Taoiseach got 100% tracker mortgage, why was i refused tracker with 100% mortgage?

verywhys

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108
If they wouldn't give you a tracker why didn't you go to another bank
If they wouldn't give you a tracker why did you accept their loan
Why did you want a tracker in 2006
Do you have it in writing that you a) asked for a tracker and b) that it was refused because of the 100% mortgage
Would you have been entitled to a tracker if your loan was 90%?
Is it only since reading about Leo that this has become an issue for you?
I believed the mortgage specialist when they told me that it wasn't possible to get a tracker with a 100% mortgage, unfortunately i believed that person and thought it was the same everywhere. i wanted the tracker because i thought it would be better to have your rate track ECB rather that leave to the banks to decide to alter the rate whenever they want.
Unfortunately i do not have it in writing that it was refused because of the 100% mortgage, that part was verbal.
My understanding was that if it was not 100% mortgage i would have been able to get a tracker mortgage.
When i found out that there were 100% tracker mortgage given out by banks, this is what made me ask the question.....why was i refused a 100% tracker mortgage when others were given the 100% tracker mortgage? Why was i treated differently to other customers?
 

verywhys

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108
How can we know that table is correct?
One very pertinent question is what was the criteria for getting a tracker
Don't forget many people did not pick a tracker even when they had the option (I was one of those, I must go back and look at my files actually)
I am basing this table on information that is being submitted to this forum.
 

Bronte

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13,686
I believed the mortgage specialist when they told me that it wasn't possible to get a tracker with a 100% mortgage, unfortunately i believed that person and thought it was the same everywhere. i wanted the tracker because i thought it would be better to have your rate track ECB rather that leave to the banks to decide to alter the rate whenever they want.
Unfortunately i do not have it in writing that it was refused because of the 100% mortgage, that part was verbal.
My understanding was that if it was not 100% mortgage i would have been able to get a tracker mortgage.
When i found out that there were 100% tracker mortgage given out by banks, this is what made me ask the question.....why was i refused a 100% tracker mortgage when others were given the 100% tracker mortgage? Why was i treated differently to other customers?
Who was the mortgage specialist? You mean a broker?
Why didn't you move bank after you first had a mortgage?
If you were worried about rate rises, having been refused a tracker, why didn't you fix.
You still didn't answer my questions about why you didn't try a different bank.
 

Conan

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988
Verywhys
I really don’t understand your case. You seem to be suggesting that the Bank or Broker were obliged to offer you a specific mortgage. It is up to each lender to decide what mortgage offer they make to individual clients. The fact that client A got a particular mortgage does not mean that all other mortgage applications are treated the same. Lenders can, and should, treat all applications individually.
So why now 13 years later (and because Leo said that he got a tracker mortgage) are you raising this issue?
 

Bronte

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13,686
This was the First Time Buyers Package being offered by AIB in 2006

https://web.archive.org/web/20060924035731/http://www.aib.ie/servlet/ContentServer?pagename=ROIPersonalPortal/AIBContent_C/pp_service&c=AIBContent_C&cid=1141322045839&channel=P005

I was a first time buyer.....should i have been given all the terms offered in this package?
You're linking to an ad. Seriously. Those ad's aren't worth tuppence. They are mostly a pack of lies because who you are, how much you have, your income, your profession will be what decides what mortgage offers you get.

As an example, BofI, whom I can't stand for many decades, have a serious of cuddly ads at Dublin airport, with a baby and soft toy. I said to myself how many young people will be fooled by the cuddly bank images.
 

Bronte

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13,686
Verywhys
I really don’t understand your case. You seem to be suggesting that the Bank or Broker were obliged to offer you a specific mortgage. It is up to each lender to decide what mortgage offer they make to individual clients. The fact that client A got a particular mortgage does not mean that all other mortgage applications are treated the same. Lenders can, and should, treat all applications individually.
So why now 13 years later (and because Leo said that he got a tracker mortgage) are you raising this issue?
Plus it's well known that someone studying medicine or qualified is considered a gold star customer by banks before they leave college even and the banks will pull out all the stops to get them as customers.

The OP has been entirely reticent in his own personal circumstances in 2006. I'd love to see his morgage application, mortgage offer etc.
 

verywhys

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108
Plus it's well known that someone studying medicine or qualified is considered a gold star customer by banks before they leave college even and the banks will pull out all the stops to get them as customers.

The OP has been entirely reticent in his own personal circumstances in 2006. I'd love to see his morgage application, mortgage offer etc.
This was not well known information for me....do you think this is the criteria that was used for offering 100% tracker mortgages? How did you come by this information? Have you worked for a bank?
 

Bronte

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13,686
This was not well known information for me....do you think this is the criteria that was used for offering 100% tracker mortgages? How did you come by this information? Have you worked for a bank?
No I don't remember the criteria around 2006 for mortgages in great detail as I'd have to look back in my files. But I do know it was pretty crazy around then. The banks were dishing it out as fast as they could do the paperwork and then some. And the customers were madly trying to get 100% and even more than 100% mortgage with as much speed as they could muster with neary a care in the world about affordability or anything much else. Yourself excepted of course.

No I never worked for a bank. My mother did though !

The information is common knowledge, like this is not rocket science, and you've been told this information often enough on this thread. Do you think Joey the odd job man is going to get a 100% mortgage as easily as a doctor.
 

verywhys

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108
Verywhys
I really don’t understand your case. You seem to be suggesting that the Bank or Broker were obliged to offer you a specific mortgage. It is up to each lender to decide what mortgage offer they make to individual clients. The fact that client A got a particular mortgage does not mean that all other mortgage applications are treated the same. Lenders can, and should, treat all applications individually.
So why now 13 years later (and because Leo said that he got a tracker mortgage) are you raising this issue?
I went directly to AIB for my mortgage....i am simply asking the question as to why some customers were given the 100% tracker mortgage and I was not.....i just want to understand the process and how the banks decided that i was not eligible for a 100% tracker mortgage.
Why 13 years later.....because if I was entitled to get the tracker mortgage then i am on a mortgage interest rate now that is a lot higher than what i could be on.
 

verywhys

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108
No I don't remember the criteria around 2006 for mortgages in great detail as I'd have to look back in my files. But I do know it was pretty crazy around then. The banks were dishing it out as fast as they could do the paperwork and then some. And the customers were madly trying to get 100% and even more than 100% mortgage with as much speed as they could muster with neary a care in the world about affordability or anything much else. Yourself excepted of course.

No I never worked for a bank. My mother did though !

The information is common knowledge, like this is not rocket science, and you've been told this information often enough on this thread. Do you think Joey the odd job man is going to get a 100% mortgage as easily as a doctor.
Thanks for that. I am only trying to find out this information.
I didn't have a problem getting the 100% mortgage....i was given this because i could afford it.....what i was not given is the tracker mortgage that was being advertised as part of the first time buyers package and that i requested.
I guess i feel a bit hard done by when i hear others that did get it.
I only wanted to find out what made them different.....i am not a doctor, maybe that is the reason?
 

24601

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168
I didn't have a problem getting the 100% mortgage....i was given this because i could afford it.....what i was not given is the tracker mortgage that was being advertised as part of the first time buyers package and that i requested.
I guess i feel a bit hard done by when i hear others that did get it.
I only wanted to find out what made them different.....i am not a doctor, maybe that is the reason?
You could have been given a 100% mortgage without being able to afford it given the time you took it out. You seem to think there was or is some sort of requirement to treat all loan applicants the same. Each lender has and will have had a myriad of loan underwriting requirements aligned (or not) with their credit risk appetite. I don't know what you do for a living but yes, not being a doctor, could partly explain why, all other things being equal (in theory at least), you didn't get offered a particular rate or mortgage type. You also seem to conflate the tracker issue with some sort of grievance at not getting a tracker, which seems odd. I don't know why you feel hard done by. I mean, if Bono got offered a 0.5% tracker mortgage on a €2m house in South Dublin would you feel aggrieved now?
 

verywhys

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Messages
108
You could have been given a 100% mortgage without being able to afford it given the time you took it out. You seem to think there was or is some sort of requirement to treat all loan applicants the same. Each lender has and will have had a myriad of loan underwriting requirements aligned (or not) with their credit risk appetite. I don't know what you do for a living but yes, not being a doctor, could partly explain why, all other things being equal (in theory at least), you didn't get offered a particular rate or mortgage type. You also seem to conflate the tracker issue with some sort of grievance at not getting a tracker, which seems odd. I don't know why you feel hard done by. I mean, if Bono got offered a 0.5% tracker mortgage on a €2m house in South Dublin would you feel aggrieved now?
Good point....i ain't Bono :)
 

verywhys

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108
Maybe i should be asking the question......is there anyone out there who got a 100% tracker mortgage other than doctors or Bono?
 

Bronte

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13,686
Maybe i should be asking the question......is there anyone out there who got a 100% tracker mortgage other than doctors or Bono?
Thousands of different people got trackers on varying amounts of borrowings. I was offered one and turned it down. I was also offered 100% and turned that down too. There were so many offers on so many products everybody were being offered it's hard to remember exactly what was offered to who when. I do recall later when I was in a dispute with Ulster that one mortgage change rate letter had about 10 different options. That's when I was done out of my home loan rate when they stared playing games with the 'names' on mortgage as PDH very home loan versus investment trick. There's a thread on that today.
 
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