Thank you. I hope you are right because it has been a nightmare trying to deal with the bank on anything. Definitely no info missing but for some reason Ulster Bank are digging in their heels. At this stage it has been so long that I just want an answer and move on whatever the outcome is because it has taken over our lives. Hopefully we are coming out the other side at some point in the near future.That’s actually a joke that Ulster are contesting that. IMO 100% the Ombudsman will side with you and give significant compensation. Unless the above is missing information that would make me think otherwise
"Ulster Bank Home Loan Rate shall apply as originally accepted by you in your letter of offer". It did not specifically say this was a tracker or a variable rate.
You cannot say that the Ombudsman will be 100% on this.IMO 100% the Ombudsman will side with you
Hi Brendan,You cannot say that the Ombudsman will be 100% on this.
Based on the limited information given by MCM, you can express your opinion that he should get a tracker rate and I would agree with you. But it's about 50/50 and not 100%.
Is the Ulster Bank Home Loan Rate defined in the contract?
Does the contract say "If you fix your rate you will not be offered a tracker on expiry of the fixed rate but will go onto the Home loan Rate"?
The lenders have conceded about 40,000 cases. They presumably believe they have good grounds for not conceding the rest.
We would have to see Ulster's defence to mcm's complaint to make an assessment any higher than 50/50
I have been given a summary of a couple of cases where I could not believe the lenders' attitude. Than on reading the full story in the documentation, it turned out that the lender was fully justified in their position. And of course, I have seen other cases where the banks were obstinate and the Central Bank or the Appeals Panel or the Ombudsman forced them to change tack.
That push was not just coming from the media; EBS have admitted that pre economic crash they tried to “steer” customers towards taking fixed rates.One overlooked element of this scandal was the influence of the media at the time.
One of the triggers for me looking to fix back then was the repeated message from financial observers at the time that fixing was the best option. I was still accountable for my actions but I clearly recall, media advice at the time having a clear influence on myself at least. Not sure about others but to answer OP question I think certain quarters of the media played a part in influencing people like myself who were tight on money and looking to find any sort of stability.