Hi,
I sought equity release from ICS Building Society in 2005. My existing mortgage at the time was a Tracker at a rate of 2.95%. In the application form and cover letter (of which I still have copies) I requested that the equity release would be at the Tracker rate to match my existing loan. We got an offer letter from the building society which we assumed was based on a tracker as requested - it said variable of 2.69% for first year and then variable of 3.55% for remaining 228 months. They did not mention whether this was a Tracker in the offer letter. It turns out it was a Variable and we are now being charged 4.99%. Is there any comeback with the bank (now BOI) on this as they ignored my request to be put on the tracker. We did accept the loan offer at the time -assuming in our naievity - that what they had offered was a tracker.
I sought equity release from ICS Building Society in 2005. My existing mortgage at the time was a Tracker at a rate of 2.95%. In the application form and cover letter (of which I still have copies) I requested that the equity release would be at the Tracker rate to match my existing loan. We got an offer letter from the building society which we assumed was based on a tracker as requested - it said variable of 2.69% for first year and then variable of 3.55% for remaining 228 months. They did not mention whether this was a Tracker in the offer letter. It turns out it was a Variable and we are now being charged 4.99%. Is there any comeback with the bank (now BOI) on this as they ignored my request to be put on the tracker. We did accept the loan offer at the time -assuming in our naievity - that what they had offered was a tracker.