Hello,
I hold a mortgage with one of Irelands biggest banks. Roughly 5 years ago, I had to get an evaluation done on my property, to prove that my LTV was less than 50%. This needed to be done with an accredited agent for the benefit of my lender. This was in order to avail of a preferential rate for Low LTV.
After some time, and reviewing interest rate offers, I went on a 3 Year Fixed Rate. This 3 years expired in February 2014, after which I was put on Standard Variable Rate. The bank however does not advertise one SVR figure, there are 4 different rates, depending on LTV as follows:
LTV Variable >80% (4.49%)
LTV Variable > 50%< =80% (4.29%)
LTV Variable< =50% (4.09%)
Standard Variable (Discontinued) (4.40%)
I rang my bank today to check what my actual Interest Rate is and was told that it is 4.49%. In order to be put on the correct LTV rate, I was told that I need to send them a letter, asking for the rate of 4.09% (the correct one given my LTV).
I have been told that I was provided documentation which would have stated that I would revert to Standard Variable Rate, after expiration of my 3 Year Fixed period. My argument is that no figure was provided (it cannot be at outset, as figure would not be known). The bank has said that any correspondence sent to me (I do not have any), would have stated Standard Variable Rate, but not given any specifics related to LTV. Given this, not only has the Bank put me on the wrong rate, but I believe that they also communicated less than full information to me.
My question is, am I entitled to have the extra .4% interest that has been charged to me since February 2014 refunded?
Thanks for any help that you can offer,
Paul.