tracker rate mortgage query

joanycollins

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I was denied a tracker rate for over 10years & when they did finally acknowledge their error - despite me writing to me every year - they said it was a 'clerical error' - is this a breach of contract - should they not refund the mortgage totally because of the breach of contract at there end and putting it down to just a clerical error - as if it was my fault they would have taken my house as they had already issued proceedings - just don't understand this at all - please advise if I should appeal further to the FSO -
 
I was denied a tracker rate for over 10years & when they did finally acknowledge their error
Who is "they"?
What exactly are your circumstances?
E.g. when did you apply and get a mortgage, what type was it, why do you think that you were entitled to a tracker etc.?
should they not refund the mortgage totally because of the breach of contract at there end and putting it down to just a clerical error
Are you serious?
If so, no.
Whatever about any tracker redress being a possibility (and it's impossible to tell if that's the case based on the sparse info posted so far) if you borrow money then you generally have to pay it back.
please advise if I should appeal further to the FSO -
You need to post more information about your case, what interactions you had with the lender so far etc.
 
You need to provide the following information
1) Which bank
2) What entitled you a tracker ? Give the particular clause in your mortgage which said so.
3) When they acknowledged their error, did they refund you interest and compensation?
4) When did they send you the refund?

The Central Bank requires the lenders to put you back in the position you would have been had you been on a tracker since you were entitled to it.
So generally, they calculate the overcharge and pay it back to you in two ways - some is paid by way of a cheque, the rest by a reduction in the balance outstanding on your mortgage.
You probably also got compensation of about 10% of the overcharge.

If you are not happy with this outcome, you can appeal it to the bank's independent appeals panel. And if you are not happy with their decision, you can go to the Ombudsman.
 
It's still your debt, you still borrowed the money and you still have to pay it back.
You've also had the benefit of the property.
You might see big sums of money being bandied around but the larger figures in relation to tracker mortgages are actually refunds. The compensation is very small - unless you have a reason to appeal to the panel or the Ombudsman.
 
You need to provide the following information
1) Which bank
2) What entitled you a tracker ? Give the particular clause in your mortgage which said so.
3) When they acknowledged their error, did they refund you interest and compensation?
4) When did they send you the refund?

The Central Bank requires the lenders to put you back in the position you would have been had you been on a tracker since you were entitled to it.
So generally, they calculate the overcharge and pay it back to you in two ways - some is paid by way of a cheque, the rest by a reduction in the balance outstanding on your mortgage.
You probably also got compensation of about 10% of the overcharge.

If you are not happy with this outcome, you can appeal it to the bank's independent appeals panel. And if you are not happy with their decision, you can go to the Ombudsman.
EBS Bank
I had filled out the tracker rate form on my family home & they sent the email confirmed that after 1 year of a fixed rate I would be put on the tracker rate - forms completed & I had a copy of email & forms
yes they said they made a clerical error & refunded compensation & interest
sent refund after march 2019
when you appeal to the Banks independant appeals panel & theymake you on offer - if you accept that is it that you can't appeal to the Financial service ombundsman
 
I can't see any reason to make contact with anyone as compensation has been received and a refund of the overpayment and you have been put on the correct rate.

What else is there?

If you do not pay your mortgage for several months (or any other loan), the financial institution will ask you to repay the amount due on the balance in full. They do not ask for extra (except any additional interest on the non payment and any legal fees incurred in chasing the debt).

If your house is worth €500,000 and your mortgage balance is €300,000, the bank looks for €300,000.

If you REFUSE to repay, then as its a secured loan, they can then call in that security, (in this case the house) sell it, and from the proceeds deduct the balance that was due on the mortgage + any legal and selling fees and then they pay you the balance. They do not keep the balance for themselves.

In above example, if the bank got €500,000, they would deduct €300,000 + selling fees of probably €10,000 and then transfer back to you €190,000.

In the deep recession, houses were selling for far below what was owed, hence rare that there was an excess and in many / most cases banks actually wrote off any residue balance owing.

This is how secured lending works and its quite clearly explained the in terms and conditions you signed with your solicitor.
 
I can't see any reason to make contact with anyone as compensation has been received and a refund of the overpayment and you have been put on the correct rate.

What else is there?
Yes, I'm confused by what the original poster thinks might be due here in terms of compo or whatever in addition to what was already provided? But @Brendan Burgess has summarised what should be done in this case. Certainly, the idea that the lender should refund the loan in full for some reason is bonkers.
 
I think it's no harm talking to Padraic Kissane.

He will set you straight that you still owe the money.

The banks paid standard compensation to everyone. But some people who suffered more, got additional compensation.

So, if you were in arrears because of the overcharge, you may get some additional compensation. If you would have been in arrears anyway, because you were paying less than would have been due on the tracker rate, then you won't get additional compensation.

To put this to rest, have a chat with Padraic.

Brendan
 
I was denied a tracker rate for over 10years & when they did finally acknowledge their error - despite me writing to me every year - they said it was a 'clerical error' - is this a breach of contract - should they not refund the mortgage totally because of the breach of contract at there end and putting it down to just a clerical error - as if it was my fault they would have taken my house as they had already issued proceedings - just don't understand this at all - please advise if I should appeal further to the FSO -
You received correspondence stating you should roll onto a tracker rate after the end of the fixed rate. In your original EBS mortgage contract/loan offer what was the term/name used for this tracker rate?
 
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