Mortgage Interest Rate Review

Mortgage Interest Rate Review

Background to the Mortgage Interest Rate Review

As part of a review of our mortgage processes we have discovered an issue with some mortgages, the majority of which were taken out between 2001 and 2008.

When customers received their loan offer the document quoted a specific interest rate and rate period. For impacted customers, prior to the mortgage commencing, the interest rate increased to a higher rate or the period of the rate to be applied changed and customers may not have been fully informed at that time. As a result, some impacted customers paid a higher amount of interest than was detailed in the loan offer and some impacted customers paid a lower amount. For those customers who have benefited we will not be changing anything, and they will keep the benefit.

We sincerely apologise and for those customers who were overcharged, we are refunding them the interest overpayment (where applicable), together with a compensatory payment.

 

Update on the Mortgage Interest Rate Review

We commenced writing to all adversely impacted customers at the end of March 2019, regarding a refund and compensatory payment. We have now issued over 6,000 letters and we expect to write to all customers by the end of June 2020.

Although we will write to the majority of impacted customers, we have not been able to confirm contact details for some customers who no longer hold their mortgage with us. We will continue to try to reach these customers by letter and telephone. If you think you may be affected by the Review and have not received a letter from us, please contact our helpline. Details are outlined in the need more information section below. 

 

How do I know if I am impacted by the Mortgage Interest Rate Review?

You do not need to do anything now; all impacted customers will receive a letter informing them if they are impacted in due course.

Should you have any queries, please contact our dedicated helpline, details are outlined in the need more information section below. 

Need more information?

Should you require any additional information or support, please contact the Mortgage  Interest Rate Review helpline on 1800 812383 Freephone/Lo-Call from mobiles, or +353 1 531 7099 if calling from abroad.

Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls are recorded for training and quality purposes.

Alternatively, you can write to us at:

Ulster Bank Ireland DAC
Mortgage Interest Rate Review
PO Box 10518
Dublin 2

Please note that in any correspondence addressed to us we would ask you quote your mortgage account number(s) to assist us in identifying your account(s) and responding in a timely manner.

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