Ok but I would have thought it would be pretty clear - the loan documentation either says you are entitled to revert to a tracker rate at the end of the fixed rate period or it says something else.
Where's the mystery?
Yes one would have thought so also. Then again if that was the case I guess there would be no need for a CB review of trackers, no recent PTSB issues, no return of trackers to a whole swathe of other people .... oh for a simple life indeed where plain English means just that, plain English. Of course that's before Banks and lawyers get their hands on stuff and distort, misrepresent......... and seek to deny and distort plain English, the common mans view of plain English.........
Following visit to Bank during which I was advised could have variable rate but could revert to tracker later.
Definitely not. Thanks for that Rodger We concur and I am going to send a package of documentation to the central bank and see where that gets me.Have read the article and it seems that the Central Bank are becoming quite serious now. Hopefully it will work out for all of us in the endbobby43: did the bank act in your best interests? No? Then you have a case.
HI Sarenco,Rodger,
Please see following;
So you started on a 1 year fixed rate and if you had done nothing at all you would have defaulted to a tracker rate on the expiry of the initial 1 year term. Instead, you decided to fix again for a further 3 years and communicated this to the bank. AFTER the date upon which you would otherwise have defaulted to the tracker.Hence the letter dated the following day and it's confirming that "account has been switched from a tracker rate to a fixed rate."It is important to note that one mortgage was allowed to default into a tracker and the other fixed.
Unfortunately, the loan contract relating to the 3 year fix did not provide that you would be entitled to a tracker at the end of the 3 year term and the bank did not repeat the same offer that they made during the initial 1 year fixed rate term that would have allowed you to opt for (or default onto) a tracker. This is so. The official in the branch office told me however that I would be able to revert to a tracker at the expiry of the three year fixed period and it was this that persuaded me to fix the interest rate.The CBI have issued comments a number of times about the requirement for lenders to give sufficient informationregarding the consequences of breaking from the tracker. No such advise was given at the time.
I have not yet seen to-days article but will read it now. It is likely to be similar in tone to everything else that has appeared in print recently
bobby43: did the bank act in your best interests? No? Then you have a case.
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