Hello
I would appreciate some guidance.
I have a mortgage with Ulster Bank. I secured this loan in 2006 on a tracker with a margin of .85%. I then fixed the mortgage for 2 years in 2007. I have the email from the mortgage advisor in Ulster Bank who said "it would be a good idea to fix as I foresee two more interest rate hikes") and a document which set out the fixed rate options which I duly selected and signed. There is no reference to the consequences of surrendering a tracker nor was I advised of same by the mortgage advisor.
There is a clause in the document I signed "At the end of the fixed period" which reads: "UB may offer alternative available products" on the expiry of the fixed term.
When the fixed rate expired we were automatically transfered to the SVR as they were no longer offering trackers.
Do we have any come back against UB for not outlining the consequences of switching from a tracker to a fixed rate?
Many thanks
I would appreciate some guidance.
I have a mortgage with Ulster Bank. I secured this loan in 2006 on a tracker with a margin of .85%. I then fixed the mortgage for 2 years in 2007. I have the email from the mortgage advisor in Ulster Bank who said "it would be a good idea to fix as I foresee two more interest rate hikes") and a document which set out the fixed rate options which I duly selected and signed. There is no reference to the consequences of surrendering a tracker nor was I advised of same by the mortgage advisor.
There is a clause in the document I signed "At the end of the fixed period" which reads: "UB may offer alternative available products" on the expiry of the fixed term.
When the fixed rate expired we were automatically transfered to the SVR as they were no longer offering trackers.
Do we have any come back against UB for not outlining the consequences of switching from a tracker to a fixed rate?
Many thanks