first active/ulster bank offset mortgage ?

wannapress

I drew down an ulster bank offset mortgage in 2005, its a tracker that also takes in to account any savings.Is it worth looking at at changing the mortgage if there is not a huge amount of savings in the account? and if i was looking to sell the house should i see if they would knock anything off the capital if i were to change to a variable? i have 185000 outstanding with 30 left to go.Any thoughts greatly appreciated.....

phormium

You have in effect a tracker mortgage, 1.15% over ECB, even if you have no money in the offset accounts you are still on a good rate.

Also, those mortgages were transferable to a new property without having to actually close the account which should mean you don't lose the rate. Check the paperwork, wouldn't be surprised if there was someway now that UB could get out of that feature of the FA Offset mortgage.

By the way no evidence that they will do a deal and reduce capital for switching to variable.

wannapress

phormium wrote: »

You have in effect a tracker mortgage, 1.15% over ECB, even if you have no money in the offset accounts you are still on a good rate.

Also, those mortgages were transferable to a new property without having to actually close the account which should mean you don't lose the rate. Check the paperwork, wouldn't be surprised if there was someway now that UB could get out of that feature of the FA Offset mortgage.

By the way no evidence that they will do a deal and reduce capital for switching to variable.

thanks for that phormium, interesting that i might be able to carry the mortgage onto a different property why do you think UB may be able to change the terms of the mortgage?? will have to check that ot as that would not be cool..

phormium

It was a very little know feature of that particular mortgage, hardly ever used but would be useful these days when trackers aren't available. Don't know whether it is written in the conditions on the loan offer or whether it was just one of the feature/benefits of the product. As it was so little used again I'm not sure what the procedure was if you wished to move the mortgage to a new house with an increased amount of loan, that might be how they would get you off it!

Must dig out my own loan offer and have a look.

unclebill98

wannapress wrote: »

I drew down an ulster bank offset mortgage in 2005, its a tracker that also takes in to account any savings.Is it worth looking at at changing the mortgage if there is not a huge amount of savings in the account? and if i was looking to sell the house should i see if they would knock anything off the capital if i were to change to a variable? i have 185000 outstanding with 30 left to go.Any thoughts greatly appreciated.....

UB can not change what's in your offer letter. Also there is no chance of them dropping your capital to switch.

rameire

they still offer the house move option on the offset mortgage.
also dont forget that if you require more funds to draw down your available facility before you do the house move.

phormium

What if the available facility is still not enough to enable you make the new purchase, can you top it up at the same rate?

rameire

you can top it up at the same rate, but the chances of getting a top up would be more difficult.

wannapress

wow very interesting info,many thanks

Brufly

Hey,
Does anybody have a copy of the T&Cs 2005 that has the housemove clause in it! We can't locate ours. Ulster Bank are saying we need to reapply for new mortgage! Any assistance would be great.

unclebill98

Brufly wrote: »

Hey,
Does anybody have a copy of the T&Cs 2005 that has the housemove clause in it! We can't locate ours. Ulster Bank are saying we need to reapply for new mortgage! Any assistance would be great.

T&C in your offer letter are what apply, stuff contained in a brochure are not legally binding.

phormium

While true that the features and benefits of it can be changed, in fact they can change anything really, they must notify you though. There was a change at one stage to the way overpayments were applied on the offset and customers were advised, there has never been any correspondence to advise that the option to move the mortgage from property to property was being removed. It was one of the main selling points of that mortgage type.

I'd be surprised if it is removed, more likely no one left in UB that knows anything about the original offset mortgage!

unclebill98

phormium wrote: »

While true that the features and benefits of it can be changed, in fact they can change anything really, they must notify you though. There was a change at one stage to the way overpayments were applied on the offset and customers were advised, there has never been any correspondence to advise that the option to move the mortgage from property to property was being removed. It was one of the main selling points of that mortgage type.

I'd be surprised if it is removed, more likely no one left in UB that knows anything about the original offset mortgage!

Oh there are plenty of dinosaurs still there who know, weather they'd be allowed to talk about it is another matter.

phormium

Mmmn, believeable alright! I wasn't a good fit for that culture

unclebill98

phormium wrote: »

Mmmn, believeable alright! I wasn't a good fit for that culture

Me neither. I've been clean for over 5 years :D:D