Tracker redress and mortgage-mover products

tripps

Registered User
Messages
5
Hi, sorry if this is obvious to everyone else, I searched the forums but couldn't find a definitive answer.

Back around 2014, some lending institutions such as ICS/BoI introduced "Mortgage mover" products to wean customers off their trackers. In light of the recent revelations, is this viewed as a legitimate approach by the banks, or something that should be pursued from a redress perspective?

Context: started a tracker of ECB+0.95% in 2005 with ICS (which transitioned to BoI in 2014). We wanted to move house in 2014 (involved no change in remaining balance of mortgage), but were told we couldn't retain the tracker. Our only option was to switch to BoI's tracker mover product: 5 years at ECB+1.95% followed by a switch to SVR.

Thanks - any input appreciated, even if "stop chancing your arm" :)
 

Brendan Burgess

Founder
Messages
39,634
Stop chancing your arm.



Our only option was to switch to BoI's tracker mover product: 5 years at ECB+1.95% followed by a switch to SVR.
No, your other option was to stay where you were and keep your tracker.

Bank of Ireland were under no obligation to offer this product.

You were under no obligation to accept, but you wanted to move.

Most people who moved just gave up their tracker entirely.
 
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