@Sanparom Only some posters have said that "in their opinion" a prevailing rate was a tracker rate. Unfortunately the opinion of a few posters (and my opinion on things) makes no odds with a bank or any other company or institution.@peemac, thanks for your reply, but there may be some confusion. I'm not asking if I have a case because of the flyer, but if I have a case because in my Terms of Loan it clearly states that I would go on to prevailing variable rate (I've read that this is the same as tracker) at the end of the fixed term, but this didn't happen.
That's the cohort that are now getting letters and will be returned to their trackers. I see you have received this letter, so it's just a waiting game of a few weeks till you are back on tracker and a cheque comes to you.Hi
Is this the part in the special conditions of the loan offer - "The interest rate applicable to the loan identified on page 1 of the letter of offer is a variable interest rate and may vary upwards or downwards. The interest rate shall be no more than 0.95% above the prevailing ECB REFI rate for the term of the loan."
We drew down on a tracker mid 2006 and fixed mid 2007 for 2 years. Rolled onto standard variable rate and have been on that since.
Thanks for your help.
That's the cohort that are now getting letters and will be returned to their trackers. I see you have received this letter, so it's just a waiting game of a few weeks till you are back on tracker and a cheque comes to you.
the "if any" words are just their disclaimer in case of anything different with any of the cases. I'd just ignore that and look forward to a nice refund and a new lower mortgage payment
Thank you so much for your reply peemac. The waiting game begins. I am wondering how the arrears on our account will be addressed and the 50/50 warehouse restructuring split that we entered into with KBC and also our credit rating. We almost lost our home.
There's a thread on calculation - https://www.askaboutmoney.com/threads/calculating-the-refund-when-a-tracker-is-restored.189328/That's great will you get a refund by cheque or will it go off your mortgage balance..what percentage of the overpayment will Be refunded ?
I'm guessing (and its just a guess) is that you'll get a partial payment first and then the full calculation will be done, but as you restructured, they may leave your final calculation to the end.
Once that's done, you ask them to remove negative credit rating - that should be the easy part
Hi Doyler1I rang last week and was told I am definitely impacted and a letter would be issued by end of January, just received a copy of my loan agreement today - I drew down in February 2008 on a fixed rate for 3 years then off to their variable rate thereafter
I rang last week and was told I am definitely impacted and a letter would be issued by end of January, just received a copy of my loan agreement today - I drew down in February 2008 on a fixed rate for 3 years then off to their variable rate thereafter
Yes exactly the sameDoes it read like this?
At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.
Hi doyler1Yes exactly the same
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