Bronte
They are great points.
One counterargument though is that people who broke out were given the SVR on the day they broke out.
Brendan
I'd go so far as to suggest the tracker rate should be the one when we took out the tracker mortgage. Bronte's point that nobody could know what the rate was applies here too. The tracker rate could have been 5%+ECP on completion of the fixed portion & we would have had to pay it. We negotiated & were offered a tracker mortgage at a specific time. That's when the contract starts & when the rate should apply.
Yes, this is what the bank told me about my calculation. They ignored the period when we were on SVR and only calculated redress from expiry of fixed.Have we confirmed per the PTSB calculations that the new tracker rate only applies from the date the fixed term should have expired and the SVR remains applicable for the period prior? If this is the case we have another battle because it means they are ignoring the period from the date of the premature break to the date the fixed period should have ended. This is good in that we would probably owe them money if this was not the case (and the 3.25% margin was applied) but it's bad in that not only do we have to argue for a different rate we have to argue for a different start date for redress.
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