HIP mortgage creditors have received an influx of calls looking for options to switch to another lender, mortgage brokers said.
It seems likely that the bank will leave the Irish market in the coming years and slowly stop its operations.
Last night, the Irish Times reported that a decision was expected to take place on the decline of Ulster Bank tonight, and the official announcement was to be made tomorrow morning.
Ulster Bank has been conducting a strategic review of its operations in the Republic of Ireland for several months.
Earlier this month, the Financial Services Union described the meeting with the bank’s chief executive as “difficult and deeply worrying.” He also called on Finance Minister Paschal Donohoe and the central bank to “make emergency statements on the situation”.
“If NatWest decides to leave the Irish market, any solution must include the greatest possible protection for customers, jobs and the branch structure,” the Secretary-General said.
“There’s a lot going on right now, we understand that, but this issue is not allowed to slip under the radar. The decision is coming and coming fast – so action is needed now. “
This morning, brokers at MyMortgage.ie said customers are assessing their options ahead of the expected closure of Ulster Bank.
Her credit manager Joey Sheahan said: “Although the future of Ulster Bank is still unclear, even if they choose to exit the Irish mortgage, they will still be required to take care of current customers and obligations in this regard so mortgage holders should not be concerned but worried.
“Nevertheless, it would be prudent to look at the opportunity at this time to review your current mortgage position – especially what rate you are paying and how this is comparable to the current supply in the market.
Although a possible withdrawal of Ulster Bank from the Irish mortgage market would not be a positive development in the Irish banking sector – especially in terms of competition and employment – uncertainty about the future of Ulster could at least prove useful to call mortgage holders who pay rates above the ones you could get elsewhere.
No news is bad news
Support the magazine
Yours contributions it will help us continue with the stories that are important to you
Support us now
Ulster Bank is part of the NatWest Group based in the United Kingdom. NatWest has not yet confirmed the closure of operations in Ireland.
Paschal Donohoe told Ulster Bank last October that “there is no decision [had] yet to be adopted ”on the future of the Bank’s operations in Ireland.
Donohoe told Ulster Bank that staff, customers and other stakeholders should be “duly informed of any decisions taken”.
He had previously said he was “very concerned” about reports of the expected closure of Ulster Bank.