Pearse: 650 PDH identified to new mortgages issued 11/06 to Feb/2008 who fixed - the bank has decided to offer them a tracker
Can you explain these dates.
Here is one case: Aug 2006 applied. Finalised Jan 2007 - then we decided to fix. But we are not impacted.
Wim: We welcome all customers who have evidence we don't have to come forwards.
New owner occuipied that applied 11/2006 and 2/2008 because we had issued a flyer to brokers for a product which was specific to starting on a fixed rate and rolling onto a tracker. if they signed a loan agreement starting on a fixed rate rolling onto an SVR, should have been given rolling onto tracker.
6,000 cases originated through the brokers rolled onto a tracker.
the 650 signed a roll onto SVR, but we are giving them the tracker.
Why is the Feb 2008 there. Because we told the brokers in feb 2008 that it no longer applied. We allow for the application date.
Pearse: What about those who applied before 11/2006 but got the communication before they chose.
Wim: They were not influenced by the broker's flyer.
Pearse: They did not make a final decision until they drew it down
Wim: We made a policy decision based on the date of application, but we welcome any evidence from people who have information specific to their own journey.
Pearse: If the broker tells you that you are going to roll onto a tracker, that would be part of the decision.
Wim: We have agreed this position with the Central Bank. The date of application is the fair approach.