That is a great result but a strange one. BOI said in Press Release that those who were having tracker restored was on the basis of their legal right to it as per their documents i.e. Loan offer or one would presume MFA signed. If you had copy of your MFA that you signed when you fixed in 2006 maybe it said that you would revert to Tracker after the fixed period? Given that you say original Offer letter said mortgage would revert to variable, that's the only reason I can see why you would have tracker restored.I lost my tracker when I fixed in 2006 to avoid the predicted imminent ECB rate hikes at that time. I lost my entitlement to the tracker when I came off the fixed rate in 2009. I took out the original mortgage in 2003. I had fixed the mortgage for the first year and was only offered the option of a tracker in 2004. My original contract stated that the mortgage would revert to the standard variable rate at the end of the initial fixed rate period so I was surprised and delighted to get the letter today. I wasn't warned of the implications of fixing in 2006 so that may perhaps have been why I was entitled to have the tracker restored. Apart from appealing the decision in 2009 I had done nothing to request my mortgage account be included in the review.
Hi just wondering if you have any update with BOI? Currently waiting to hear back from them, which doesn't look good for me.
I drew down my mortgage on variable rate in Sept 2005. Fixed in March of 07 as it kept going up and up and up. Rang in 2015 to query if there was anything about a tracker in my clauses and was told i was on a tracker from Feb 06 until i fixed in March 07. This was an absolute shock to me as I knew nothing about a tracker. I was then told that I never signed an MFA that the treasurer of the bank authorised my switch to a tracker. The bank has written to me basically stating I have no case and are trying to say that a tracker variable can move upwards or downwards at the BOI's discretion and then a paragraph later are contradicting themselves and saying a tracker variable is different to the standard variable where the tracker variable tracks the ECB and the standard variable is set by BOI!
Apart from the rate debate surely I shouldn't have been switched from a variable rate to a tracker rate without my consent????
Ask them to confirm that your mortgage is part of the tracker review.
Once they make there finding in the review, appeal the decision with the FSO.
If you were on a tracker rate they should have clearly explained what you were loosing by moving to another product.
Hi todo. That is meant to be the procedure and option available to customers but I understand that any 'tracker examination' decision that has been signed off by Central Bank is highly unlikely to be overturned by the FSO. It would be great if I was incorrect but no evidence to suggest otherwise so far.