Hi,
We bought our house in 2005, and got a PTSB tracker mortgage.
In January 2008, I quit my job to take up a full-time training course, and we re-mortgaged adding €30K on to the amount borrowed. This was decided on after we thought long and hard about, as I was working in financial services and I was spending more time commuting than with my very young children. Since then, I have a career I love and spend quality time with my family. Everything has worked out really well for us, but we have been under enormous financial pressure for most of that time.
At the time we applied to re-mortgaged, we were told that we could not have a tracker mortgage, even though it was still an available PTSB product at the time. We have been on SVR interest rates, and have paid a lot more for our mortgage since then, and we have always had a bad taste in our mouths about the way it was dealt with at the time. We didn't do anything about it at the time, as we had no other recourse to the funds required for me to go to college full-time, and to run our home.
We were never advised in writing why we were denied a tracker, nor were we to be aware then that the SVR charged by PTSB would be one of the most expensive in the market in subsequent years. in 2011/12, we were making reduced payments, as we were both struggling to get work. This resolved itself over time, and we have come out if that time with an arrears issue put to bed last year in an arrears capitalisation arrangement. At the time of filling in SFA's and meetings with CSA's, one even queried one day why we weren't on a tracker mortgage as this was what we had received at initial drawdown for the property.
My query is are we too late to query the loss of our Tracker Mortgage at the time of our re-mortgage in 2008. We feel that PTSB has brushed this under the carpet, and we were told verbally that we did not get offered a Tracker Mortgage because we did not involve solicitors in drawing down the additional mortgage amount of €30K in 2008. We were never happy about it, but felt we could do nothing whilst we were in a payment arrangement and in arrears with PTSB. Now that similar cases have come to light and PTSB has withdrawn their legal defence, is there any point in us raising it with them, and if so, what is the best course of action?
We bought our house in 2005, and got a PTSB tracker mortgage.
In January 2008, I quit my job to take up a full-time training course, and we re-mortgaged adding €30K on to the amount borrowed. This was decided on after we thought long and hard about, as I was working in financial services and I was spending more time commuting than with my very young children. Since then, I have a career I love and spend quality time with my family. Everything has worked out really well for us, but we have been under enormous financial pressure for most of that time.
At the time we applied to re-mortgaged, we were told that we could not have a tracker mortgage, even though it was still an available PTSB product at the time. We have been on SVR interest rates, and have paid a lot more for our mortgage since then, and we have always had a bad taste in our mouths about the way it was dealt with at the time. We didn't do anything about it at the time, as we had no other recourse to the funds required for me to go to college full-time, and to run our home.
We were never advised in writing why we were denied a tracker, nor were we to be aware then that the SVR charged by PTSB would be one of the most expensive in the market in subsequent years. in 2011/12, we were making reduced payments, as we were both struggling to get work. This resolved itself over time, and we have come out if that time with an arrears issue put to bed last year in an arrears capitalisation arrangement. At the time of filling in SFA's and meetings with CSA's, one even queried one day why we weren't on a tracker mortgage as this was what we had received at initial drawdown for the property.
My query is are we too late to query the loss of our Tracker Mortgage at the time of our re-mortgage in 2008. We feel that PTSB has brushed this under the carpet, and we were told verbally that we did not get offered a Tracker Mortgage because we did not involve solicitors in drawing down the additional mortgage amount of €30K in 2008. We were never happy about it, but felt we could do nothing whilst we were in a payment arrangement and in arrears with PTSB. Now that similar cases have come to light and PTSB has withdrawn their legal defence, is there any point in us raising it with them, and if so, what is the best course of action?
