We have recently discovered that we were categorised as a Buy to Let Customer since taking out our mortgage in 2008 with Ulster Bank/First Active.
They took the Tracker away from us at the 11th hour and forced us into a 5 year fixed. They had given us a tracker on our initial borrowing to buy the house and when we had planning to do an extension and only ever talked about a tracker with the broker they removed the tracker offer and offered us a take it or leave it 5 year fixed. They did this in a loophole to avoid the 2% stress testing rules under the consumer protection code 2012. I feel they deliberately categorised us as BTL to allow them override internal controls and charge an exorbitant level of margin to further benefit from our vulnerability. No other product or term was shown, of all things we did not want to fix, rates were coming lower and were going to be low for a long time.
It was only when I had given up the ghost of getting the tracker for our sub account 2 (the extension) and asked a pal who's a bank manager there to put me on the most competitive rate that we discovered we were on the buy to let categorisation and that we could only move to other buy to let rates. The buy to let rates available to us were 4.95% and 5.1%.
We are presently on 4.3% standard variable. The best available PDH Private Dwelling Home was 2.3% fixed for 2 years. There is a 2-3% difference between PDH and BTL rates with Ulster. Never before had they disclosed our categorisation.
I requested BTL and PDH rate sheets for Fixed, Variable and Tracker products from 2008 to the present day. Ulster bank in their final response letter have said that they are not willing to provide this information to me. They would only share the rates I was on during my mortgage. I was never sent PDH available rates. The only rates I could access were BTL rates and I can still only see BTL rates through their Manage My Mortgage web page login.
We feel very aggrieved we have been under huge financial and emotional strain because of this. Not only were we denied the Tracker on our extension and forced onto a ultra high 5 year fixed we were also catgorised wrong resulting in huge over payment. They also are doing everything in their power to frustrate and deny us our rights. In my opinion they are criminal, fraudulent and have cost us tens of thousands.
I think this could be as big or bigger than the tracker scandal. I would imagine that there are thousands of Ulster bank Mortgage customers who have been forced onto 5 year fixed to avoid the 2% stress testing and categorised as BTL deliberately to take more margin.
They took the Tracker away from us at the 11th hour and forced us into a 5 year fixed. They had given us a tracker on our initial borrowing to buy the house and when we had planning to do an extension and only ever talked about a tracker with the broker they removed the tracker offer and offered us a take it or leave it 5 year fixed. They did this in a loophole to avoid the 2% stress testing rules under the consumer protection code 2012. I feel they deliberately categorised us as BTL to allow them override internal controls and charge an exorbitant level of margin to further benefit from our vulnerability. No other product or term was shown, of all things we did not want to fix, rates were coming lower and were going to be low for a long time.
It was only when I had given up the ghost of getting the tracker for our sub account 2 (the extension) and asked a pal who's a bank manager there to put me on the most competitive rate that we discovered we were on the buy to let categorisation and that we could only move to other buy to let rates. The buy to let rates available to us were 4.95% and 5.1%.
We are presently on 4.3% standard variable. The best available PDH Private Dwelling Home was 2.3% fixed for 2 years. There is a 2-3% difference between PDH and BTL rates with Ulster. Never before had they disclosed our categorisation.
I requested BTL and PDH rate sheets for Fixed, Variable and Tracker products from 2008 to the present day. Ulster bank in their final response letter have said that they are not willing to provide this information to me. They would only share the rates I was on during my mortgage. I was never sent PDH available rates. The only rates I could access were BTL rates and I can still only see BTL rates through their Manage My Mortgage web page login.
We feel very aggrieved we have been under huge financial and emotional strain because of this. Not only were we denied the Tracker on our extension and forced onto a ultra high 5 year fixed we were also catgorised wrong resulting in huge over payment. They also are doing everything in their power to frustrate and deny us our rights. In my opinion they are criminal, fraudulent and have cost us tens of thousands.
I think this could be as big or bigger than the tracker scandal. I would imagine that there are thousands of Ulster bank Mortgage customers who have been forced onto 5 year fixed to avoid the 2% stress testing and categorised as BTL deliberately to take more margin.