Ulster Bank/First Active Offset mortgages, here's the answer to previous thread!

paul321123

Did not here of anyone getting payment yet eventhough they said they said it will be paid out front the 10 January, I am also not contesting it and am happy with what they offered me, but for people who did not use the facility to the full and have savings in another account or who will be coming into some money soon it would be worth contacting them to get that factored into there calculations.

wellboy76

Has anyone received the payment yet? Going to Spain next Thursday and planning on using it for a lot of sangria! Is it being deposited in the account or coming as a cheque would anyone know?

soap1978

https://www.boards.ie/discussion/comment/121609484#Comment_121609484

Got a letter today saying it will be deposited into accounts and due before the 18 of January

paul321123

Should be in you acoount by end of next week, don't close or change you bank details until you have received it or else they will send it by cheque.

wellboy76

I rang them about something else last week and got the link to verify details through an online portal. I assume they don’t need anything else?

paul321123

They don't need anything else, just out of curiosity, are there two of you on the mortgage? Did you only undated your details, I was told one one person needs to do this, just wondering if anyone else did the same

wellboy76

No I was lucky enough to remove my ex wife from the mortgage last year and keep the offset. Great timing actually 😂

McSween

https://www.boards.ie/discussion/comment/121617716#Comment_121617716

My father was a ‘guarantor’ but i put his details up anyway. I said on the phone i was the title holder. No issues

brenlixnaw

i now have the money put into my ulster bank account ,ill wait for the letter/statement then ill close the account and pay off the mortgage and get the balance sent to my BOI account seems a bit too easy when said like that but at last it puts all this to bed

fliball123

https://www.boards.ie/discussion/comment/121622657#Comment_121622657

Did you ask for a deal before paying it off as if the mortgage is been bought as part of the block of mortgages there will be a discount I would ring and ask if you can get the same discount that they would be applying when selling this portfolio of mortgages

paul321123

Did not receive the money yet but am going to pay the mortgage down when it does arrive, or do you think that there is more to come?

kenif

I don't think there is more. I suspect the buyer is already lined up and fully aware of new T&C's.... That said, with the payment I'll be 100% offset. So won't cost me anything to wait closer to the end of offset(23rd of May I think). Just in case

paul321123

Don't think I'll leave it that close don't want to be dealing with another bank just incase something happens, will probably start to close by end of March

Abel Magwitch

I have the money in the account. Will move the money to credit union. Then will see who buys the mortgage - a bank or fund. If it’s a bank I will wait for the mortgage to move over before setting up a current account with new bank (aib, boi) otherwise i may end up with difficulties down the line. If it’s a fund then it doesn’t really matter

paul321123

I thought that you need to provide UB with a new bank account before the end of May am I correct in saying that?

I also received payment into bank account today and am trying to move to another account but I think I have my daily transfer set at 1k so will need to change that.

Are there many people going to draw down there mortgage? What's the best way to do this? Anyone know how long it take to complete.

kenif

I think just a few days. They have an online section for requests to do so but I don't think it works for offset mortgages. I know I couldn't use the manage my mortgage function online. Best thing to do is ring them.

1K unless you get the card reader. Ulster Bank will move any funds left once you close the account if you use the switcher service, again online and again I'd just ring them.

paul321123

Thanks for that, I will try the card reader to see if I can transfer the money, will give them a ring regarding paying down my mortgage but will do it maybe next month, I want to have it all done before they transfer the mortgage,

wellboy76

I have not got it yet. Checking every few minutes 😂 But I will withdraw it and put in my other account and leave enough to cover the mortgage every month until I’m told where my mortgage is being transferred to.

darthinvader

Asked for my payment to be recalculated as I offset full amount since offer, told me by email that new calculation comes out the same. Has anyone asked how they calculate it, do you think they will have to provide workings under a GDPR access request.

kenif

Is it the same because you had already maxed out. i.e remaining mortgage x remaining term at 4% is the max

If you were already largely offset then the way they doubled the first calculation would of brought you up to the max

soap1978

Have to wait for the taxman's cut now?

Abel Magwitch

Unlikely there will be any. There was an article (irish times i think) which said that mutters said it was unlikely taxable. We will see

Bazsutto

Only discovering this forum now.

I haven’t used the offset much and was offered the minimum payment. I’ve still 15 years left on mortgage with a remaining balance of over 100K.

My circumstances have recently changed, meaning I have now access to 60% of balance.

Is it to late to try renegotiate my sum, and if I transfer funds to UB account, can I still withdraw once payments received?

wellboy76

Has anyone else still not got the payment? Rang them this morning and they didn’t have a clue. The team responsible are not contactable.

paul321123

There is not harm in phoning them up to see if it will change their calculation, I think some else on here had the same issue and it did not make any difference, as far as I can make out there calculations are also based on time so if that's the case not sure if it will make any difference but worth a try.

ceide

Payment into my a/c on Tues, had already rang 2 weeks ago as I had not received any communication at all. Spoke to Scottish guy. Have had 2 phone calls from irish UB staff checking had I rec letters and both letters arrived today. Compliments to the call back staff who were very helpful and followed up very quickly

kerryjack

The good people over in askaboutmoney are getting on to revenue to see would they like to take 33 percent tax of our little windfall, and its only in the account today, can we not look at it for a few more days before they come looking for there cut ,some people just can't enjoy the moment,

wellboy76

https://www.boards.ie/discussion/comment/121635709#Comment_121635709

Lucky you. I’m in the dark. Still nothing and different answer every time I ring to say they don’t know what’s going on.

KevRen007

Received cheque in post today, even though we verified our details before Xmas. Cheque made out to both names as per UB a/c and marked a/c payee. Problem is we didn’t open up a new joint a/c, so how to lodge it? 🤔

phormium

https://www.boards.ie/discussion/comment/121636382#Comment_121636382

Had you closed the linked current or savings accounts attached to the mortgage?

kerryjack

https://www.boards.ie/discussion/comment/121636382#Comment_121636382

I think we could have same problem I wonder if both persons sighns back of cheque would that do the trick for them.

rameire

You could just contact them to reissue the cheque in one name or cancel the cheque and do an electronic transfer to your bank account.

wellboy76

Has anyone else not got sorted yet?

paneur

@ wellboy76...

Same as you .. no contact or payment

paneur

Can one explain exactly how the pay and withdraw facility works....

Called UB for details , but despite her best efforts , the poor staff member failed to educate me 😏

kenif

You pay down your mortgage, but your facility remains as it is. You can then redraw money onto your mortgage. Limited to the level of your facility without all the usual credit checks.

Your facility reduces every year so you'd need to be sure how it is calculated.

KevRen007

https://www.boards.ie/discussion/comment/121636970#Comment_121636970

No, linked current account is still open as our mortgage is paid out of it

KevRen007

https://www.boards.ie/discussion/comment/121637508#Comment_121637508

Wife went into BoI and managed to lodge it to her account, took a bit of explaining and a couple of phone calls but got sorted, just need to wait 5 days for cheque to clear now 😐️

paneur

@ kenif..

Thanks for that...

How can i withdraw then... Do I have to apply similar to loan application ...... ? Is there a limit to how many times you can do this......?

kenif

Still.a unique mortgage so you would have to contact them. When 1st paying off make sure your repayments are then reduced to spread over the remaining term. If that's what you want as they won't reduce them automatically.

I don't believe there is any limit on number of times, the limit is on the amount(available facility)

paneur

@ kenif

Thanks for that yeah...

If I get any clarity I'll post it here in case somebody is in the same boat....

Abel Magwitch

https://www.boards.ie/discussion/comment/121639250#Comment_121639250

What I have used ( a few times) might be the pay and withdraw.

Works like this.

I’m due to pay eg €600 pm on my mortgage. But I pay €1k. I slowly notice my facility increasing (shows as “available” on the mortgage account in the app)

I then need money for doing up my house. I send a nicely worded letter stating my account numbers and the reason for the request of eg €30k. I also send them a copy of my life insurance which shows that the new sum pf my mortgage to be owed is fully covered. Within 5 working days of sending the letter the money is in my current account. A few weeks later the letter arrives. They will automatically increase the mortgage dd amount to suit the new balance owed.

I found it a wonderful way of saving money and them getting a home improvement loan without hassle (like back in the day) and the interest rates were obv great - until recently

I would plan to keep some sort of facility and keep using it until the end of the mortage as much as possible. I was advised a long time ago never to pay off your mortgage early in case of early death. Your family left behind could use that money and the life insurance would cover the balance of the mortgage. Pretty morbid stuff to think about, also peace of mind from fully owing your house is a consideration.

Anyway hope that helps

wellboy76

https://www.boards.ie/discussion/comment/121638339#Comment_121638339

Been ringing and they have no idea why

KevRen007

https://www.boards.ie/discussion/comment/121638483#Comment_121638483

Update:BoI rang to say that they now couldn’t accept the cheque and that it would have to be lodged into a joint Acc. Wife rang UB who have agreed to cancel cheque and lodge money into our joint UB Acc. Let’s see how many follow up calls will have to be made before it’s sorted

Jim2007

https://www.boards.ie/discussion/comment/121641111#Comment_121641111

Would there be a possibility to just make a payment from that account to your other accounts? either electronically or manually? Or just by a bank draft in one name using the funds from this account?

paneur

@Abel Magwitch

Thanks for that...

So you must provide a reason for withdrawal ( eg home improvement ) to withdraw your own money 🤔

paneur

@wellboy76

Still no funds.. Haven't bothered contacting them ....... Staff are pleasant , but so far I haven't had a straight answer on any query.... Maybe they took offence at my letter and don't wanna pay 🤣🤣

phormium

https://www.boards.ie/discussion/comment/121643068#Comment_121643068

I'm not sure you need to provide a reason but there is a distinction between drawing back your own money as in savings you put in there to offset or drawing down some of what was the 'available facility' which was technically bank's money and you were increasing the debt. Taking back your own savings just affects the interest charged.

wellboy76

https://www.boards.ie/discussion/comment/121643084#Comment_121643084

I have no arrears or issues outstanding. Just no payment. And no way to contact there by the looks of it either

paneur

Thoughts on the following anyone. The payment has been constantly referred to as " ex gratia ". I assume to avoid any challenge were it described as compensation. Given that its ex gratia or goodwill ,(essentially a gift ) what right does the bank have to use it to clear mortgage arrears ???