Oireachtas Joint and Select Committees

Thursday, 13 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Ulster Bank

11:05 am

Mr. Jim Brown:

Yes, this is to allow customers to port their tracker mortgage from one property to another where they are in negative equity. We have a similar product on which the rate depends on the current loan to value, LTV, ratio on the property. We will allow them to transfer the product with the tracker margin as it stands, but we will charge a higher percentage over and above it, depending on the LTV ratio.