Tracker taken out in April 2006 with Ulster Bank
Fixed in July 2006 for 2 years
In July 2008, bank was contacted regarding ending of fixed rate - 2 phone calls - they refused to hand back the rate so went on to variable rate. I did not write to them at the time but did try to sort out over the phone.
The bank did not make me aware of a complaints procedure nor of the FSO
Continued this until the new year in 2009 - however, variable rate was far higher and apartment was falling toward negative equity. I got an offer from AIB to move the mortgage which I did, taking a small top up to cover a loan and credit card balance necessary to move the loan - as I was moving it I also dropped the term of the mortgage - but this was only done on the basis of Ulster Bank's flat refusal to give back the original tracker. I had tried both in Janaury and March on the phone again to get Ulster Bank to fix the tracker - again flat out refused and eventually moved the mortgage 10 months later in May 2009.
In 2012 I became aware of others having had the same problem and took a case to the Ombudsman - it has been going back adn forth over the last 2.5 years. The bank presented a very scattered case - It took three attempts from them to say that they did offer me the tracker in July 2008 (lies! and their first offering was that they offered a different tracker which later was blamed on a typo)
They said I did not contact them, I provided phone records. They said these were to the part of the bank that deals with mortgages moving (so frazzled I can't actually think of the word), to make it look as if I had been moving the mortgage all along. I showed that no, it was the phone number on the inside address and body of their letter which they sent to customers who's fixed rates were ending. All sorts of antics like this.
They ignored that many others have been in the original situation
The Ombudsman finally made a decision this week, after 10 months in adjudication, for I think the 3rd time - and did find that the bank erred adn that I should have defaulted to the tracker rate.
They said that investigating whether the rate was ever offered was obviated as I had moved the mortgage, this of course, was the whole starting point of the mess as it was not offered.
They said that I did not write to the bank regarding the offer at the end of the fixed period, I did not do this as they did not offer the correct tracker rate of which to avail any other acceptance would have violated that contract.
Though the bank did not notify me of my rights of complaint, they said I could have written to them - I contacted them by phone and the bank did not keep a record of their class.
They then insinuated, without investigation, that I may have moved the mortgage simply to restructure my finances - which was not the case at all, they were restructured because the bank refused to give the tracker and the Variable was better elsewhere.
They did offer €25k in compensation but this is far less than the full value of the tracker not to mention the increase in house prices in the time that this has been going on
They also said that I had saved myself interest by moving to a lower term mortgage anyway
The only right of appeal now is the high court which is expensive - but i am wondering if anyone has any experience of this.
Fixed in July 2006 for 2 years
In July 2008, bank was contacted regarding ending of fixed rate - 2 phone calls - they refused to hand back the rate so went on to variable rate. I did not write to them at the time but did try to sort out over the phone.
The bank did not make me aware of a complaints procedure nor of the FSO
Continued this until the new year in 2009 - however, variable rate was far higher and apartment was falling toward negative equity. I got an offer from AIB to move the mortgage which I did, taking a small top up to cover a loan and credit card balance necessary to move the loan - as I was moving it I also dropped the term of the mortgage - but this was only done on the basis of Ulster Bank's flat refusal to give back the original tracker. I had tried both in Janaury and March on the phone again to get Ulster Bank to fix the tracker - again flat out refused and eventually moved the mortgage 10 months later in May 2009.
In 2012 I became aware of others having had the same problem and took a case to the Ombudsman - it has been going back adn forth over the last 2.5 years. The bank presented a very scattered case - It took three attempts from them to say that they did offer me the tracker in July 2008 (lies! and their first offering was that they offered a different tracker which later was blamed on a typo)
They said I did not contact them, I provided phone records. They said these were to the part of the bank that deals with mortgages moving (so frazzled I can't actually think of the word), to make it look as if I had been moving the mortgage all along. I showed that no, it was the phone number on the inside address and body of their letter which they sent to customers who's fixed rates were ending. All sorts of antics like this.
They ignored that many others have been in the original situation
The Ombudsman finally made a decision this week, after 10 months in adjudication, for I think the 3rd time - and did find that the bank erred adn that I should have defaulted to the tracker rate.
They said that investigating whether the rate was ever offered was obviated as I had moved the mortgage, this of course, was the whole starting point of the mess as it was not offered.
They said that I did not write to the bank regarding the offer at the end of the fixed period, I did not do this as they did not offer the correct tracker rate of which to avail any other acceptance would have violated that contract.
Though the bank did not notify me of my rights of complaint, they said I could have written to them - I contacted them by phone and the bank did not keep a record of their class.
They then insinuated, without investigation, that I may have moved the mortgage simply to restructure my finances - which was not the case at all, they were restructured because the bank refused to give the tracker and the Variable was better elsewhere.
They did offer €25k in compensation but this is far less than the full value of the tracker not to mention the increase in house prices in the time that this has been going on
They also said that I had saved myself interest by moving to a lower term mortgage anyway
The only right of appeal now is the high court which is expensive - but i am wondering if anyone has any experience of this.