HereAndNow
Registered User
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- 6
Took out 35 year mortgage in late 2007 with 2 year fixed with a stipulation of ECB +1.1% on expiration of fixed rate.
In mid 2009, not long before fixed rate expiration, I rang the PTSB mortgage line to discuss rates and seek advice as the SVR was at the time lower than the fixed rate (I genuinely didnt know I had a tracker).
Was advised that the monthly repayments would be less on a SVR as opposed to the fixed rate (and that there would be no break out fee) and so advised sent a letter stating my desire to move to SVR (there was never any mention from the mortgage advisor of the tracker that I would have defaulted to in 3 months).
The bank (PTSB) moved me to the SVR as requested in my letter. Subsequently I decided that I wanted to decrease the term of the mortgage and rang same line and requested that I decrease the term to 20 years as I had the extra money to play with. This was all facilitated over the phone and payments were adjusted.
Move on a year or so and I had reason to locate my original mortgage documentation and I saw the tracker reference. I wrote to the lender outlining the fact that I wasnt aware of the tracker and if I was I never would have requested to break the fixed rate. Requested to be moved back to the tracker, stating that if they didnt oblige I would refer to the FSO. They responded by saying as their final communication that I was not entitled to the tracker as the original mortgage contract stated that the tracker was viable only on expiration of the fixed rate and as I broke the fixed rate, I rescinded my tracker.
I placed my complaint with the FSO in 2010 or 2011 and have been on hold based on the status of other cases. I'm optimistic based on the findings at this point that my case is almost identical to one upheld by the high court.
Is this case deviant in any manner or is it your opinion that the finding is effective and tracker will be reverted?
In mid 2009, not long before fixed rate expiration, I rang the PTSB mortgage line to discuss rates and seek advice as the SVR was at the time lower than the fixed rate (I genuinely didnt know I had a tracker).
Was advised that the monthly repayments would be less on a SVR as opposed to the fixed rate (and that there would be no break out fee) and so advised sent a letter stating my desire to move to SVR (there was never any mention from the mortgage advisor of the tracker that I would have defaulted to in 3 months).
The bank (PTSB) moved me to the SVR as requested in my letter. Subsequently I decided that I wanted to decrease the term of the mortgage and rang same line and requested that I decrease the term to 20 years as I had the extra money to play with. This was all facilitated over the phone and payments were adjusted.
Move on a year or so and I had reason to locate my original mortgage documentation and I saw the tracker reference. I wrote to the lender outlining the fact that I wasnt aware of the tracker and if I was I never would have requested to break the fixed rate. Requested to be moved back to the tracker, stating that if they didnt oblige I would refer to the FSO. They responded by saying as their final communication that I was not entitled to the tracker as the original mortgage contract stated that the tracker was viable only on expiration of the fixed rate and as I broke the fixed rate, I rescinded my tracker.
I placed my complaint with the FSO in 2010 or 2011 and have been on hold based on the status of other cases. I'm optimistic based on the findings at this point that my case is almost identical to one upheld by the high court.
Is this case deviant in any manner or is it your opinion that the finding is effective and tracker will be reverted?
