Hi all,
wondering if anyone in similar position to us.
I'm BOI (previously ICS) staff and originally held 2 ICS mortgage accounts
ICS #1 - taken out in 2004 when house purchased
ICS #2 - taken out in 2005/6 for extension
No tracker offered when we came off the Staff 2 Year Fixed rate in 2009.
Roll on May 2016 and we decided to do some home improvements and were looking to borrow additional 35k.
Options were to leave the ICS #1 and #2 in place and take out a top up for the 35k; or to take out a whole new BOI Mortgages account for 210k to clear off the old ICS accounts plus the additional 35k. The rates offered were different depending on whether you were being handled as an ex-ICS mortgage holder or a BOIM mortgage.
We went for option 2 and took the full borrowings over 10 years on a 5 year fixed rate.
(obviously if we had been on the correct tracker rate at that time, then we would have just taken out an equity release application for the 35k and gone with whatever rates were available on ex-ICS accounts)
Effectively our application was dealt with as a "Switcher" though all borrowings still remained within the BOI Group.
Few weeks back and some colleagues were receiving letters about their staff mortgages going back on tracker so I contacted the helpline and was told that both of my ICS accounts were "on the list".
I asked about the new BOI mortgage account and explained about the internal switch in 2016. girl on phone made a note on system and advised me to send email setting out the details. I did that, but the replies from the email account is just a standard response. I also sent a letter to the Tracker team setting out the details and asking that ensure they assess that account too and that they put the tracker rate back on our new account from now (I know it's not the full amount on new loan that should be on tracker, but a fair portion of it)
Since then, we've received a redress and compensation letter in relation to ICS #1 account, effective dates 2009 up to May 2016.
Nothing as yet in relation to ICS #2 (though I was told on phone this is an impacted account).
Nothing as yet in relation to new BOIM account.
Do you think we have a good change of getting the tracker rate reinstated onto the new BOI account (ie, the portion of it that was "switched") and should compensation also apply on that account for interest paid from May 2016 until now??
I'm hoping that ours is just a more complex case and will need a bit of time to work out but I'm also afraid to get my hopes up too much!
wondering if anyone in similar position to us.
I'm BOI (previously ICS) staff and originally held 2 ICS mortgage accounts
ICS #1 - taken out in 2004 when house purchased
ICS #2 - taken out in 2005/6 for extension
No tracker offered when we came off the Staff 2 Year Fixed rate in 2009.
Roll on May 2016 and we decided to do some home improvements and were looking to borrow additional 35k.
Options were to leave the ICS #1 and #2 in place and take out a top up for the 35k; or to take out a whole new BOI Mortgages account for 210k to clear off the old ICS accounts plus the additional 35k. The rates offered were different depending on whether you were being handled as an ex-ICS mortgage holder or a BOIM mortgage.
We went for option 2 and took the full borrowings over 10 years on a 5 year fixed rate.
(obviously if we had been on the correct tracker rate at that time, then we would have just taken out an equity release application for the 35k and gone with whatever rates were available on ex-ICS accounts)
Effectively our application was dealt with as a "Switcher" though all borrowings still remained within the BOI Group.
Few weeks back and some colleagues were receiving letters about their staff mortgages going back on tracker so I contacted the helpline and was told that both of my ICS accounts were "on the list".
I asked about the new BOI mortgage account and explained about the internal switch in 2016. girl on phone made a note on system and advised me to send email setting out the details. I did that, but the replies from the email account is just a standard response. I also sent a letter to the Tracker team setting out the details and asking that ensure they assess that account too and that they put the tracker rate back on our new account from now (I know it's not the full amount on new loan that should be on tracker, but a fair portion of it)
Since then, we've received a redress and compensation letter in relation to ICS #1 account, effective dates 2009 up to May 2016.
Nothing as yet in relation to ICS #2 (though I was told on phone this is an impacted account).
Nothing as yet in relation to new BOIM account.
Do you think we have a good change of getting the tracker rate reinstated onto the new BOI account (ie, the portion of it that was "switched") and should compensation also apply on that account for interest paid from May 2016 until now??
I'm hoping that ours is just a more complex case and will need a bit of time to work out but I'm also afraid to get my hopes up too much!