Not UB, one of our more recent bailed out providers.
While advising me that the variable rate was lower they never "told" me to change to it. Merely highlighted the benefit of paying a variable rather than a fixed rate at that time which effectively suggested that it was prudent to do same and then threw in the zero cost breakage (which was an error on their part) and the advice to request this in writing asap while the offer was available.
My request to move from a fixed to a variable was based on the premise that
- from information (advice) I received from the lender that it was more prudent to move to the variable due to reduced service costs.
- If there was no computer error on the lenders system, I would not be in this situation.
Thanks for the engagement wbbs, just looking at the costs relating to this its frightening. Already as previously mentioned, I've made payments of 15K in the last 2 years over and above what I would have if I hadnt moved from my fixed rate. Spread this over the remaining 20 years and this is a massive extra cost.
At no point have I denied in any conversation my own culpability in that I should have been aware of the tracker agreement. However, at the time we had some personal issues and due to reasons I wont go into I was not in posession of mortgage documentation when I rang the lender to discuss options. Yes, my bad. But at the very least the lender should have informed me of same and ramifications of moving, rather than making me offers (as a result of a computer error) to move off fixed rate.
I'm ranting now, so excuse the hyperbole.
Bottom line is that there was no disclosure on ramifications of moving from a fixed and losing tracker.
This whole process was facilitated by an error in the computer sytem of the lender.
thanks again, Joey