PTSB Switched from permanent tsb after losing tracker, now they are taking me back.

[Penny1]

Edited by Brendan as this case is so important.

Took out a tracker mortgage at a rate of ECB + 1.1%

8/11/2010 Fixed term expired. The interest rate options letter did not include a tracker option.

18/4/2011 Switched lenders to KBC

8/ 2011 – Received a phone call from ptsb to say that they had made an error in not giving her a tracker option when her fixed rate expired. Proposed a payment of €1,885.60 to represent the interest from11/2010 to 4/2011 . Penny rejected this immediately.

After much discussion and an initial complaint to the FSO, ptsb agreed to:

“In order to provide full remediation we issued the same mortgage balance and terms and conditions as when they left with the tracker rate of 1.1%”



3/2/2012 Reissued a tracker mortgage on the same terms and conditions as the original one

Currently paying 1.1% instead of 4.3% I would be paying with KBC. That is saving me €482 a month interest on my mortgage of €181k


Calculation of full costs paid by ptsb

First letter notifying her of €1,885.60 refund:

 

[Brendan Burgess]

This case is very important for customers of ptsb and Ulster Bank who incorrectly lost their trackers and later switched lenders, so I contacted Penny who shared the documents with me.

The key point here is that ptsb agreed what is blindingly obvious, but has been refused by them in other cases and what has been refused by Ulster Bank and ICS

“In order to provide full remediation we issued the same mortgage balance and terms and conditions as when they left with the tracker rate of 1.1%”

Full remediation can't be given unless the lender takes back the borrower on the tracker rate.