SaySomething
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Quoting relevant excerpts:
Note the emphasis here is not my own this is placed by the Central Bank. There follows a very specific wording which is to be included in all correspondence where a tracker customer opts to switch rates.
On Incentives To Switch (relevant for some I believe):
The full letter with additional wording can be found here:
https://www.centralbank.ie/docs/def...-rev---tracker-rate-mortg-switch.pdf?sfvrsn=4
On checking the date on my exit fixed rate options letter from the same year it interestingly has the exact same date as this letter...
"the Financial Regulator is of the view that customers should be informed of the impact of any switch from a tracker mortgage rate on all customer communications regarding such a switch"
"In this regard the following information must be set out in all communications with tracker rate mortgage customers prior to any change in rate, for any reason, with immediate effect:
1. Indicative comparisons of the cost of monthly repayments of the customer’s current tracker rate mortgage and the rates being offered; and
2. Details of the advantages and disadvantages of both the tracker mortgage rate compared to the other rates being offered."
"Further, where a mortgage lender deems its commitment to an agreed tracker rate as being at an end following a switch in rate, the mortgage lender must provide a clear statement in all communications that if the customer avails of an alternative interest rate type that they will lose the ability to avail of a tracker rate mortgage in the future. In this regard the following wording must be included in a prominent position in all communications with these tracker rate mortgage customers prior to any rate change, for any reason, with immediate effect."
"In this regard the following information must be set out in all communications with tracker rate mortgage customers prior to any change in rate, for any reason, with immediate effect:
1. Indicative comparisons of the cost of monthly repayments of the customer’s current tracker rate mortgage and the rates being offered; and
2. Details of the advantages and disadvantages of both the tracker mortgage rate compared to the other rates being offered."
"Further, where a mortgage lender deems its commitment to an agreed tracker rate as being at an end following a switch in rate, the mortgage lender must provide a clear statement in all communications that if the customer avails of an alternative interest rate type that they will lose the ability to avail of a tracker rate mortgage in the future. In this regard the following wording must be included in a prominent position in all communications with these tracker rate mortgage customers prior to any rate change, for any reason, with immediate effect."
On Incentives To Switch (relevant for some I believe):
"Mortgage lenders are requested to advise the Financial Regulator in advance of offering such incentives to customers or if they are planning on conducting any review of tracker rate mortgages."
The full letter with additional wording can be found here:
https://www.centralbank.ie/docs/def...-rev---tracker-rate-mortg-switch.pdf?sfvrsn=4
On checking the date on my exit fixed rate options letter from the same year it interestingly has the exact same date as this letter...