Hi
Have a query as to whether anyone else is in the same position as ourselves?
We bought in 2007, PTSB loan offer issued in January 2007 and drew the mortgage down in late March 2007, fixed for two years- loan offer stated that general mortgage loan approval condition 5 "conditions relating to fixed rate loans" applies in this case.
General Condition 5.4 states that PTSB and the applicant each have the option at the end of each fixed period to convert to a variable rate loan agreement. Nothing specific to tracker rate in the loan offer but ESIS states that the loan was default to tracker at the expiry of the fixed period.
We received an options letter coming toward the end of the fixed rate period but do not have a copy of the options letter and do not know what was on it- wrote a separate letter to the options letter stating we wanted the SVR and that is what we went to.
Having carried out a data access request we found out that our account actually defaulted to a tracker mortgage at the end of the two year fixed period for 5 days until it was changed over onto the SVR following our letter to them- tracker rate was 2.25% above ECB. PTSB say they cannot locate the options letter but we did get something from them asking what rate to choose but dont know what it said. I do not know whether PTSB advised us in the option letter we were to default to a tracker rate of 2.25% above ECB or any tracker rate. So it appears our account was set up to default to a tracker at the end of the fixed rate period.
PTSB in correspondence to us have advised it was their policy in 2009 to default fixed rates to tracker mortgages and that they would have sent us correspondence advising we were to default to tracker at the end of the fixed rate in the options letter but they cannot locate this. They advised it was their policy at that time to default fixed rates to tracker at the end of the fixed rate period in instances where the tracker rate was either less than or equal to the SVR. But the SVR that we went to was 4.15% at the end of March 2009, which was lower than tracker we defaulted to, 2.25% plus ECB (at the time 2%), total 4.25%.
Not getting anywhere PTSB at the minute and dont know whether it is worthwhile submitting claim to ombudsman as contract does not specifically state we were entitled to a tracker but we did default to a tracker, if only for a few days, unbeknownst to ourselves. Just wondering if anyone has a similar experience as ourselves. As part of the data access request we got an internal file review form with three separate reviewers stating our account may be an impacted account due to fact it defaulted to tracker and also ESIS stated we would go to a tracker at the expiry of the two years but so far we have got no joy from them as to whether they hold us out as impacted or not. We started looking into this is we were moving house last year and requested title deeds from PTSB and there was a long delay in getting them. When I rang they stated they were reviewing our account prior to releasing the deeds as it may have been impacted. Did the data access request at that point and no further along the road now really. We were in negative equity when we moved and took some of this with us onto the new property and our only option for a mortgage was PTSB due to this.
Thanks
Fitz
Have a query as to whether anyone else is in the same position as ourselves?
We bought in 2007, PTSB loan offer issued in January 2007 and drew the mortgage down in late March 2007, fixed for two years- loan offer stated that general mortgage loan approval condition 5 "conditions relating to fixed rate loans" applies in this case.
General Condition 5.4 states that PTSB and the applicant each have the option at the end of each fixed period to convert to a variable rate loan agreement. Nothing specific to tracker rate in the loan offer but ESIS states that the loan was default to tracker at the expiry of the fixed period.
We received an options letter coming toward the end of the fixed rate period but do not have a copy of the options letter and do not know what was on it- wrote a separate letter to the options letter stating we wanted the SVR and that is what we went to.
Having carried out a data access request we found out that our account actually defaulted to a tracker mortgage at the end of the two year fixed period for 5 days until it was changed over onto the SVR following our letter to them- tracker rate was 2.25% above ECB. PTSB say they cannot locate the options letter but we did get something from them asking what rate to choose but dont know what it said. I do not know whether PTSB advised us in the option letter we were to default to a tracker rate of 2.25% above ECB or any tracker rate. So it appears our account was set up to default to a tracker at the end of the fixed rate period.
PTSB in correspondence to us have advised it was their policy in 2009 to default fixed rates to tracker mortgages and that they would have sent us correspondence advising we were to default to tracker at the end of the fixed rate in the options letter but they cannot locate this. They advised it was their policy at that time to default fixed rates to tracker at the end of the fixed rate period in instances where the tracker rate was either less than or equal to the SVR. But the SVR that we went to was 4.15% at the end of March 2009, which was lower than tracker we defaulted to, 2.25% plus ECB (at the time 2%), total 4.25%.
Not getting anywhere PTSB at the minute and dont know whether it is worthwhile submitting claim to ombudsman as contract does not specifically state we were entitled to a tracker but we did default to a tracker, if only for a few days, unbeknownst to ourselves. Just wondering if anyone has a similar experience as ourselves. As part of the data access request we got an internal file review form with three separate reviewers stating our account may be an impacted account due to fact it defaulted to tracker and also ESIS stated we would go to a tracker at the expiry of the two years but so far we have got no joy from them as to whether they hold us out as impacted or not. We started looking into this is we were moving house last year and requested title deeds from PTSB and there was a long delay in getting them. When I rang they stated they were reviewing our account prior to releasing the deeds as it may have been impacted. Did the data access request at that point and no further along the road now really. We were in negative equity when we moved and took some of this with us onto the new property and our only option for a mortgage was PTSB due to this.
Thanks
Fitz