They did this in a loophole to avoid the 2% stress testing rules under the consumer protection code 2012
No the consumer protection code was in place in 2008. I think the first issuance of the consumer code was in 2006. its has been updated and the latest version of the central bank code is 2012. The 2% stress testing requirement was there in 2008.So, just to be clear, in 2008 they foresaw a stress test in 2012?...
It was in November 2008 at drawdown for the extension. I think in November it had moved from FA into UB. We got the tracker in April 2008. They had stalled between August to November and requested the same information over and over again. Asking for documents such as bank statements, ID, Address verification, Payslips on multiple occasions. My wife and i were in permanent employment.When exactly was this?
Up to July 2008 the same rates were available for BTL and PDH mortgages. That's if it was with First Active.
If you confirm whether it was FA or UB, and the month I'll see if I can find the rate history for you.
Initially the tracker was 417k and the extension was 161k. The tracker was 1.15% over Euribor. yes the original loan continued as tracker. its the same mortgage number and sub account 2 for the now variable top upThe original loan continued as tracker?
Only the additional loan to build extension was at the high rate?
What is the breakdown in size between the tracker loan vs the top up?
Hi. Thanks for your help on this.1. Do you have 2 sub-accounts in your mortgage?
2. Are they both classified as BTL?
3. Is the main account a tracker?
4. Did you already own another home when you purchased this, or were you moving in immediately?
Can you clarify. Tracker over EURIBOR or over ECB?went to a 1.15% over euribor tracker
Is it like 4.5% ?Sorry yes not Euribor - 1.15% over ECB
Yes at present but i have tried to move it onto the best available PDH rate today and written a letter to them requesting they move us to the 2.3% 2 year fixed rate. which i am informed they will wonce they get our signed instruction. I had been wary of making a change in case it was consider to be acceptingnof their dreadful treatment of us and not giving us the tracker in the first place. but decided after finding out about our wrong classification to put a line in the sand of terrible rates and get onto the lowest PDH rate. The manage my mortgage online still has only got BTL rate options. they say that its an IT issues that cant be changed after being set up incorrectly as a BTL customer and that they have corrected their categorisation mistake on our mortgage allowing us to move to PDH rate following writing to them. Its 12 years of this overcharging and no more future over charging that i need to addressIs the extension still on expensive BTL rate?
The 5 year fixet was at a rate of 5.75%. It then moved to a variable of 5.1%, then down to 4.7% and then 4.3% a couple of years ago. all along we coukd only see BTL higher rates so we thought there was nothing we could do. The rate im on at present is 4.30% and ive written to them after they examined my mortgage and agreed we were categorised incorrectly and we will be moving to a rate of 2.3% for 2 years fixed. i need to find out the historical rates to prove our case and calculate the compensation we deserve. not to mention the forced 5 year fixing to avoid the 2% stress testing toleranceIs it like 4.5% ?
And can you reduce it by fixing?
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