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Ulster Banks ? Offset Mortgage

  • 25-09-2015 9:06am
    #1
    Silpac
    Registered Users Posts: 51 ✭✭


    Ulster Bank / First Active Tracker Mortgage
    I have a former First Active and now Ulster Bank tracker mortgage. One of the features of this is I can draw down the difference between the original loan and the current balance , where in effect I have over paid / saved due to having an offset deposit.

    I did this in 2010 to use it to finance a purchase. It was hassle free although it was clear that UB wish they didn;t have this product any longer...the lady on the phone said what we know - they're a lousy deal for the bank (hope I'm not upsetting anyone !).

    HOWEVER - I now tried to avail of this again this year (its called a facility) and they have sent me what looks in effect to be a new loan agreement whereby I have to enter into and agree a mass of new conditions. To be fair I don;t believe these are overtly trying to change the rate on me but there is some language in there that concerns me.

    MY QUESTION is - why do I have to agree to something new now, this was not part of the original deal, I have already availed of the facility and this feels like its designed to put me off. Has anyone else doen this.

    I can confirm there has been no change to my credit or employment status and I have always made my payments.

    Thanks for any help in advance.


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Do you have your original loan conditions and compared to see what is new?

    I have one of these too but it is years since I last availed of the facility amount so haven't encountered this problem.

    They are a brilliant mortgage to have and definitely of no use to UB :), one of their little known benefits too is that they can actually be transferred to a new house without having to close off the existing mortgage which in effect means you can move that amount at the tracker rate to a new house, you will have to borrow any extra needed at today's rates but nevertheless a great advantage.


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