Runningman
Registered User
- Messages
- 15
Hi,
Just wondering if anyone can advise me if I'm entitled to return to tracker with PTSB.
Took out mortgage in July 2006 which was a 1 year fixed (discount rate), at the end of this my offers letter arrived with fixed and variable options on it, and to tick the option I want. If I did not choose one of the above options my mortgage would default onto a tracker rate (rate not specified). I failed to choose an option and my mortgage defaulted onto a tracker rate for a short period. I then received another improved options letter(within 2 weeks) the 3 year fixed rate was lower than original offer. I chose to go onto this improved 3year fixed rate.
Roll on 18 months later(Jan 2009), I broke out of this fixed rate early with no charge for exiting fixed rate and was only given an option of variable. Which I've been on since.
I've since found out with a bit of digging that the original offer of tracker which I went onto very briefly was ECB +0.6%. Which was never documented on offer.
I've looked over my mortgage offer from 2006 and it does not give me a contractual right to go back onto tracker after fixed rate. Which I believe is the crux of the whole PTSB redress scheme from last year.
My questions are why was the tracker %rate in the first options letter not shown?
Why did my mortgage default onto a tracker?
Should I be included in this central bank review?
Hope it's not too confusing and thanks
Just wondering if anyone can advise me if I'm entitled to return to tracker with PTSB.
Took out mortgage in July 2006 which was a 1 year fixed (discount rate), at the end of this my offers letter arrived with fixed and variable options on it, and to tick the option I want. If I did not choose one of the above options my mortgage would default onto a tracker rate (rate not specified). I failed to choose an option and my mortgage defaulted onto a tracker rate for a short period. I then received another improved options letter(within 2 weeks) the 3 year fixed rate was lower than original offer. I chose to go onto this improved 3year fixed rate.
Roll on 18 months later(Jan 2009), I broke out of this fixed rate early with no charge for exiting fixed rate and was only given an option of variable. Which I've been on since.
I've since found out with a bit of digging that the original offer of tracker which I went onto very briefly was ECB +0.6%. Which was never documented on offer.
I've looked over my mortgage offer from 2006 and it does not give me a contractual right to go back onto tracker after fixed rate. Which I believe is the crux of the whole PTSB redress scheme from last year.
My questions are why was the tracker %rate in the first options letter not shown?
Why did my mortgage default onto a tracker?
Should I be included in this central bank review?
Hope it's not too confusing and thanks