John Hayes
Registered User
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[copied from another thread and edited to focus on the key point about the date and rate - Brendan]
Just to update people on an appeal I have with the Ombudsman:
My fixed rate with permnanent tsb was due to lapse in January 2010. I left the bank in April 2010. I asked for my tracker rate back at 1.1% and a refund/redress of €30000 for the money I have overpaid in mortgage repayments vs the money I should have repaid. I appealed to the Ombudsman and Permanent tsb wrote back with the following.
Bank’s proposal to settle the complaint-
1. Offer Tracker Mortgage of ECB + 3.25% - subject to applicants meeting our credit criteria
...
This isnt worth very much to me as the ECB rate in January 2010 was 1% so they would calculate my redress based on an interest rate of 4.25%. I broke from my fixed rate in January 2009 (without a penalty!). Does anyone think I should be offered the tracker rate that permanent tsb had in 2009 of ECB +2.25% as opposed to the rate of ECB +3.25% that was being offered in January 2010. My contract doesnt gve a specified interest rate but it says
"On expiry of the fixed rate period without affecting the entitlement of the applicant to apply at any time to fix the rate for a further period (if available), the interest rate applicable to the loan will be the then Permanent tsb tracker mortgage rate appropriate to the loan...."
Could breaking from my fixed rate early work to my advantage by entitling me to the tracker rate that was on offer in January 2009 as opposed to that on offer in January 2010?
Paul.
Just to update people on an appeal I have with the Ombudsman:
My fixed rate with permnanent tsb was due to lapse in January 2010. I left the bank in April 2010. I asked for my tracker rate back at 1.1% and a refund/redress of €30000 for the money I have overpaid in mortgage repayments vs the money I should have repaid. I appealed to the Ombudsman and Permanent tsb wrote back with the following.
Bank’s proposal to settle the complaint-
1. Offer Tracker Mortgage of ECB + 3.25% - subject to applicants meeting our credit criteria
...
This isnt worth very much to me as the ECB rate in January 2010 was 1% so they would calculate my redress based on an interest rate of 4.25%. I broke from my fixed rate in January 2009 (without a penalty!). Does anyone think I should be offered the tracker rate that permanent tsb had in 2009 of ECB +2.25% as opposed to the rate of ECB +3.25% that was being offered in January 2010. My contract doesnt gve a specified interest rate but it says
"On expiry of the fixed rate period without affecting the entitlement of the applicant to apply at any time to fix the rate for a further period (if available), the interest rate applicable to the loan will be the then Permanent tsb tracker mortgage rate appropriate to the loan...."
Could breaking from my fixed rate early work to my advantage by entitling me to the tracker rate that was on offer in January 2009 as opposed to that on offer in January 2010?
Paul.
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