Hi All,
I am moving this post as it was on the non redress thread.
Got a registered letter out of the blue last week. To cut a long story short I went to the ombudsman (see my previous posts) and was quite happy overall with the resolution, despite the frustration involved.
The letter informed me that due to being on the wrong rate I had paid extra for redeeming the mortgage and was therefore entitled to further redress, compensation, a payment for Time Value of Money and a payment towards professional advice, whether I decide to get it or not.
Absolutely delighted to get an unexpected, fairly large cheque. However, on Page 10 of the letter explaining the process it mentions that I may be entitled to get my tracker back and gives a number to ring to see if I fulfil the criteria. I have recently begun to draw down a mortgage for our (completely separate) new build. When we first met with the bank the best rate was 3% variable which suited us at the time. My initial reaction was to cash it immediately to help with the ongoing project which has many areas over budget. But the thought of getting to port the tracker to the new build stopped me from cashing it on Friday.
Would appreciate the thoughts of anyone as to whether I should be happy with an unexpected bonus or get ready to go back to the trenches with the Bank again.
Thanks,
MiseÉire