BOI mortgage dispute outside 6 years

bmkearney

Registered User
Messages
20
Hello,


My question is regarding the 6 year rule and the Ombudsman my case is currently with them regarding my mortgage and the tracker rate going back to August 2008(fixed for 5 years).Now I only submitted my case to them in July 2015 after reading a lot of treads about tracker rates. I am wondering where I will stand if they refuse to deal with it. BOI already refused meditation 6 weeks ago and I was advised my case was being sent forward for investigation. The reason I didn’t look into it any further in 2013 was I was dealing with MABS at the time who advised me that I was not entitled to the tracker rate. So just wondering what will happen then.

Regards,

Brian.
 
Last edited:
Hi BM,

did you fixed in 2008 or did your fixed rate expire in 2008? Also did you originally have a tracker rate.

I am in a similar situation as i actually came off a tracker in Aug '08 and was not offered the option of a tracker which i was on originally. Did the Ombudsman initially tell you that you were outside the 6yr rule and that they could not deal with it?

My understanding is that if they have gone as far as offering mediation that they are taking the case on and investigating it so you should be ok.

The Ombudsman is currently investigating if they have jurisdiction to investigate my complaint as they originally said i was outside the 6yr time-frame. I then argued that i was still presently being overcharged as a result of not being offered a tracker on expiry of my fixed rate.

I hope that they will investigate as my bank are totally ignoring the questions i put to them in my original complaint.
 
Folks

I am in the same situation with Bank of Ireland

Came off 5 year fix in 2012

I am pursuing the matter through the ombudsman.

I heard others were successful so fingers crossed and I will keep you updated
 
corkkim and rodger I'll explain my case a little. I took my mortgage out in 2005 1st year on the special fixed for first time buyers. In 2006 I fixed for 2 years. In 2008 I fixed for 5 years. So was never on a tracker. But in my 2008 rates offer letter I was offered had 2, 3, 5 year fixed rates plus SVR plus ECB tracker +1.25%. Now were I believe I have a case is that on this letter it advised me if I did not select or returned this form by 1/09/2008 my mortgage would revert to a variable rate of 5.500% and when you look and the rates box above this line it represented the ECB variable +1.25% rate not the SVR which was 5.65%.

Also the paragraph below is from the Competition and Consumer Protection Commission website:

Moving to a tracker rate - but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends. If a tracker mortgage was one of the options, then your lender must offer you the tracker rate, even if they are no longer widely available. If you do not have the documentation, contact your lender and ask for a copy

Also before anyone jumps on this saying “if you never took up the tracker then tough”. I never took up the tracker rate on my re-mortgage which I took out in 2006 and always fixed and I was given the tracker in 2013 after BOI wrote to me advising I should have been offered it.
 
Back
Top