Ulster Bank negative equity mortgage or options?

rover25

I have posted this on the main mortgage thread but thought I would put it on the local NIreland thread as well to see if anyone else had any experiences.
I have read about negative equity mortgages and support equity schemes offered by other banks and lenders. Ulster Bank in South of Ireland also appear to offer negative equity mortgages for those who wish to move.
Has anyone had any success with this type of mortgage/scheme with Ulster Bank in Northern Ireland?
Thanks.

joeybrooks

Hi there. With regards to the loans that UB in the south are offering, the are limited to the south only. When I recently approached UB regarding my Negative Equity mortgage. It was basically explained to me that I cannot move, but even though I am in negative equity, I still have all the options that I would have if I wasnt (obviously bar moving). So, I was entitled to avail of any of the 95% LTV offers, which I did and saved myself £50 per month.

My aim is to try to over pay as much as possible so that I can get the outstanding amount down and reduce the amount of negative equity.

rover25

Can I ask were they allowing you the option to rent out your house? How were they able to offer you other options such as 95% mortgages? If you are in neg equity, is the ltv ratio not 100% plus? Was this for purchasing another property? Sorry for the confused questions.

joeybrooks

Sorry it has taken me so long, i didnt realise you had posted.

We didnt ask about any other options as renting wasnt really something we wanted to do. I have read that you can do this with the permission of your lender but that you may need to change it to a Buy to Let mortgage.

With regards to the LTV, the guy we spoke to said that they were not penalising customers for being in negative equity and therefore classing them as being 95%LTV. Hope this helps.

rover25

Well, we went to visit ulster bank advisor at the end of October who said that at the moment there was no negative equity mortgage product but that there may be something being released in the next couple of months. This would allow people to 'trade up or down ' and move to a new property taking their negative equity with them. He couldn't say any more but that there was nothing being marketed at that moment. Anyway the other week I was looking through internet about negative equity and ulster bank and saw some thing that was accessed via google web page. It was headed Light Boxes-Mortgages/Ulster Bank. If this is googled he page can be found but can't be found on the ulster bank website itself.
On this page it gave what you need for mortgage apptment if you were an existing customer or not. Further down it mentioned co ownership & then it came to a section about negative equity mortgages with egs of trading up and trading down negative equity mortgages with an eg diagram and figures. However when I try to find this on the main website there is no sign of it at all, only very general notes about contacting branch to discuss neg eq options. I did enquire with an advisor on live chat but they didn't know anything about it. Just wondering if anyone else has come across this or what they think this page might be. Will be calling local bank in new year again but in the mean time , just curious!

saverbuyer

Most likely an Ulster Bank Ireland product.

rover25

I thought that at the beginning but the figures are in sterling and telephone number at bottom of page is NI based.

Tansy_1980

In web management terms a lightbox is like a library of files or data dumps that the web manager intends to deploy at some stage. The fact that you can find this through a search but not on the main site would indicate to me that they have a bad web team who don't really know how to manage their assets properly and have made certain pages indexable which shouldn't have been submitted to Google or other search engines.

It may be worth printing the page off anyway to take with you to your appointment. There was obviously some thought put into how to illustrate these options to the public so there must have been an intention at some stage to make this offering available.