Hi
In 2005, I signed on to a tracker rate with Bank of Ireland.
In 2006, I fixed my interest rate for 3 years. I didn't know I would lose the tracker.
In 2009, I was told that I could no longer access the tracker. Because of the problems with the Irish banks at that time I decided to fix my interest rate again. I would not have done that if I had the security of a tracker. Fixing was more expensive than the tracker would have been.
Following an enquiry by the Central Bank, BOI has paid compensation to some tracker mortgage holders but not to me because they say I chose to fix for a second time.
As above, I only did so because the bank mis-stated my entitlement to a tracker. I am going to complain to the FSO. In doing so, I need to build the case that I had a right to the tracker. To do that, I need to get as much information as I can on the way in which Bank of Ireland marketted Tracker Mortgages to customers around 2005. In particular, I am looking for brochures, information provided, that sort of thing.
I also want to clarify if the tracker interest rate would have been different from the bank's own variable rate from time to time in 2005 or 2006. Would it have ben higher?
Was there a different loan approval process for tracker mortgages?
I need to check what information was given about the consequences of fixing interest rates in 2006 for people on tracker rates. I certainly didn't know.
Finally, I would be interested in knowing if anyone has been to the FSO, how their case went etc.
In 2005, I signed on to a tracker rate with Bank of Ireland.
In 2006, I fixed my interest rate for 3 years. I didn't know I would lose the tracker.
In 2009, I was told that I could no longer access the tracker. Because of the problems with the Irish banks at that time I decided to fix my interest rate again. I would not have done that if I had the security of a tracker. Fixing was more expensive than the tracker would have been.
Following an enquiry by the Central Bank, BOI has paid compensation to some tracker mortgage holders but not to me because they say I chose to fix for a second time.
As above, I only did so because the bank mis-stated my entitlement to a tracker. I am going to complain to the FSO. In doing so, I need to build the case that I had a right to the tracker. To do that, I need to get as much information as I can on the way in which Bank of Ireland marketted Tracker Mortgages to customers around 2005. In particular, I am looking for brochures, information provided, that sort of thing.
I also want to clarify if the tracker interest rate would have been different from the bank's own variable rate from time to time in 2005 or 2006. Would it have ben higher?
Was there a different loan approval process for tracker mortgages?
I need to check what information was given about the consequences of fixing interest rates in 2006 for people on tracker rates. I certainly didn't know.
Finally, I would be interested in knowing if anyone has been to the FSO, how their case went etc.