Tracker or No tracker

D

Diether

Registered User
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Good day to everyone here..

Am just a newbie on this forum so please bear with. Hope someone can able help me out here.

We and my wife bought our first house in 2006. 100% Mortgage was still available by that time with PTSB. Price of the property was 365k. Upon commencing the payment, we were offered to a fixed mortgage for 2 years then. When the 2 years fixed mortgage ended, offer were made again by the bank but this time its either SVR or another fix mortgage for 2; 3; or 5 years! (No tracker were offered though still available) we opted for 5 years fixed as SVR was high that time.

My Question is, are we illegible to have been offered with a tracker right after the two years fixed or non at all?

Upon reviewing our contract; originally there was no tracker option first hand.

Thank you Brendan for your help..

Diether
 
Simple answer - No. You werent offered a tracker. You never had a tracker. You're not entitled to a tracker.

The bank offers what they want. You accepted it. case closed.
 
peteb said:
Simple answer - No. You werent offered a tracker. You never had a tracker. You're not entitled to a tracker.

The bank offers what they want. You accepted it. case closed.
Click to expand...

Your original letter of offer would have had to specify what rate you would pay on the expiry of the 2 year fixed period.
Is there a description of this rate in any documentation ? What is this rate ? Is it the same as their SVR at that time or is it akin to their tracker rate at the time ?
 
Contact ptsb and ask them why you weren't offered a tracker originally , as far as I know they would have been available at the time so a tracker should have been included in the letter of offer .
You may not be included in the present redress but you might have a seperate case altogether .This is not the first time ptsb have had an administration error that could've meant you were mis-classified and the tracker was not offered to you . see below

From the Indo 16/09/2011
Lender pays compensation after error with trackers
" Now Permanent TSB has restored 53 people to trackers and compensated them an average of €5,300 each after what it called "an administrative error" meant it failed to offer them a tracker when they came off fixed rates.

The error occurred between 2004 and 2006."
 
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