@StoneCold my initial sense is that you should hold tight. Thereās a possibility that somebody might buy the UB mortgage book at a discount and then look to sell it back to the owner for less than value to make a profit. But Iāll confirm my position before Friday at noon.
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Youāre a good man. Would this mean a lower monthly repayment?
@Bandage tell him he would probably have to go to one of the other providers and get a mortgage off them, which they in turn would use to pay off the vulture fund.
No mate. If the bank closes then thereās no one to pay you mortgage to any more, that means your mortgage is over. In fact, you should stop paying it now and you may get off with an extra few grand.
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@Bandage please advise those of us with a mortgage not with Ulster Bank. Should I be looking to switch there?
Would they honour my tracker mortgage with Ulster bank
What happens to any savings you might have there?
Youāll need to move them.
Iām sure rival banks will start campaigns targeting customers looking to move.
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Shur weāre talking 5 years yet anyway right,?
Unlikely if it was some sort of re-financing situation.
If some crowd buys the mortgage and hangs onto it Iād imagine they will have to honour the existing terms.
How it worked with the likes of Pepper etc was as follows.
The vulture fund buys the loan at a hefty discount.
The borrower then negotiates with the fund to settle the debt.
The borrower then has to pretend he has no money, but that a family member (or other financial institution) is willing to lend him X if the fund will accept that as full and final settlement. (really he is just tapping funds that he siphoned away during the boom that werenāt traced by the banks).
Bit of horse trading and the loan is cleared.
The fund makes a profit.
The borrower gets the loan cleared with nice chunk written off.
The bank escapes the āmoral hazardā of directly giving mortgage write off.
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Who the crowd you are switching to? Not a hope. Definitely do not move from Ulster bank if you have a tracker. Hold onto that forever. Theyāll sell the book to someone else and youāll still have a tracker or theyāll close retail, keep a few staff on and wind down their loan book over a few years. Maybe from the UK office or something. Whatever happens do not give up your tracker.
Them and land, are they only things they arenāt making anymore of
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So as long as a financial institution wire the correct amount to Pepper, everyone pretends the money came from Auntie Mary?
So you are saying @TheUlteriorMotive needs to leverage his current house for a holiday home in Cape Verde?
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The Irish dream.
Pretty much ya.
Itās a serious sham, but suits all parties.
Lads, our current residence has appreciated in value and with what weāve paid off since we bought we can now move from a 80-90% LTV to a 60-80% LTV which comes with a fair reduction. Questions if someone could answer
- Should a mug like me continue to pay at a variable rate or fix for a couple of years to get cheaper repayments?
- Should I overpay the cheaper amount to chip away at the principle? Or should I not bother as Iāll never be able to borrow money at such a cheap rate again?
Weāre with KBC so have the cheapest market rate. Iāve no interest in going through a whole application again so happy enough to stay with them and apply for a rate change. Our current rate is 3.45% and it would flip to either 3.05% (variable) or as low as 2.3% (fixed for 2 or 3 years). Savings of between 100-205 quid per month so a no brainer either way.
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@TreatyStones any more word on Ulster?I started paying mine weekly there a few months ago they said Iād save a few bob.Is this correct?