Customers who get mortgage approval at Ulster Bank after March, will not be able to extend the offer of a home loan. This affects both existing clients hoping to get a mortgage for a self-build home, as well as those waiting on a builder to finish a new home they plan to buy.
The bank confirms that this will not impact those who already have approval for a mortgage for a self-build or new home, as they will be able to get a six-month extension to the loan approval offer. The move comes due the bank’s closure later this year.
An advisory has been sent to mortgage brokers, that: “From 21 March, 2022, Ulster Bank Ireland DAC will continue to facilitate new build mortgage applications, however the ability to have a six-month extension on the loan offer will no longer be available. Existing self-build applications that are at loan offer stage are not affected by this change.”
There will be no change to top-up mortgage applications for home improvements or purchase-and-renovate mortgage applications.
The bank is meeting advocates for customers who might need assistance. They hope to outline plans for communicating current account and deposit account “choose, move and close” activity to customers, as well as the support measures it is putting in place for these customers.
For assistance, call 1800 656 001.
LSL News.