Montbretia,
I totally agree with PFS, I am in the same boat. I did not take out a 1 year tracker, who would??? Did anyone see 1 year tracker mortgages advertised?? No. One year fixed mortgages, yes but 1 year Trackers ? No. Discounted Trackers, yes, but 1 year Trackers, No.
The term 1 year discounted tracker is a blatant abuse of terminology if it meant a 1 year tracker.
I took out a Tracker that was discounted for a year and expected it to revert to the undiscounted rate after that. I thought in my naivety that was what I signed up for, and what my mortgage advisor at Ptsb confirmed was: their 0.8% Tracker, which she said "has been discounted for a year" her words not mine. If she said "I have a one year tracker" would you like that? I'd have said a big fat NO.
The Options letter was a major shock for me too and I too moved to the lower SVR which was offered to reduce the repayments on my big mortgage. But, as PFS say, I should NOT have been offered ANY options as I had signed up for a Tracker for the life of the mortgage!
PTSB changed what a tracker mortgage was around Dec 2007 because they knew EXACTLY what was coming down the track. You and I, unfortunately, did not. They did not tell us that they were fundamentally changing what a tracker mortgage was. If they did, I would not have left a 1% Tracker to take their 0.8% tracker (small t) (discounted for a year and not explained that this was a gimmick product because we are in deep trouble) which was designed to get punters in at all costs, then hit them with unexplained special conditions later on that legally favour PTSB.