Apologies if this has been asked and answered before. I have followed this very informative thread over the months but for me I am still confused as to why we are not one of the affected mortgages in the recent investigation. We had similar if not the same situation as most. However my confusion is in where it specifies that after the fixed term we should have gone onto a Tracker. Initially we entered into a 1 year fixed rate (PTSB offering an initial 1 year reduced rate of 3.45%) in May 2006, the only mention of rates after this 1 year fixed term is in the ESIS - it does not mention tracker at all only another fixed rate or a variable rate. In May 2007 we opted for a 5 year fixed 5.15% (other options were a tracker of 4.85%, SVR 5.1%) - I have no documentation that states what would happen at the end of this fixed term. In February 2009 I contacted PTSB to break out of our fixed term and move to a Variable rate - they agreed - no penalty, no mention of other options or loss of tracker - SVR of 4.65% applied.
My question is - are the terms on the ESIS for the original 1 year fixed rate i.e at expiry another fixed rate or standard variable rate will apply - the terms for the following 5 year fixed also? if so does this mean that I never had the option to go onto a tracker at the end of the 5 year fixed? Or am I missing the terms and conditions of the 5 year fixed? ( I have contacted the back to send me everything on numerous occassions but im not confident as each time they have sent me different documents!)
Someone might be able to shed some light on this for me. Thank you.
My question is - are the terms on the ESIS for the original 1 year fixed rate i.e at expiry another fixed rate or standard variable rate will apply - the terms for the following 5 year fixed also? if so does this mean that I never had the option to go onto a tracker at the end of the 5 year fixed? Or am I missing the terms and conditions of the 5 year fixed? ( I have contacted the back to send me everything on numerous occassions but im not confident as each time they have sent me different documents!)
Someone might be able to shed some light on this for me. Thank you.