iircaptain
Registered User
- Messages
- 3
Good morning all. There is a lot of information on tracker issues. Thank you all for sharing your input, ideas on different threads. The following are my sequence of events with mortgage issue. I hope someone is out there with similar issue or has some information.
* My house was bought in 2006 and offered 2 yrs fixed/discounted rate, so I was put back on tracker in Feb 2008 with PTSB - ECB + 1.25%.
* I went to PTSB bank to get a home improvement loan in Feb/Mar 2008, asked for X amount but bank manager recommended to take more, around 2X or 1.75X amount so that I will qualify for topup/equity release.
* Manager never told me that the consequences of the loan and never gave me all the mortgage options available.
* Manager used to deliver letters to my home in person, I thought he is doing that to speed up the process.
* In Mar/Apr 2008, Manager called us in to his office and said the new loan is approved and asked us to go through the documents on his table.
* I noticed that something was wrong with interest rate and I immediately complained because the monthly payment went up by 50 euro than the one he mentioned to us two weeks prior to that. Manager said we are moving to Variable and it went up, then I said we never expected this as I was on Tracker and wanted the same. In those days both Tracker and Variable rates were the same.
* Manager said I have to go through solicitor and valuation if I want to get Tracker and the solicitor fee is over €1500 so he said that's a saving for us.
* I still insisted that I want Tracker and you never gave options nor informed this to us, and I said we don't want this and started walking out of PTSB manager's room.
* At this point PTSB manager said, a lot of time has been spent on my application, he asked us to sit and said he will do something to bring the monthly payment down. He called someone over phone in front of us and discussed about our mortgage interest rate. He then informed us that he is doing a favor and he will reduce 0.25% from Standard Variable Rate so that will save around €50 or so per month. He mentioned again he saved us the Solicitor fee and also some saving from 0.25% discount. He also advised us and said better to stay with Variable, as Tracker rate was up in those months.
* So we signed the revised mortgage application on SVR-0.25%. I complained the same to PTSB back in 2011/2012 but I was told that they didn't do anything wrong. We spent sleepless nights because of this mortgage.
* I came to know about Tracker issue in Mar 2017 on the news and I immediately lodged another complaint in Mar/Apr 2017 saying that we got tricked into Variable from Tracker and mis-sold the product by PTSB. This time PTSB listened to me patiently and said they will investigate and come back to me. Latest communication from PTSB in Jan 2018 says that they are still investigating my case. I have also complained to FSO and to my local TD and waiting for their reply.
* I am positive after seeing these posts - https://www.askaboutmoney.com/threads/ptsb-got-redress-but-had-switched-to-bank-of-ireland.206129/
,
https://www.askaboutmoney.com/threa...-for-restructuring-back-in-2009.206670/page-3
and a couple of other discussions.
Hello Brendan and friends, what do you think? Should I approach a Padraic or wait for FSO? Is there anyone with similar experience?
Sorry for the long post. Thank you.
* My house was bought in 2006 and offered 2 yrs fixed/discounted rate, so I was put back on tracker in Feb 2008 with PTSB - ECB + 1.25%.
* I went to PTSB bank to get a home improvement loan in Feb/Mar 2008, asked for X amount but bank manager recommended to take more, around 2X or 1.75X amount so that I will qualify for topup/equity release.
* Manager never told me that the consequences of the loan and never gave me all the mortgage options available.
* Manager used to deliver letters to my home in person, I thought he is doing that to speed up the process.
* In Mar/Apr 2008, Manager called us in to his office and said the new loan is approved and asked us to go through the documents on his table.
* I noticed that something was wrong with interest rate and I immediately complained because the monthly payment went up by 50 euro than the one he mentioned to us two weeks prior to that. Manager said we are moving to Variable and it went up, then I said we never expected this as I was on Tracker and wanted the same. In those days both Tracker and Variable rates were the same.
* Manager said I have to go through solicitor and valuation if I want to get Tracker and the solicitor fee is over €1500 so he said that's a saving for us.
* I still insisted that I want Tracker and you never gave options nor informed this to us, and I said we don't want this and started walking out of PTSB manager's room.
* At this point PTSB manager said, a lot of time has been spent on my application, he asked us to sit and said he will do something to bring the monthly payment down. He called someone over phone in front of us and discussed about our mortgage interest rate. He then informed us that he is doing a favor and he will reduce 0.25% from Standard Variable Rate so that will save around €50 or so per month. He mentioned again he saved us the Solicitor fee and also some saving from 0.25% discount. He also advised us and said better to stay with Variable, as Tracker rate was up in those months.
* So we signed the revised mortgage application on SVR-0.25%. I complained the same to PTSB back in 2011/2012 but I was told that they didn't do anything wrong. We spent sleepless nights because of this mortgage.
* I came to know about Tracker issue in Mar 2017 on the news and I immediately lodged another complaint in Mar/Apr 2017 saying that we got tricked into Variable from Tracker and mis-sold the product by PTSB. This time PTSB listened to me patiently and said they will investigate and come back to me. Latest communication from PTSB in Jan 2018 says that they are still investigating my case. I have also complained to FSO and to my local TD and waiting for their reply.
* I am positive after seeing these posts - https://www.askaboutmoney.com/threads/ptsb-got-redress-but-had-switched-to-bank-of-ireland.206129/
,
https://www.askaboutmoney.com/threa...-for-restructuring-back-in-2009.206670/page-3
and a couple of other discussions.
Hello Brendan and friends, what do you think? Should I approach a Padraic or wait for FSO? Is there anyone with similar experience?
Sorry for the long post. Thank you.
