Ulster Bank have announced the expected news that they will exit the Irish market.
This will of course have a big implication for customers and staff of Ulster Bank. It has been announced that the withdrawal will be phased over a number of years in an “orderly and considered manner”
AIB and PTSB are in talks to possibly take over some of the banks Commercial, SME and Retail business but nothing has been finalised. No doubt more information will become available over the coming weeks and months I am sure.
So what does all this mean for Ulster Bank Mortgage Customers?
Firstly it is important not to panic. More concrete information will become available over the coming weeks and months. The terms and conditions of existing Ulster Bank mortgage holders are protected and the Ulster Bank withdrawal will take years so Ulster Bank mortgage holders have time to consider their option.
Some common questions Ulster Bank Mortgage customers might need answers on today are as follows.
I have Mortgage Approval in Principle with Ulster Bank?
It is expected that mortgage approvals will be honoured and so there is no need to panic.
However if you have time then you should talk to your mortgage adviser to see what your options are with other mortgage lenders. A mortgage is a long term commitment and so you want a mortgage lender who will be with you for the long term.
I have a Formal Mortgage Loan Offer with Ulster Bank?
Initial reports suggest that your Ulster Bank Loan offer will be honoured and so you can go ahead and complete your property purchase with Ulster Bank. Your mortgage terms and conditions will be honoured during the life of your Ulster Bank mortgage. However again if you have time then you should speak with your mortgage adviser and look at options with other mortgage lenders.
I have an existing Mortgage with Ulster Bank, should I look to change mortgage lenders?
The Ulster Bank withdrawal is going to take years and so there is no need to rush into anything. If your Ulster Bank Mortgage is on a fixed rate then you have up until then end of the fixed rate period to make a decision. If you have a tracker mortgage with Ulster Bank then you will want to consider your options carefully.
In her statement this morning Ulster Bank CEO, Jane Howard confirmed,
“”I want to be clear that there will be no change for customers today, changes will happen over the coming years,” the CEO said.
“Ulster Bank will continue to offer a full banking service in our branches, online and through normal channels for existing and new customers for the foreseeable future,” she said.
“Customers do not need to take any action as a consequence of this announcement. We will communicate with customers in a timely manner over the coming weeks and months,” she added.
If you are concerned about your Ulster Bank mortgage then please feel free to reach out to a MortgageLine. Our Mortgage Advisers are here to help. Call us now on (01) 707 9880
This blog post is intended to provide a general appreciation of the topic and it is not intended as advice.
