Hi there,
My husband began his mortgage in 2006 with a fixed rate for 2 years. On coming to the end of this term, he was sent a letter from the bank outlining the various options available to him going forward. It also stated that had he not selected one of the mortgage rate options by the end of the 2 year term (April 20th 2008) that the mortgage would revert to the tracker variable rate of 5.25% (ECB + 1.25%). He did not select one at the time as he was unsure of what to do and so the mortgage reverted to a tracker.
In any case, he made a call to PTSB, still unsure of what to do and what the best option would be. Having spoken to the representative for PTSB on the phone he received a letter with the fixed rates outlined and a request to select the fixed rate he wanted, sign the letter and enclose 100 euro as a "transfer fee".
On the list of rates the "current rate" was 5.25% (i.e. the tracker), and the list of rates from 1 to 10 years varying from 5.10 to 5.25%. As he was so ill informed he chose the 10 year 5.25% as it was the same rate as he was paying on the tracker although for the privilege of fixing the rate his euro repayment actually increased by over 150 euro a month.
He had no clue as to the impact of the tracker vs the fixed rate. All he could see were the rates were the same - tracker & fixed.
Unlike the previous correspondence where the tracker was outlined as ECB + 1.25%, there was no such detail in the second notice, nor was there any suggestion as to what would happen when the fixed rate ends.
I have two questions -
1. Do you think we have a case to revert back to a tracker in June 2018 when the fixed rate ends as we were on the tracker although only for a couple of months? We have queried it with the bank several times and they have said they do not have to offer us back a tracker.
2. Who do we talk to about this in terms of moving forward and querying it in an official way, ensuring we get what we are entitled to? (solicitor, ombudsman?)
Many thanks for any help or advice offered,
Alva
My husband began his mortgage in 2006 with a fixed rate for 2 years. On coming to the end of this term, he was sent a letter from the bank outlining the various options available to him going forward. It also stated that had he not selected one of the mortgage rate options by the end of the 2 year term (April 20th 2008) that the mortgage would revert to the tracker variable rate of 5.25% (ECB + 1.25%). He did not select one at the time as he was unsure of what to do and so the mortgage reverted to a tracker.
In any case, he made a call to PTSB, still unsure of what to do and what the best option would be. Having spoken to the representative for PTSB on the phone he received a letter with the fixed rates outlined and a request to select the fixed rate he wanted, sign the letter and enclose 100 euro as a "transfer fee".
On the list of rates the "current rate" was 5.25% (i.e. the tracker), and the list of rates from 1 to 10 years varying from 5.10 to 5.25%. As he was so ill informed he chose the 10 year 5.25% as it was the same rate as he was paying on the tracker although for the privilege of fixing the rate his euro repayment actually increased by over 150 euro a month.
He had no clue as to the impact of the tracker vs the fixed rate. All he could see were the rates were the same - tracker & fixed.
Unlike the previous correspondence where the tracker was outlined as ECB + 1.25%, there was no such detail in the second notice, nor was there any suggestion as to what would happen when the fixed rate ends.
I have two questions -
1. Do you think we have a case to revert back to a tracker in June 2018 when the fixed rate ends as we were on the tracker although only for a couple of months? We have queried it with the bank several times and they have said they do not have to offer us back a tracker.
2. Who do we talk to about this in terms of moving forward and querying it in an official way, ensuring we get what we are entitled to? (solicitor, ombudsman?)
Many thanks for any help or advice offered,
Alva