I fell into arrears on my mortgage , on engagement with the bank I was told that if I rented my property out and moved home and sought forebearance my property would be classed as a BTL and I would loose my PDH rate on the mortgage, it transpires this information was in correct and I would have been entitled to avail of the CCMA and MARP. In a nutshell the information I was given was incorrect this affected a lot of my decision making regarding my finances for a long number of years am I entitled to redress , I had serious health issues at time of making the initial enquiry.
Mishandling of Arrears by my bank
- Thread starter ACER1983
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Brendan Burgess
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1) Why do you say that the information was incorrect?
If you rented out your property, the lender would be entitled to put you on BTL rate. It might depend on the lender but I suspect that most mortgage agreements allow them to do this. In practice, they might not enforce it. But I don't think you can argue that it was incorrect.
2) If you own only one property, even if it is rented out, you are entitled to the protection of the CCMA. But did the bank tell you that you were not?
Brendan
If you rented out your property, the lender would be entitled to put you on BTL rate. It might depend on the lender but I suspect that most mortgage agreements allow them to do this. In practice, they might not enforce it. But I don't think you can argue that it was incorrect.
2) If you own only one property, even if it is rented out, you are entitled to the protection of the CCMA. But did the bank tell you that you were not?
Brendan
Hi Brendan I received a massive document from the bank of over 500 pages in response to my complaint ,The bank in question have advised that I was given incorrect information and a transcript of the discussion at the time has revealed that despite the information I received I would have been covered under the CCMA/MARP as my property was my only residential property in the state and further to this contrary to the info I received from the bank at the time I would not have lost my PDH rate if I had sought forebearance, despite the bank telling me I would. I'm not sure if I can post too much info here as I have been offered x amount, which I was very surprised by.