I bought out my ex in 2015 and EBS originally agreed to let me keep the tracker when I spoke to them about taking over the house and getting a new mortgage in my own name. When I had all my ducks in a row (just a few months later), I went back to make a formal mortgage application in my own name. EBS then told me I couldn't keep tracker, I had to move to a tracker mover (tracker rate plus 1%). I was really disappointed at this but I couldn't go on living with my ex any longer (we cohabited for 5 years following the break-up) so I accepted the tracker mover rate. Then EBS told me that my ex was entitled to take his half of the tracker with him if he wanted to buy a house (he would be subject to the extra 1% on the tracker mover too). So essentially I ended up with a split mortgage - part at tracker mover rate and part at SVR.
After a very stressful year of trying to get everything sorted with solicitors I finally took over the house in my own name. Then EBS wrote to me to say that I was part of the redress review and they were reinstating the tracker mover rate to the original tracker rate. If they are telling me that they should not have given me the tracker mover product, should they not have reinstated the full tracker to me? I was originally told that I was entitled to keep the tracker as I was the one buying out my ex and remaining in the house. When I spoke to the branch first there was no such thing as a tracker mover and all of a sudden this new product appeared (which was designed for people in negative equity to allow them to move house). We were in positive equity when I inquired about the possibility of buying my ex out. I had to pay a significant lump sum off the balance of the mortgage to bring the balance down to what I could afford to borrow.
I would appreciate your thoughts on whether or not EBS should have reinstated the full tracker to me. Thanks
After a very stressful year of trying to get everything sorted with solicitors I finally took over the house in my own name. Then EBS wrote to me to say that I was part of the redress review and they were reinstating the tracker mover rate to the original tracker rate. If they are telling me that they should not have given me the tracker mover product, should they not have reinstated the full tracker to me? I was originally told that I was entitled to keep the tracker as I was the one buying out my ex and remaining in the house. When I spoke to the branch first there was no such thing as a tracker mover and all of a sudden this new product appeared (which was designed for people in negative equity to allow them to move house). We were in positive equity when I inquired about the possibility of buying my ex out. I had to pay a significant lump sum off the balance of the mortgage to bring the balance down to what I could afford to borrow.
I would appreciate your thoughts on whether or not EBS should have reinstated the full tracker to me. Thanks