I have received further paperwork today from KBC , an interesting development perhaps , that attached to our original application form the underwriters letter and capped tracker is clearly marked on the form.I beg to differ - I would guess you work in a financial or similar field where such terminoly is part of everyday language, but the ordinary punter would not know.
In any case, you are twisting the argument. What I and many others have said is that the wording "revert to company's standard variable rate" meant to them (and I) that it reverted to the standard variable rate of the main mortgage document - which was the "standard variable rate" that IIB offered at the time. As in posts above, there was no other "standard variable rate" available. A tracker WAS the standard variable rate in the mortgage market in 2005-2007. Also remember, there is no phrase "tracker rate" used in the mortgage document either. The rate was a "Variable Rate mortgage" and in the special conditions it stated that such variable rate would be X% above the ECB rate.
Even a report out today confirms the illiteracy amongst people regarding mortgages and interest rates - "Mortgage Brain managing director Michael Quinn said the research has highlighted "surprisingly low levels of mortgage literacy" in this country. More education was needed, he said."
And as you probably know, where there is ambiguity, the argument will side with the consumer. There is absolutley no doubt that people did not know that a standard variable rate was a very specific rate - and one that did not appear in a glossary of terms or in any correspondance, advertising or mortgage offer at the time.
Has this any relevance or would contracts and letters of offer supersede any of this. we claim that we thought capped tracker was indeed a form of fixed rate and that is what we believed we were getting rather than the standard fixed rate. Indeed in hindsight , for the life of me I dont know why we would have opted of standard fixed over a capped tracker at that time, the capped tracker was a no-brainer? I fixed at substantially higher rate than the tracker could have ever reached in the same period