Hi there,
Ive been following these threads and not sure which thread to post in my questions, so apologies in advance if its the wrong one! im also completely clueless when it comes to this kind of stuff, so please bear with me
'Helping Hand' I have similar-ish (not the same) wording in my "letter of approval - particulars of mortgage loan" document from PTSB:
"GENERAL MORTGAGE LOAN APPROVAL CONDITIONS 'CONDITIONS RELATING TO FIXED RATE LOANS' APPLIES IN THIS CASE. THE INTEREST RATE SPECIFIED ABOVE MAY VARY BEFORE THE DATE OF ISSUE OF THE LOAN. ON EXPIRY OF THE FIXED RATE PERIOD AND WHERE THE APPLICANT CHOOSES THE OPTION OF A TRACKER MORTGAGE INTEREST RATE, THE INTEREST RATE APPLICABLE TO THE LOAN WILL BE THE TRACKER MORTGAGE RATE APPROPRIATE TO THE BALANCE OUTSTANDING ON THE LOAN AT THE DATE OF EXPIRY OF THE FIXED RATE PERIOD. IN THE ABSENCE OF INSTRUCTIONS FROM THE APPLICANT AT THE EXPIRY OF THE FIXDE RATE PERIOD, THE INTEREST RATE FOR THE LOAN WILL BE THE TRACKER MORTGAGE RATE APPLICABLE TO THE BALANCE OUTSTANDING ON THE LOAN, AT THE DATE OF EXPIRY OF THE FIXED RATE PERIOD AND AS MAY BE VARIED IN ACORDANCE WITH VARIATIONS TO THE EUROPEAN CENTRAL BANK REFINANCING RATE."
Just a bit of history, I drew down my mortgage and started paying it from the 18th July 2007, according to the approval letter the interest rate was a 1 yr fixed rate of 4.39%. However on recently checking my mortgage statements for that period (just received them from ptsb after requesting them a few times), they seemed to have possibly changed the interest rate in less then a year although it was fixed. There are several rate changes (detailed below) from then until I had to sell the house and closed out the mortgage on 18 December 2009. I cannot tell what the margin from the ecb rate is, as its not consistent with the changing rates and its not in any of my documention, (I do have the (i) approval letter, (ii)overpayment calculation, (iii)Statements and (iv) interest certs) Might there be any other important documents I should be requesting, besides the offer letter which I need to try and get from my solicitor?
Below are the Interest rate changes as per the mortgage statement:
01 FEB 08 - New Product 5.55%
04 FEB 08 - Rate change 4.75%
01 NOV08 - New Product 6.35%
01 NOV08 - Rate Change 4.75%
01 FEB 09 - New Product 4.55%
13 FEB 09 - Rate change 4.05%
03 APR 09 - Rate Change 3.55%
30 APR 09 - Rate Change 3.3%
05 JUN 09 - Rate Change 3.05%
27 JUL 09 - Rate Change 3.55%
05 JUN 09 - Rate Change 3.05%
05 JUN 09 - Rate Change 3.05%
01 NOV08 - Rate Change 4.75%
I requested my overpayment calculation from PTSB and they seem to have only taken into account the figures from June 2009 - Dec 2009. And are offering a NET REFUND: E526.25 + COMPENSATION E1400 = TOTAL 1926.25
Would anyone know why they have only accounted for June 09 - Dec 09, and should they have gone back further to 2007 and 2008? or might the 6 year statute of limitations have any bearing here? (im completely clueless when it comes to this stuff, so there might be a good reason why they only calculated these 6 months)
Many Thanks..