How exactly did people lose their tracker mortgages? Did they fall down the back of a couch in the bank!
Surely if they were on a tracker of ecb +xx and that was better than either the fixed or variable rate at the time, they would not have voluntarily switched to a different rate?
Now, I'm not a financial expert but I'd imagine that if a banking official said to me, hey Mr. Gullible, currently on your tracker rate your mortgage repayment is €900p/m but how would you fancy going on to a fixed rate for 3 years and your repayments will only increase to €1400p/m... I think I would be savy enough to not take him up on that tempting offer!
And surely if the bank wanted to switch the customer onto a different rate they would need signed contracts by the customer?
So how did people end up on higher rates without consent?
Also, the media stated in many articles that some people were 'entitled' to be on tracker rates but were on fixed or variable. How would any customer be entitled to be on a tracker rate if it was totally at the banks discretion to offer tracker rates?
Surely if they were on a tracker of ecb +xx and that was better than either the fixed or variable rate at the time, they would not have voluntarily switched to a different rate?
Now, I'm not a financial expert but I'd imagine that if a banking official said to me, hey Mr. Gullible, currently on your tracker rate your mortgage repayment is €900p/m but how would you fancy going on to a fixed rate for 3 years and your repayments will only increase to €1400p/m... I think I would be savy enough to not take him up on that tempting offer!
And surely if the bank wanted to switch the customer onto a different rate they would need signed contracts by the customer?
So how did people end up on higher rates without consent?
Also, the media stated in many articles that some people were 'entitled' to be on tracker rates but were on fixed or variable. How would any customer be entitled to be on a tracker rate if it was totally at the banks discretion to offer tracker rates?