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"
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"