gnf_ireland
Registered User
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For all of those in the middle of applying/accepting mortgage contracts at the moment, has your behaviour changed as a result of the tracker scandal or is it just something that is a carry over from the Celtic Tiger years?
Do you understand all the T&C's of the mortgage contract? Do you even read it, or do you leave that to the solicitor? Do you follow up verbal queries with the bank with a written letter and file it and the response away for safe keeping?
Do you focus on various lines in the contract such as rollover rate, anything that references lifetime of the mortgage etc? Do you understand the specific T&C's of your mortgage agreement clearly - or is this something for the solicitor to worry about?
Personally, when I both signed up to and switched my mortgages in 2011/2015, I read the entire mortgage contact and queried parts of it with either the bank or solicitor. I still feel I was 'duped' by certain terms used and have ended up raising formal complaints with the bank I hold the mortgage with. Thankfully nothing as material as the tracker scandal.
I would like to see a standardised industry mortgage contact agreement agreed by all banks, and a much shorter specific T&C's to the individual loan to be issued. This should reduce the likelihood of issues like this reoccurring as the majority of the mortgage agreement would be standard !
Do you understand all the T&C's of the mortgage contract? Do you even read it, or do you leave that to the solicitor? Do you follow up verbal queries with the bank with a written letter and file it and the response away for safe keeping?
Do you focus on various lines in the contract such as rollover rate, anything that references lifetime of the mortgage etc? Do you understand the specific T&C's of your mortgage agreement clearly - or is this something for the solicitor to worry about?
Personally, when I both signed up to and switched my mortgages in 2011/2015, I read the entire mortgage contact and queried parts of it with either the bank or solicitor. I still feel I was 'duped' by certain terms used and have ended up raising formal complaints with the bank I hold the mortgage with. Thankfully nothing as material as the tracker scandal.
I would like to see a standardised industry mortgage contact agreement agreed by all banks, and a much shorter specific T&C's to the individual loan to be issued. This should reduce the likelihood of issues like this reoccurring as the majority of the mortgage agreement would be standard !
