Ulster Bank customers have been told that there is no need to make any change just now.

CEO of the bank Jane Howard has been talking about a "multi-year" withdrawal from the Republic of Ireland.

But, despite the assurances, it is still an anxious time for more than one million people who've been banking with Ulster for a long time.

So, we’ve looked at some questions which customers might have.

1. If my mortgage is sold, will my rate change?

No. All terms and conditions you have with Ulster Bank will transfer to the new provider.

That means your fixed rate, variable rate and even your tracker rate will remain the same. Your repayments and terms will also not change.

2. If I have mortgage approval in principle, can I still get a mortgage?

Yes. Ulster Bank has said it will still allow people to draw down if they have approval in principle.

The bank has even said that if existing approvals expire before someone can secure a property, the bank will help people renew the approval in principle.

3. None of my Terms & Conditions with the bank cover a withdrawal, can they legally do this?

In short, yes. The bank is not yet closing accounts and many of their agreements permit the bank to transfer financial products to other financial providers.

When that happens customers' legal rights and protections remain the same.

The Central Bank has Codes of Conduct in place to cover this.

4. If I am involved in legal proceedings with Ulster Bank, what happens to the case?

Legal proceedings will continue as normal and there will be no change, as far as we can gather. The same applies to people who are engaging with the Arrears Support Unit, or have an Alternative Repayment Arrangement in place.

Even if your finances are struggling to meet the alternative arrangement you should engage with the bank and try to negotiate further.

5. Will direct debits and standing orders on my account continue?

Yes. All existing arrangements will remain in place. Any accounts you have will remain in place and will not be closed until either you decide to, or the bank contacts you to give you a timeframe for the closure.

They must give customers a minimum of two months' notice. Existing fees charged on accounts will continue a normal.


Read more:
Ulster Bank confirms exit from Irish market
What the Ulster Bank wind down means for consumers
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