I am in a similar situation. I fixed in 2007 on a 3 year rate. In December 2008 I broke out of my fixed rate but was never told I would be giving up my right to revert to my tracker in March 2010. I switched the mortgage in February 2009 as the PTSB rates were just getting too onerous. As property prices were falling, the new lender would not give me the full mortgage and so I had to borrow money from my family to make up the difference.This is very odd.
It seems clear to me that if someone had a tracker, lost it due to ptsb's error, and switched to another lender, they are entitled to their tracker back.
The fact that they gave Penny back hers supports your case.
If you switched to another lender because you borrowed additional money, there might be some defence of ptsb's position.
If you switched while trading up houses, then you have very little case. You would have to be able to argue that you would not have traded up if you knew you could have kept your tracker.
But if you did a straight switch of €200k with ptsb to €200k with KBC, then I see no defence of their position.
Could you tell us a bit more about your cases.
1) What tracker rate did your mortgage entitle you to?
2) Did you borrow more money?
3) Did you trade up?
Brendan
Hi BrendanThis is very odd.
It seems clear to me that if someone had a tracker, lost it due to ptsb's error, and switched to another lender, they are entitled to their tracker back.
The fact that they gave Penny back hers supports your case.
If you switched to another lender because you borrowed additional money, there might be some defence of ptsb's position.
If you switched while trading up houses, then you have very little case. You would have to be able to argue that you would not have traded up if you knew you could have kept your tracker.
But if you did a straight switch of €200k with ptsb to €200k with KBC, then I see no defence of their position.
Could you tell us a bit more about your cases.
1) What tracker rate did your mortgage entitle you to?
2) Did you borrow more money?
3) Did you trade up?
Brendan
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