Took out a BTL mortgage in 2004 with EBS .I cant remember at the time what my repayment options were ie tracker,variable rate etc. I think I was just happy to get the loan and hop on the Celtic tiger train . As the years went by I struggled to pay ,and I had a few years on interest only and built up arrears of 15,000 . They wanted me to sell two years ago as the mortgage was unsustainable and in negative equity but somehow I managed to get back on track and have been paying capital and interest since but still have the 15K arrears.
Yesterday I received a letter stating that my mortgage had the option of switching to a tracker rate which I never got . I had no clue about this .I have been told now that my repayments are going down by 320.00 pm and I have been put on the tracker rate of 1.5% from a variable rate of 4.8 % and that I am due a refund and compensation . How happy am I ! I am to receive a letter in November outlining how much I am due .
Anyone have any idea what this amount is ?
Yesterday I received a letter stating that my mortgage had the option of switching to a tracker rate which I never got . I had no clue about this .I have been told now that my repayments are going down by 320.00 pm and I have been put on the tracker rate of 1.5% from a variable rate of 4.8 % and that I am due a refund and compensation . How happy am I ! I am to receive a letter in November outlining how much I am due .
Anyone have any idea what this amount is ?