Background to the Mortgage Interest Rate Review
As part of a review of our mortgage processes we 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 benefited we made no changes and they kept the benefit.
We sincerely apologise and for those customers who were overcharged, we refunded the interest overpayment 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 and issued over 13,000 letters. If you have received a cheque please lodge this within six months of the date of the cheque.
We have now written to the majority of impacted customers, however we have not been able to confirm contact details for some customers who no longer hold an account 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.
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
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.