Brendan,
Thanks for everyting.
There is another variation on the split that's not listed here. Some people have split mortgages with one half tracker and, at the time, one half fixed. When the fixed portion broke, they were placed on variables with no option to go on tracker. This Fixed-now-Variable portion has been deemed impacted and the Cheque for €1615 issued so the redress detailed above is due.
The Obudsman's decision did not address this particular variant specifically, but there is an argument to follow that this Fixed-now-variable portion should have the true prevailing tracker rate at the time - the tracker rate applied to the other portion of the mortgage secured on the same property - applied to this portion of the mortgage. This variant still needs to be considered by the Ombudsman, especially in light of their finding above. There is an established prevailing rate in these cases and it's nowhere near 3%.
Thanks for everyting.
There is another variation on the split that's not listed here. Some people have split mortgages with one half tracker and, at the time, one half fixed. When the fixed portion broke, they were placed on variables with no option to go on tracker. This Fixed-now-Variable portion has been deemed impacted and the Cheque for €1615 issued so the redress detailed above is due.
The Obudsman's decision did not address this particular variant specifically, but there is an argument to follow that this Fixed-now-variable portion should have the true prevailing tracker rate at the time - the tracker rate applied to the other portion of the mortgage secured on the same property - applied to this portion of the mortgage. This variant still needs to be considered by the Ombudsman, especially in light of their finding above. There is an established prevailing rate in these cases and it's nowhere near 3%.