Got my Ulster Bank tracker back

[UDurcan]

I have a copy of my fixed rate expiry notice which might help. It is a standard letter which was issued in 2010. The first paragraph reads:

"The fixed rate period on your mortgage is coming to an end on DATE, so it's time to start thinking about your next mortgage deal. Any borrowings you have on this fixed rate will now automatically roll to the Standard Variable Rate (APR X%) of X%.

You might choose a new variable rate or alternatively you could select a new fixed rate. With a fixed rate you will continue to have the security of knowing what your monthly repayments will be. The following are the range of options that are currently available for you to choose from:"​

Underneath is a table which includes a number of fixed rate and variable rate options. Tracker is not included within the rate options.

At the bottom of the letter there are 2 further relevant paragraphs.

"If you choose one of the interest rate options above, other than your Default option, please complete the enclosed Letter of Authority and return it to us within 10 days of the date of this letter. We will then move your existing Mortgage to the option chosen.

Please note that if you opt for a further fixed rate and y our current default interest rate option is a tracker rate, at the end of this new fixed rate period the tracker interest rate option will no longer be available, and your mortgage will default to a standard variable rate."​

Any text in bold above is in bold on the letter.

Also worth noting that according to my diary at the time, when I read the final paragraph in bold I contacted the bank and requested my tracker rate back. They informed me that it was not on offer, so I couldn't have it and the only rates I could move to were clearly set out in the letter I received. At this point I had fixed my mortgage rate once only.

I was referring to the form that would have been signed when moving from the tracker to a fixed rate initially...not when the fixed rate ended.

 

[Gerard123]

In my own case with the FSO they determined that in my contract, where it stated that the tracker was for the life of the mortgage, that the rate should have automatically defaulted to the tracker, regardless of what letter was sent out.

Incredible, because the FSO stated the exact opposite in my case. I quote directly from the FSO letter - "I accept that by agreement of the parties [date], a tracker rate of 0.xx% above the ECB rate was to apply to the Complainant’s loan for the duration of the mortgage term, I am satisfied that the Complainant altered this agreement when he decided to switch from the tracker rate to a fixed rate of interest". In effect the FSO accepted that the later letter to switch to a tracker was by agreement for the duration of the mortgage and replaced the original contract. That was the correct position as it is always possible to change a contract by agreement. So how they said that the later letter was irrelevant in your case is confusing.

 

[todo]

I've a feeling the FSO work load will increase greatly when this CB review is over.
Consumers need to keep the pressure on.

 

[UDurcan]

It appears to me that each case has been dealt with on a case by case basis and perhaps depended on the individual view of the person dealing with the query or complaint in the Bank and maybe the FSO for that matter..........which is unfair in my view

 

[Gerard123]

It appears to me that each case has been dealt with on a case by case basis and perhaps depended on the individual view of the person dealing with the query or complaint in the Bank and maybe the FSO for that matter..........which is unfair in my view

In addition, it seems to me that the default position was to deny trackers and then seek to support that with information. Only where it was impossible to do that was the return of trackers facilitated.

 

[notabene]

Incredible, because the FSO stated the exact opposite in my case. I quote directly from the FSO letter - "I accept that by agreement of the parties [date], a tracker rate of 0.xx% above the ECB rate was to apply to the Complainant’s loan for the duration of the mortgage term, I am satisfied that the Complainant altered this agreement when he decided to switch from the tracker rate to a fixed rate of interest". In effect the FSO accepted that the later letter to switch to a tracker was by agreement for the duration of the mortgage and replaced the original contract. That was the correct position as it is always possible to change a contract by agreement. So how they said that the later letter was irrelevant in your case is confusing.

It is incredible alright, but I think it was because the mortgage contract specifically saiD for the life of the mortgage & the fixed authority said nothing to contradict this? they said the reason they couldn't return the tracker is that Ulster bank's underwriters deemed it impossible at this time - funny that

 

[notabene]

In addition, it seems to me that the default position was to deny trackers and then seek to support that with information. Only where it was impossible to do that was the return of trackers facilitated.

Whole heartedly agree there, they did say also that I didn't try hard enough and I should have written instead of phoning, no onus on the bank to not be in breach of contract or fulfil consumer protection law, to have kept proper records of phone conversations occurring, or that took them three attempts & 7 months to get their lie of rate they offered on expiry coherent ( started out at higher rates and on the third asking by so to clarify what they did in fact do they then said they had offered original tracker (third rate) and I hadn't taken up - outright lie but no slap on the wrist for that either

 

[UDurcan]

Has anybody had any update from Ulster Bank as to where they are at with this whole process......i rang last month and the girl on the phone said they were examining all mortgages not just those that had a tracker.

 

[SaySomething]

Has anybody had any update from Ulster Bank as to where they are at with this whole process......i rang last month and the girl on the phone said they were examining all mortgages not just those that had a tracker.

Nothing at all from the bank, apart from the letters every 60 days or so to tell me they're still in the process with no expected timeframe.

 

[notabene]

Has anybody had any update from Ulster Bank as to where they are at with this whole process......i rang last month and the girl on the phone said they were examining all mortgages not just those that had a tracker.

none, i've written to them every friday for the last 5 weeks and no replies forthcoming