Ulster Bank Mortgage query

TPK

Hi, Looking for some advice. I have been tracking the completion date on my mortgage for the last couple of years as it was coming close to finish . I called the bank a year or so ago, to confirm my exit date, which was confirmed as Feb 2021. All subsequent and previous documentation and statements have indicated that this date was correct. I had not really looked at the balance owed, I just took the finish date as correct and my current payment regime would ensure it was cleared by this date. As I am now closer to the exit date, I looked at the balance remaining more closely and realised that my current repayments will leave an outstanding balance of more than 6k. I have never missed a payment or never had any arrears on the account. I called the bank over a week ago looking for some info. and have yet to get a callback from the team responsible. It kind of screws up my financial planning with a daughter due to start college this year. Just curious how they could have got the finish date wrong in their calculations and wondering if anybody here has any experience of this or similar? Thanks.

phormium

Did you ever make an adjustment to it like a payment break/interest only period that could have altered the original end date? Does the end date of 2021 tally with original loan period i.e. if 20 yr mortgage did you take it out in 2001?

TPK

phormium wrote: »

Did you ever make an adjustment to it like a payment break/interest only period that could have altered the original end date? Does the end date of 2021 tally with original loan period i.e. if 20 yr mortgage did you take it out in 2001?

Thank you for your reply. No, there was no holiday or interest only period, The end date does tally with loan period, Every year end statement I have indicates Feb 2021 as the end date.

phormium

So your Jan 2020 statement shows an amount outstanding that will after paying 12 more payments still be 6k! That is really odd! I presume they confirmed in your phone call what the balance outstanding actually is just in case it's wrong on whatever you are looking at.

Back in yr 2 of my mortgage which is years ago I noticed there was something wrong and it turned out I had been charged interest twice in that year but that was back in the days when interest was charged annually and practically pre computerisation! It was a man made error and easy to spot with two identical debits, be hard for something like that to happen now I'd imagine, if you had all your annual statements though you could have a look back and see if anything odd jumps out at you from the transactions. Any one off big debit or does the opening and closing balance in any given year not follow similar pattern to other years.

TPK

phormium wrote: »

So your Jan 2020 statement shows an amount outstanding that will after paying 12 more payments still be 6k! That is really odd! I presume they confirmed in your phone call what the balance outstanding actually is just in case it's wrong on whatever you are looking at.

Back in yr 2 of my mortgage which is years ago I noticed there was something wrong and it turned out I had been charged interest twice in that year but that was back in the days when interest was charged annually and practically pre computerisation! It was a man made error and easy to spot with two identical debits, be hard for something like that to happen now I'd imagine, if you had all your annual statements though you could have a look back and see if anything odd jumps out at you from the transactions. Any one off big debit or does the opening and closing balance in any given year not follow similar pattern to other years.

I’m trying to dig out all the older statements, not sure if I have them. I have asked UB for copies. I do know the finish date always stated Feb 2021. It’s a strange one. I can only guess that they made a mistake with the amount on original payment schedule. I’ll post when I get a resolution from UB.