PTSB Confused as to tracker entitlement

Confused.tracke

New Member
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3
Parents took out mortgage in 2002 and mostly always used fixed as a way of knowing their monthly outgoings. In 2007 took one year fixed and 2008 took 2 year fixed. Both offer letters for rates stated if they did not make an option they would then be reverted to the variable tracker rate. Both years 2007 and 2008 state same wording ECB + 0.95 was an option. Come 2010 and no tracker option fixed for 2 year 2012 no tracker option etc. Should they be entitled to tracker rates on those years. Have spoken to someone about this over the phone in 2018 but to no avail. Went into branch with documents and they've stated a process to look into it.
Originally told us that all tracker accounts were done so I mentioned how all accounts drawn down since 2004 are done per their website and how this loan was drawn down in 2002.

does anyone think I'm on to something here? Thanks
 

Jazzer1

Frequent Poster
Messages
143
If you contact Padraic Kissanes Financial services, for a small fee he will review your case. It takes about 2 weeks. He is the expert on the tracker mortgages. By reading what you posted, It looks like you have something to investigate. Padraic wouldn't beat around the bush. He will tell you yes you have a case or no you don't.
 

peemac

Frequent Poster
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641
Highly unlikely as every fixed rate instruction from about 2010 gave very detailed information on what you were doing and was very clear in what rate you would go to.

It was the central bank that insisted on it, so it would have been clear.

Also as the original mortgage was from pre tracker days with ptsb, no "tracker for life" phrase would be in the contract.
 

Confused.tracke

New Member
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3
Thanks. Even though in 2008 it says if you do not choose an option you will be put on the variable tracker rate. Took two year fixed in 2008 And in 2010 no mention of tracker.
 

peemac

Frequent Poster
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641
Thanks. Even though in 2008 it says if you do not choose an option you will be put on the variable tracker rate. Took two year fixed in 2008 And in 2010 no mention of tracker.
Terms and Conditions can change. If they did not fix again in 2010, then they would have defaulted onto the tacker rate, but looks like they choose the option to fix and the new conditions meant that the option of getting a tracker at the end of the new fixed period was no longer available.

Sort of the reverse of when they did their original fixed in 2007 and the terms and conditions then were different to say if they had fixed in 2003 in that the reverting rate was a tracker.

As the original mortgage was not a tracker and as no tracker ever existed, (but an option was there if they wanted it, but they did not take the option) it's not an arguable case imo.
 

demoivre

Frequent Poster
Messages
2,590
If you contact Padraic Kissanes Financial services, for a small fee he will review your case. It takes about 2 weeks. He is the expert on the tracker mortgages. By reading what you posted, It looks like you have something to investigate. Padraic wouldn't beat around the bush. He will tell you yes you have a case or no you don't.
I'm not sure that this is sage advice. Is Kissane a lawyer ? I thought he was a QFA ? If there is an issue with the fine details in a contract then surely it's a lawyer who would be best to advise?
 

Jazzer1

Frequent Poster
Messages
143
I'm not sure that this is sage advice. Is Kissane a lawyer ? I thought he was a QFA ? If there is an issue with the fine details in a contract then surely it's a lawyer who would be best to advise?
P.Kissane knows the tracker mortgage contracts better than anyone. Also I do believe he has his own legal team that reviews the contract. And for 180 euro, I think that is a lot cheaper than a solicitor.
 
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