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Advice UB Tracker Mortgage Examination

  • 27-01-2019 10:36pm
    #1
    caver48
    Registered Users Posts: 1 ✭


    Hi there,

    I bought a house in 2004 on a tracker rate with Ulster Bank. I fixed this rate in 2006. I moved house in 2007 and stayed with Ulster Bank on the fixed rate as I was told I couldn't get out of the fixed rate (I used a mortgage broker who told me this). They started me on a new mortgage on the same fixed rate and any additional borrowing was on the tracker.

    Recenty Ulster Bank sent me a letter with a cheque for 600 towards legal advice stating that they have completed a detailed acessment on my file. "Through the examination we have identified that the mortgage docs we provided to you contained ambiguos and confusing termnology whoever we do not any fianncial detriemnt was caused to your mortgage sub account as it was REDEEMED in 2007."

    The thing is I was of the understanding I couldn't redeem it and I had to continue with a fixed rate. Otherwise I would have went with a full tracker instead of a fixed rate AND a tracker on the new mortgage. I'm not sure how to prove this and I didn't keep any paper work.

    I'm not even sure I have any proof, finance/banking terminology is not my area which is why I am here asking for advice. I requested the appeal form but I want to back this up with any additional supporting documents I can ask for that the bank could have on file. What can I ask the bank to send me to try and prove my case. It may be my mortgage brokers word against mine, it may not even be recorded on paper, but i'll give it my best shot.

    Thanks in advance


Comments

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


    Try Padraig Kissane for advice, he is dealing with a lot of the tracker issues.

    Meanwhile when they say your mortgage was redeemed it was, the existing mortgage on the property you sold would have to be cleared to start a new mortgage on the new property even if both were at same rate.

    I'd imagine this is a misunderstanding or bad explanation by both you and broker as to why you were staying with UB at the time. More than likely the reasoning was that back then when you broke a fixed rate you could/would have a substantial penalty to pay. The only way to avoid this was take out a new mortgage again within 6 months so if you stayed with UB for the new mortgage you wouldn't pay that penalty. It doesn't mean that the new mortgage was just a continuation of the old one though, they would have been separate accounts so the first one was redeemed.


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