Each bank has their own terms and conditions for trackers, even within individual banks terms and conditions are frequently updated or changed. I think different cases will have to be decided on their own merit. For this reason I cannot see a group challenge being effective.think if moves are made by the financial institutions to renage on the tracker mortgage deal based on a slight of hand, then there would certainly be merit in establishing a group to fund and instigate Legal Proceedings / Class Action.
I would be willing to donate a few hundred to a properly formulated and constituted group of persons in a similar situation & I hope there are others.
The rate of the Ulster Bank Flexible Mortgage tracks ECB rate with a margin which is fixed for the life of the Home Loan term. The Margin for this Home Loan is ECB rate plus 0.95%. This margin is dependent on the amount borrowed and the value value of the property to be mortrgaged.
The emphasis above is in the Document.
.Does anyone find any get-out by UB given this, which in in the Loan Offer Document, which was signed by both of us, in the presence of our Solicitor,who also signed the document.
This was in a Special Conditions section of the Document.
Thanks for your reply Peter..
I should suspect that know one will want to offer advice - neither am I - in a discussion board on an extract sitting in isolation from the rest of the mortgage document. Why don't you think that the intention of the wording is clear? May be you are looking for others with UB mortgages to share their opinion - which counts me out as I am with another provider.
Always note that you can never read a document in a fragmented manner. Each clause hinges on other clauses within the document. Perhaps go back to your solicitor and ask him/her if you have real doubt? May be he/she might respond by saying that his/her role re the mortgage was limited to acting as a witness only though.
Very interested in this topic as I have 2 large 6 figure trackers. If the banks moved me off my ecb +0.8% to something like 4% this would push us over the edge!
I looked at my Bank of Ireland loan documents and both of them state in the mortgage loan offer letter in "The Special Conditions" section. a) part (v)
" The interest rate applicable to the Loan is a variable interest rate an may vary upwards or downwards. The interest rate shall be no more than 1.05% above the European Central Bank Main Refinancing Operations Minimum bBid Rate ("Repo Rate") for the term of the loan.
Can anyone see any way that this sentance could be interpreted, allowing them to cancel the tracker, because I cannot.
I am also concerned about the possibility that if I moved out of my 2 bed apartment (as we are expecting our second child) and rented it out (as I cannot sell due to negative equity), that they could force me off my tracker. But again, I cannot see anything in the loan document that mentions that it is a loan for a ppr only, or that I need to inform them if it becomes an investment property.
Again, does anyone know of any catch-all generic terms I should look out for or am I safe here too?