It seems unfair for a bank to set a trap for a customer to fall into.It’s the rate that you get when you take the funds that counts. The bank can change / amend / withdraw rates advanced they see fit before this.
No trap as you could have gone elsewhere. This is not a breach of CPC.
Hard luck alright but the banks are entitled to make changes just as you were entitled to walk away if you wanted
They are entitled to pull the tracker or decrease / increase any rate before you take the funds. Signing the offer letter does not entitle you to the rate or product on the offer letter.
Trust me, until you have actually taken the funds from them you can’t rely on the offer letter.
Todo, Can you clarify exactly what happened
You signed up for a tracker
And then a new offer was presented to you by the bank?
All before the funds were drawn down
If they stopped offering trackers You just wouldn’t have got one. They would have told you to choose a different product.
Was the reversionary rate clear in the final offer?
That's really the key question.
It falls in the category of consumer protection
Your understanding was tracker
There was a lack of transparency
I believe you have a case
Not every fixed rate will state you will return to tracker
I presume the complaint is with the FSOB
Probably for them to decide after the review
Well, I think it's difficult to maintain that there was a lack of transparency if the reversionary rate was clear on the face of the offer. Accordingly, I don't see any particular reason why your mortgage would have been included in the review.
Actually might be worth writing to Ger Deering or the central bank and ask that it be included in the review.
The CB could then consider it as part of the phase 2 sign off.
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