For home owners with tracker mortgages with Ulster Bank, are we better to look at options to move our mortgage to another bank or hold out? The first is what happened for most Danske bank customers when the old National Irish bank / Danske decided to wind down its Irish business about seven years ago. So if you have a tracker mortgage with Ulster Bank, that tracker rate continues to apply regardless of who is managing or taking ownership of the loan. If you pay your Ulster Bank mortgage from your Ulster Bank current account – as most people would do – it is all very well knowing your mortgage Ts & Cs are the same but it will be futile if the current account is closed and you have not set up a new direct debate mandate from your new account. Another Ulster bank customer, Ms C.M., opened up a current account with Ulster as required to get the lowest interest rate on their mortgage.

Source: The Irish Times September 29, 2020 04:52 UTC