March 2007|fixed for two years
March 2009 - March 2011|variable
March 2011|fixed for three years
April 2011|BoI wrote to say I should have been offered tracker
I was originally on a tracker and then fixed for 2 years. When my first fixed period expired in March 2009, the bank would not offer the tracker back so I went onto a variable rate until I fixed again for three years in March 2011. I subsequently got a letter from BOI in April 2011 saying that I should have been offered a tracker after I came off my first fixed rate in March 2009. They have credited the difference between the variable rate and tracker rate for the two years I was on variable to my mortage account.
But as I had fixed in April 2011 the tracker rate would only revert on expiry of my second fixed period in March 2014. I can revert to the tracker now but with the payment of a penalty fee which I don't think I should have to pay.
If had I received this letter in March 2011, I would never have fixed. So I wrote to them in May 2011 telling them this and asked to be put on a tracker immediately without any penalty. I got a response about 2 weeks ago and it was negative. It took me five months of phoning and writing to them to get a response. I have written another letter to them asking them to review my case again, but am wondering if there is any point in waiting for another 5 months to get a reply? Or should I just proceed to the financial ombusdman?
It seems that there are others in a similar situation who have mortages with BOI and was wondering if their outcomes have been any different?