ptsb changed from tracker to fixed at drawdown - now much higher tracker rate

McNulty

Frequent Poster
Messages
19
Hi

Just looking for some advice here. I'm just coming to the end of a three year fixed rate period with PTSB and have been discussing my options with them. This is where it gets complicated so bear with me
  • When we first got a loan offer with them it was for a tracker rate of ECB +1.1 and the special conditions stated that if we moved to fixed, at the end of the fixed period, we would be able to revert to this tracker
  • At drawdown, as rates were rising, we were advised to moved to a fixed rate period by our broker (this advice has stood us in good stead over the last three years so no complaints) so we did
  • No further special conditions were provided with the final details at drawdown so we were told the previous ones would apply at the cessation of the rate (nothing in writing unfortunately)
I've discussed the above with PTSB on the phone and they are saying the previous special conditions are not valid (I think they've lost their copy) as it's a different mortgage. However the account details are the same, all the other special conditions relate to the overall mortgage and not just the rate (they needed another P60, a solicitors undertaking around further liabilities etc) so I believe it relates to the same mortgage, albeit the final drawdown and first payment were at a fixed rate.

Does anyone have a view if I have a leg to stand on with this and how to take it forward? My next intended step is to write to them stating as fact that as per my special conditions (I'll attach a copy) I want them to confirm I will move to the ECB +1.1 rate from the cessation of the fixed rate.

Any views welcome!

Thanks

Jim
 

NorfBank

Frequent Poster
Messages
2,103
Looks like you have a strong case on the face of it Jim

The only mortgage document that you have signed states that if you moved to a fixed rate (which you did), you would then revert to an ECB + 1.1 tracker and nowhere does it state that you will move to a variable and PTSB never informed you of this at the time?

What has your broker said? I would give them a call and let them argue the case on your behalf, banks regularly try to wangle their way out of such agreements.
 

McNulty

Frequent Poster
Messages
19
Thanks NorfBank. I've sent in the letter and also tracked down my Broker - he had moved onto a different company.

Will see what happens!
 
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