Banks sneaky phonecalls re;tracker

S

Sydney100

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Hi

I don't know if anyone else has expereinced this, but I had a phonecall yesterday from my mortgage lender as my mortgage is on interest only and is due to change to the tracker at the end of the month. The guy on the phone basically rang I think hoping I was unaware It was on the tracker and offering me 'a special fixed rate of 4.5%'. I told him no as I was due to go on a tracker which was alot less than that, he pretended he wasn't aware as he was looking at my file and still tried to pressurise me to change, I asked him I would only change if I were stupid as I'll be paying an awful lot less on the tracker. He actually laughed and agreed with me

This house is an investment property and the house we're living in is also on a tracker from next month (with the same lender) so my husband is expecting the same phonecall but is ready for them. Pretty dispiciple I suppose some people might not be aware their mortgages are due to go on tracker and might take up his special offer and lose out big time. Is this something that the financial regulator might do something about?
 
Contact the financial regulator they should not be doing this. This is mis-selling. Eddie Hobbs was on Ireland AM a while back talking about this and advising people to contact the FR .
 
I'd agree you should contact the regulator as that is an outrageous thing to do. Many people would assume the bank is offering them a saving and accept without checking.
 
well I being completely clueless when it comes to these things, would have believed them only my mortgage broker rang and warned me they were doing this and told me to tell them where to go!
 
Can you say which lender it is ? "Name and Shame" them
 
First Active, and guess what they rang my husband too today and tried to cajole him, lie asked him to come in and disuss his options. I'm going to do a letter to the financial regulator tonight. Things are tight enough for alot of people they deserve to save money on their mortgages if they can, and to think some people might be tricked into thinking they're not on tracker and take their special offer. On the tracker between two mortgages we'll be saving nearly a grand a month, on his special offer we'd save hardly anything then what we're paying at present
 
Sydney100 said:
First Active, and guess what they rang my husband too today and tried to cajole him, lie asked him to come in and disuss his options. I'm going to do a letter to the financial regulator tonight. Things are tight enough for alot of people they deserve to save money on their mortgages if they can, and to think some people might be tricked into thinking they're not on tracker and take their special offer. On the tracker between two mortgages we'll be saving nearly a grand a month, on his special offer we'd save hardly anything then what we're paying at present
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Pure con job, post a letter to Joe Duffy while your at it.
 
agapanthus said:
What tracker rate are you going to be on?
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ECB + 1, which if and when the rates drop again in the new year, we'll have significant lower mortgages than we have now. If they go as low as 2% as predicted we'll be paying 3 alot less than their special offer of 4.5%!
 
Hi,

We had a phonecall late october we have two mortgages - one is for some land we bought the other is for our house. One of the mortgages is a tracker mortgage the other is the variable rate. By the way we only went on interest only in August 08. The gist of the phonecall was to try and get us away from interest only mortgage but coincidently the only mortgage the bank in question the bank was concerned about was the tracker mortgage - no mention at all of the other interest only mortgage which is on the variable rate and for which they are screwing us for! The bank followed this phonecall with a letter basically trying to scare us off the tracker interest only mortgage and again no mention of the other variable rate interest only mortgage.

Angela59
 
Disgraceful behaviour but I don't think anyone should be surprised by the way Irish banks and financial institutions behave towards their customers. Remember a number of years ago when the banking cartel kept interest rates artifically high in the Irish market? We fixed our mortgage (and paid for the privilage) and one month later Bank of Scotland arrived on the scene and all our native banks dropped their rates by about 2%. My bank dropped their rates also but, of course, only for variable rate mortgages. And to make matters worse, we'd convinced our friends to do the same at the same time as ourselves! I didn't sleep very well for a few weeks!
 
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