortgage account that was the issue for Ulster.

    If the deposit facility is withdrawn then you're mortgage can be owned by a broader set of institutions. So Ulster can either sell it or they can keep the loan and hand back the licence -assuming there are no further offset mortgages or deposits on their balance sheet.



  • #433
    kenif
    Registered Users, Registered Users 2 Posts: 71 ✭✭kenif


    Thanks for that. The pay and withdraw then.… Will someone left with Ulster Bank still be able to withdraw funds. That feature(T&C) was separate to deposit accounts. As a non licensed lender will they still have to honour all that.

    I'm actually redeemed, am just curious for the few left in this position.



  • #434
    aoraki
    Registered Users, Registered Users 2 Posts: 132 ✭✭aoraki


    Hi Kenif, the only thing that you can’t do by remaining with Ulster is avail of top-up lending. Everything else is the same, you can use the pay and redraw feature, move the mortgage to another property, keep the tracker and it’s margin etc.



  • #435
    shanoh
    Registered Users, Registered Users 2 Posts: 42 ✭shanoh


    Anyone move to Dilosk and try to lodge in extra money to the mortgage?

    I want to but not sure how to. Emailed them and no answer...



  • #436
    fliball123
    Registered Users, Registered Users 2 Posts: 7,612 ✭✭✭fliball123


    https://www.boards.ie/discussion/comment/122777145#Comment_122777145

    Yeah these guys have zero online presence your going to have to ring them and do a transfer that way its not very efficient.



  • #437
    shanoh
    Registered Users, Registered Users 2 Posts: 42 ✭shanoh


    They answered my email today. Gave me an account no to lodge into but can't view online. Pretty bad.



  • #438
    juniorballyc
    Registered Users, Registered Users 2 Posts: 44 ✭juniorballyc


    I've tried to redeem mortgage from ICS...it is a sh*tshow. 6 weeks in still not completed. And today received an email stating we owe another month's repayment even though we have proof of payment.

    They are a disaster and absolutely no transparency. Escalated situation again today and spoke with a CS TL…waiting on callback.

    Has anyone else tried to redeem?



  • #439
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,861 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/122895998#Comment_122895998

    It is not at all unusual for the payments over a 20 - 30 period not to exactly equal the amount due in the end and there is a under or over payment that needs to be settled in order to close out the mortage. Check the detailed explanation in th email to see if it is correct.



  • #440
    juniorballyc
    Registered Users, Registered Users 2 Posts: 44 ✭juniorballyc


    Thanks for that. Our issue is that they can't "find" our October payment even though it went to them and I've double checked at our end and in our bank. They are making it very difficult for us to redeem. I will be very glad to be rid of it



  • #441
    User1010
    Registered Users, Registered Users 2 Posts: 32 ✭User1010


    https://www.boards.ie/discussion/comment/122094489#Comment_122094489

    Hi Shanoh, just wondering if you ever heard back from Revenue on this? Thanks



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