Complaint Re not getting fixed rate mortgage.

[pmac]

Hi all,

just wondering what people's opinions are in relation to a complaint that I'm thinking about making.

I got a mortgage in September 2006 and went fixed for 3 years. In the summer of 2009 I contacted my bank with a view of going onto a new fixed rate in September 2009 when my current fixed rate was due to end. They said they couldn't say what the interest rate would be come September - fair enough. So i asked them to send me details near the time.

Come September 2009 I was informed that I was automatically going on to a variable rate - no mention of fixed. I contacted them and asked about a fixed rate. They said they would look into it and send out details.

They didn't send anything out so I contacted them again - similar conversation as before resulting in me requesting them to send me out details in relation to going fixed.

I never received anything - and of course now they have stopped doing fixed rate and I'm stuck on variable which is only going to go up.

Has anyone had a similar experience?
Is a complaint worth pursuing?

 

[Brendan Burgess]

It's hard to see a case here.

You asked for information twice and they did not give it to you. You did not pursue it. I think you should have pursued it at the time.

It's too late now.

Brendan

 

[pmac]

I see your point. But I would still argue that I requested it three times (once before my fixed rate term ended and twice after). Was making two follow up calls requesting the information not pursuing it?

The main reason for my complaint now is that they have stopped doing fixed rates, even though I requested a fixed rate three times before they stopped.

Surely they have a duty of care to their customers to respond to their requests promplty (especially after three attempts) ! !

 

[lionstour]

It is simple to fix your interest rate. Ringing up and inquiring is not enough. Get the form fiill it in send it back and presto you will have a fixed rate. You did not do it.

The banks are not in loco parentis, as an adult you have a duty of care towards yourself.

Complaining would be pointless as you are 100% in the wrong

 

[pmac]

How am I 100% in the wrong?!?!?!

I rang THREE times asking what the fixed rate would be. Each time they said they would send me correspondence as to what fixed rate they could offer me. I certainly wasn't going to sign any "form" to go fixed without the bank informing me what the fixed rate would be ! ! ! !

When I rang the bank (again three times) asking what fixed rate they could offer me and requested them to send me whatever information I needed I would have expected them to simply send me a letter quoting the fixed rate they were willing to offer along with whatever form I needed to complete.

You say it's as simple as getting a form, filling it in and sending it back to the bank. It's not that simple to do when the bank fails to send the form in the first place.

 

[lionstour]

You keep ringing them. Usually they will give you a fixed rate over the phone. They may say "this may not be the rate they give when you sign back the form" but its a good guide and usually the rate you get.

If you cant see this as your responsibility then thats probably why you did nto get the fixed rate in the first place.

It is 100% your fault. Did you ask for a fixed rate over the phone? Did you google how existing customers can apply for fixed rates. Did you download the form and send it off?

 

[pmac]

Usually they will give you a fixed rate over the phone.

They didn't.

They may say "this may not be the rate they give when you sign back the form"

They didn't.

Did you ask for a fixed rate over the phone?

Yes. Three times.

Did you google how existing customers can apply for fixed rates.

No. I contacted my branch and asked them - three times.

Did you download the form and send it off?

No. I contacted my bank and asked them to send me whatever I needed.

I still don't see how it is 100% my fault. If standard bank procedure is to ignore customer's requests until they make contact a certain number of times then yes it is my fault. Otherwise I feel the bank is at least partly to blame for this.

 

[lionstour]

When you asked for a fixed rate over the phone what answer did they give you?

You made the initial enquiry in September 2009 fixes rates ended in April 2011 and you seriously think the bank is at fault?

 

[lionstour]

They didn't.
They didn't.
Yes. Three times.
No. I contacted my branch and asked them - three times.
No. I contacted my bank and asked them to send me whatever I needed.
I still don't see how it is 100% my fault. If standard bank procedure is to ignore customer's requests until they make contact a certain number of times then yes it is my fault. Otherwise I feel the bank is at least partly to blame for this.

And after all that you peruse it until you get the result YOU want.

 

[pmac]

When you asked for a fixed rate over the phone what answer did they give you?

On each occassion they said that they were unable to tell me as it depended on various factors such as loan to value. And on each occassion they said that they would look into it and send me out correspondence detailing what fixed rate they could offer me.

You made the initial enquiry in September 2009 fixes rates ended in April 2011 and you seriously think the bank is at fault?

Granted, looking back I probably should have been on the phone to them every day until they did what I asked - but my point is that you shouldn't have to do that. Surely requesting something from your bank three times warrants a response.

You can hardly say that I am 100% at fault and the bank did absolutely nothing wrong? I requested them to inform me what fixed rate they could offer me and send out correspondence in relation to same. They undertook to do this (3 times) and failed to do so. Surely that makes them negligent to a certain extent?

 

[acerelic]

Surely you can see that you have no comeback in the matter?
A quick Google could have told you what the rates were in literally 10 seconds.

 

[pmac]

Google may have been able to tell me what the rates were for new customers. But as I said in my last post the bank couldn't even tell me as it depended on various things such as loan to value. They were to look into it and get back to me with an offer.

 

[lionstour]

On each occassion they said that they were unable to tell me as it depended on various factors such as loan to value. And on each occassion they said that they would look into it and send me out correspondence detailing what fixed rate they could offer me

"My loan to value is 60%" Okay sir the rate in your case is 3.2%. I take it that you told them the loan to value?
If not how do you expect them to tell you the rate?

You can hardly say that I am 100% at fault and the bank did absolutely nothing wrong? I requested them to inform me what fixed rate they could offer me and send out correspondence in relation to same. They undertook to do this (3 times) and failed to do so. Surely that makes them negligent to a certain extent?

They are in no way negligent. It baffles me that you think oterwise.

 

[jhegarty]

"My loan to value is 60%" Okay sir the rate in your case is 3.2%. I take it that you told them the loan to value?
If not how do you expect them to tell you the rate?

Are you suggesting the op didn't make the phone calls ?

 

[wbbs]

You have left it far too long to complain at this stage, it was obvious they hadn't dealt with your query so yes they were inefficient but you should have followed up.

 

[pmac]

"My loan to value is 60%" Okay sir the rate in your case is 3.2%. I take it that you told them the loan to value?
If not how do you expect them to tell you the rate?

Of course I told them. They kept saying that they would have to look into it and get back to me with what fixed rate they were willing to offer me.

They are in no way negligent. It baffles me that you think oterwise.

It baffles me that you think it's acceptable for a financial institution to fail/refuse to offer an existing customer a fixed rate on their mortgage, having been requested three times to do so and then writing out stating that they have ceased doing fixed rates ! ! ! I accepted earlier that looking back I probably should have rang every day until they did their job properly. But again, my point is that you shouldn't have to do that.

 

[lionstour]

Of course I told them. They kept saying that they would have to look into it and get back to me with what fixed rate they were willing to offer me.

If you told them it would be as simple as them looking down through thier lists of fixed rates to LTV and telling you over the phone. You rang three times and no one gave you than information.

What bank is it?

 

[lionstour]

Are you suggesting the op didn't make the phone calls ?

I just dont understand that if he had the LTV details why would they not give him that info over the phone. ALl banks will do this for existing customers. The LTV can be an estimate on the customars part for the initial quote but they will give you those details straight away.

 

[Bronte]

On 3 occasions the bank were incompetent nothing new there. Since then on more than 365 days you were 100% wrong to not pursue it.

When you didn't get the form within 2 days of the phone call you should have gone into your branch and demanded the form.