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Ulster Bank mortgage difficulties

  • 08-01-2022 4:28pm
    #1
    Wanderingmind
    Registered Users Posts: 28 ✭


    My OH has a house mortgaged through Ulster Bank but ran into difficulties a few years ago due to being unable to work indefinitely. It was all discussed with the bank at the time but they were unwilling to help. Offers were made to sell the house as a final settlement, surrender the house or allow the bank to sell it. All offers were declined. My OH put a tenant into the house to assist financially and the bank finally agreed to accept a voluntary surrender last year on the condition of vacant possession as they accepted that the mortgage was unsustainable.

    The issue is that the bank has now withdrawn the offer because the tenant is still there. They have received more notice than allowed but just say there is nowhere to go. I don't like to get involved because it's not my house but I can see the stress my OH is under. Viewings were arranged for the tenant but we found out that they never showed up. It appears that they don't want to leave.

    With Ulster Bank now leaving the market I'm worried what will happen now. Has anyone experienced this before?



Comments

  • #2
    Wanderingmind
    Registered Users Posts: 28 ✭Wanderingmind


    Has anyone experienced a voluntary surrender before?



  • #3
    Flinty997
    Registered Users, Registered Users 2 Posts: 12,431 ✭✭✭✭Flinty997


    This was common after the Celtic tiger crash.

    Back then the banks dragged it out for years for people, and both increased what people owned and sold the properties at far less than they were worth.

    The bank is not your friend here. They are out to screw you. Get proper advice and get into into an Insolvency arrangement.

    Something like. https://backontrack.ie/ That will give you some protection from the bank and help you know how to deal with them.



  • #4
    troyzer
    Registered Users, Registered Users 2 Posts: 6,201 ✭✭✭troyzer


    Is your OH still living in the house with the tenant or is this a second house?



  • #5
    Wanderingmind
    Registered Users Posts: 28 ✭Wanderingmind


    https://www.boards.ie/discussion/comment/119695147#Comment_119695147

    My OH lives with me in a house owned only by me. The property in question is owned by my OH.



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