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Tracker rates may not be for the lifetime of the loan but under ptsb notes on home loans under the consumer protection act tracker margins are for the life time of the loan .

I’ve noticed ptsb have stopped using this wording about the tracker margin on their correspondence letters.Have they realised this may be cause for concern on their idea of the prevailing rate issue?

This is from a discussion some time ago. These notes are ptsb's own wording of what a tracker rate margin is and that can it never rise over the life time of a loan so I think it gives a good argument against them having a margin of 2.25 or 3.25 when at the time of draw down the margin was .8 or 1%

Am i right to say this could now effect people who finished there fixed rate period and took a tracker at say 2.25 or 3.25 + ecbwhen there was no rate specified in there contract. But the rate when they drew down was say ecb+.8

The notes in this previous post may be help full when making an appeal

Would be interesting to see how ptsb would respond to these arguments or how they would be viewed in a legal capacity

Hi Brendan Thanks for posting that. I had no rate specified in my contract and I have that note on any correspondence with ptsb on the back of the first page.I keep all there letters so i have about 20 or 30 copies of that exact wording

The definition of tracker mortage loan under the consumer credit act 1995 clearly states the amount of the percentage over the ecb rate will depend on the amount of the loan and that percentage will not be exceeded during the term of the loan.I'm not an expert by any standards but to me this...