O
olibau
Guest
I know there must others out there who got done like this as well. The banks cant get away with this. Check your rate...
Got a loan offer of 5.02% last year, fixed for 2 years from Ulster Bank. (It was a good deal at the time). Signed the offer and subsequently drew down the loan. Last week i got my first mortgage statment, 13 months after the loan offer was signed and 12 months after draw down and discovered to my horror they had fixed me in at 5.85%.
They say the rate changed prior to drawing down but i was never informed, verbally or in writing. They told me today they are covered as they advise on the offer that rates can change " [FONT="]the payment rates on this housing loan may be adjusted by the lender from time to time"[/FONT] To me this is vague and flimsy and is aimed at those on a variable rate not a fixed. Basically they quoted me one price and charged me a different one. Then they had the nerve to tell me that they dont notify people of rate changes prior to drawing down and that I would have found out by reading the paper or listening to the news for ecb rate hikes!
What got me most was i was on a variable rate with another bank at 5.9% and there was no way i would have fixed in at 5.85 if i had been informed. The bank actually rang me about a week before i drew down to tell me the rate was due to go up so i should draw down before a certain date. So i did. They didn't tell me the rate had gone up a few times already since my loan offer and that i was actually fixing in at 5.85.
Got a loan offer of 5.02% last year, fixed for 2 years from Ulster Bank. (It was a good deal at the time). Signed the offer and subsequently drew down the loan. Last week i got my first mortgage statment, 13 months after the loan offer was signed and 12 months after draw down and discovered to my horror they had fixed me in at 5.85%.
They say the rate changed prior to drawing down but i was never informed, verbally or in writing. They told me today they are covered as they advise on the offer that rates can change " [FONT="]the payment rates on this housing loan may be adjusted by the lender from time to time"[/FONT] To me this is vague and flimsy and is aimed at those on a variable rate not a fixed. Basically they quoted me one price and charged me a different one. Then they had the nerve to tell me that they dont notify people of rate changes prior to drawing down and that I would have found out by reading the paper or listening to the news for ecb rate hikes!
What got me most was i was on a variable rate with another bank at 5.9% and there was no way i would have fixed in at 5.85 if i had been informed. The bank actually rang me about a week before i drew down to tell me the rate was due to go up so i should draw down before a certain date. So i did. They didn't tell me the rate had gone up a few times already since my loan offer and that i was actually fixing in at 5.85.