Hi delSupposedly with Anthony Joyce but haven't heard anything of any merit in over 2 years.
November 2009 recieved letter from PTSB offering ECB + 3, 3.79 SVR and other very high fixed rates.
Took mortgage out in November 2006 initially on a 3 year fixed rate.
In November 2009 the SVR was cheaper than the tracker and therefore we went with SVR. Within a short time the SVR increased from 3.79 to 6.1
Are banks obliged to advise on the implications of making such decisions I.e, turning down a tracker in your options letter.
I know Brendan has commented on my situation in past so apologies for bringing it back up so to stick with the thread purpose our offer in November 2009 was ECB + 3
I have exactly same situation...took mortgage in November 2006 came off fix rate in November 2009 with tracker at ebc +3, even though in standardisation sheet when we're signing up the mortgage ,ptsb broken up all the year of our mortgage and stated that tracker rate will be ebc +1.25...so by looking at that we should been offered tracker rate at 2.5%not 4.5 or 4.6 at the time
We rang them before we signed the letter and we were told if we choose something we can always change it the only time we won't be able to change its when we fix it...so we went with variable rate cause it was s better/cheaper option.
When I rang ptsb few months later to ask for tracker cause variable rates went up the roof I was told it that tracker doesn't exist anymore...but I haven't got any latter to highlight changes to my original contract...where we had 3 options....tracker, variable and fix rate...I think it's a law to highlight any changes in contracts ... They shouldn't be allowed to get away with it...if we didn't follow the t&c our house will be taken from us or sold to third parties