Ulster Bank Mortgage Recalculation

NinjaTruncs

Has anyone ever heard of this.

My Sister-in-law rang me saying that Ulster Bank recalculated her mortgage at the start of January and increased her repayments by 9 euro. She's on a tracker so it shouldn't be due to an interest rate hike.

She said she rang the bank and was told that the Bank recalculates the mortgage every year. I'd never heard of a mortgage being recalculated on a yearly basis, I understood all calculations are done at the start of the mortgage.

Anyone ever had this issue with Ulster Bank before?

Thanks.

murphaph

Have an UB tracker and have never had an increase since rates began falling.

Nervous Wreck

She get TRS?

NinjaTruncs

Nervous Wreck you may be on to something there, it could be the TRS, I originally discounted that as she said it was her mortgage repayment, which would be separate from TRS but she often is a little inaccurate with her information.

Arbiter of Good Taste

NinjaTruncs wrote: »

but she often is a little inaccurate with her information.

Sorry - off topic - but I love this as a euphemism! I know so many people like that. I'm gonna remember that! :P

Nervous Wreck

NinjaTruncs wrote: »

Nervous Wreck you may be on to something there, it could be the TRS, I originally discounted that as she said it was her mortgage repayment, which would be separate from TRS but she often is a little inaccurate with her information.

That's the most likely answer alright!

liamog

We've a mortgage with Ulster Bank and at the beginning of the year they calculate the monthly payment by subtracting the TRS amount from the monthly amount and only take the calculated payment.