Ill get to the point quick with this.
Came off 3 year fixed in September, was put onto variable mortgage rate.
Mortgage contract that we got at start of fixed states that
[FONT="]“At the end of any fixed interest rate period, the Customer may choose between:[/FONT][FONT="](a) [/FONT][FONT="]a further fixed interest rate period, or[/FONT][FONT="](b) [/FONT][FONT="]conversion to a variable interest rate Mortgage Loan, or[/FONT][FONT="](c) [/FONT][FONT="]conversion to a tracker interest rate Mortgage Loan,[/FONT][FONT="]at the Bank’s then prevailing rates appropriate to the Mortgage Loan. If the Customer does not exercise this choice, the Mortgage Loan will automatically convert to a variable interest rate Mortgage Loan”
So according to this we should of been offered a tracker mortgage but weren't.
Have written a letter to bank stating that I wanted to be put on the tracker rate and they have responded that they no longer do tracker mortgages.
Where do I stand now?Financial Ombudsman?
Thanks for your time.
[/FONT]
Came off 3 year fixed in September, was put onto variable mortgage rate.
Mortgage contract that we got at start of fixed states that
[FONT="]“At the end of any fixed interest rate period, the Customer may choose between:[/FONT][FONT="](a) [/FONT][FONT="]a further fixed interest rate period, or[/FONT][FONT="](b) [/FONT][FONT="]conversion to a variable interest rate Mortgage Loan, or[/FONT][FONT="](c) [/FONT][FONT="]conversion to a tracker interest rate Mortgage Loan,[/FONT][FONT="]at the Bank’s then prevailing rates appropriate to the Mortgage Loan. If the Customer does not exercise this choice, the Mortgage Loan will automatically convert to a variable interest rate Mortgage Loan”
So according to this we should of been offered a tracker mortgage but weren't.
Have written a letter to bank stating that I wanted to be put on the tracker rate and they have responded that they no longer do tracker mortgages.
Where do I stand now?Financial Ombudsman?
Thanks for your time.
[/FONT]