Ulster tracker removal letter from first active

Bronte

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Did they you that in writing or on the telephone. First time that I can recall any poster mentioning the term: Tracker removal form.
 
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Miakk

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UB have referred to it by that name several times in the course of recent phone conversations - I never heard the term until a couple of weeks ago, but I see it has been mentioned by other posters on the first page of this discussion.

I have the document here in front of me, it is a 2 page document that I signed in addition to the 1 page "Letter of Authority/Acknowledgement" . There is no title at all on it.

The greatest frustration is that I was advised that it was what was required to get my tracker back at the end of fixed term. But now, because of the wording in it, it's the very document that has been quoted to justify not doing so.
 

Monbretia

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It was never referred to as a 'Tracker removal form' by First Active when it was in use, UB may have decided that title suits them now but that was never the reasoning behind it at the time.

Is there any mention in the form you have of what happens at end of fixed term etc?
 

peteb

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UB have referred to it by that name several times in the course of recent phone conversations - I never heard the term until a couple of weeks ago, but I see it has been mentioned by other posters on the first page of this discussion.

I have the document here in front of me, it is a 2 page document that I signed in addition to the 1 page "Letter of Authority/Acknowledgement" . There is no title at all on it.

The greatest frustration is that I was advised that it was what was required to get my tracker back at the end of fixed term. But now, because of the wording in it, it's the very document that has been quoted to justify not doing so.
Miakk whats you situation exactly? I've been there, done this, and have the t-shirt thankfully.
 

Bronte

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Ulster bank have form here, in relabelling. They did this too in relation to how they suddenly changed their standard variable rates and starting trying to sow confusion so that some of us investors who had home loan standard variable rates (which many of us had) were now suddenly standard investment variable rates (I'll have to pull out some documentation myself to remember - and it was on the 'rate change authority' document).
 

Miakk

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Monbretia: it says that "when the fixed rate period as selected by me/us ends, the mortgage will transfer to a standard variable rate mortgage (not linked to the ECB) unless I/we request a new fixed rate or transfer the mortgage to the prevailing tracker rate at the time of transfer" - so, fair enough I may not automatically transfer back to a tracker, but, in my opinion, I should have had that as an option? That is what I specifically queried and requested at the time of fixing.

There are serveral other paragraphs, not least that "I/we consent to the variation of the terms of the Loan Offer....in particular the application of the Terms and Conditions of the Standard Morgage Product to the Loan Account"

The T&Cs of the original tracker product actually do not permit Fixed Rate periods, so from a legal point of view I can see why there was a need to vary the Loan offer.
However, like you said, it seems the intent of the form/letter has been adapted to suit another purpose

Peteb: thank you, I have seen your excellent post on your dealings with UB...however, I think this FA form/letter is the particular sticking issue
 

Miakk

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On SVR since end of fixed rate in 2009.

I have queried this several times and taken it as far as I can.(can't elaborate on here, sorry)

I am wondering if all former FA tracker-to-fixed ended up in the same boat or did any get back on a tracker? And if so, what was the difference in their cases was compared to mine?
 

Monbretia

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There was a very good thread on Rollercoaster about this problem, I think the poster was on here too. Will have a look.

Certainly the earlier finished fixed rates that had started out as tracker mortgages reverted back to tracker when they finished, however I do think a bit of shenanigans went on then and some changes were made to accounts to ensure they did not revert to tracker on maturity. That is just my opinion but I do know that these original tracker loans who opted for a fixed rate were simply programmed to go back to their original rate so something was done somewhere along the lines to change that. Lots of people did just revert back to tracker on expiration of the fixed.

Found it, there is a lot of reading in this but the OP got back her tracker and was perfectly willing to help other people by giving the template letter so maybe have a read of this and see if your case is the same.

http://www.rollercoaster.ie/Discussions/tabid/119/ForumThread/141236570/ForumPost/3444488/ForumView/0/Default.aspx#3444488
 

Monbretia

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Did you request the transfer to tracker as in the options on that letter you quoted? Or did you just let it automatically go back to SVR, or how did it go back to SVR, did you get any other options?
 

Miakk

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Many thanks, will have a look at that link.

There was no Tracker on my options letter, only fixed rates which were in the order of well over 5%, from what I recall. I did not take any of the options, I went straight into the bank to query it...and rolled onto SVR by default.
 

Monbretia

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That's where something went wrong with these loans, the default should have been tracker and not SVR.
 

Miakk

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Hi Monbretia,
I think I misread your previous post re options when replying. Just to clarify: when fixing in 2007, info as per post #46 - revert to SVR unless request a new fixed rate or transfer to prevailing tracker. FA employee assured me return to tracker had been arranged, however subsequently no record of my original request never mind any action.
No tracker option at end of fixed rate on "options" letter In 2009.
Stuck on an SVR that has reached 4.9% while the ECB rate plummeted.

Thank you for the link to the roller coaster discussion, but like peteb's case up seems to relate to Ulster Bank fixed rates and this seems to be unique to First Active customers!

No one can explain why some customers (e.g. myself, sampeckinpah) were given this (now) called "tracker removal form" when fixing. I'd be very interested to know of any others affected by this and whether any got back to a tracker....
 
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Monbretia

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The usual way those fixed rate appendix forms worked was that when you opted to take a fixed period from a tracker mortgage the default was back to tracker and the options letters issued at the end of the fixed term only showed the new fixed rates available. If a person did not want to pick one of the fixed then they did with the options form and the loan automatically reverted to original terms i.e. tracker.

But...... somewhere along the line there was a change made to accounts to stop this automatic default to tracker after fixed. Oddly enough though your letter specifically says you will revert to a standard variable, did you definitely start off the mortgage on a tracker? By any chance did you start with a Current or Offset mortgage as you say fixed terms weren't allowed on the original loan.
 

Miakk

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Definitely a tracker - Tracker Annuity stated in Loan Offer Letter, Specific Loan Offer Conditions state rate of interest applicable will never be higher than the ECB base rate plus 1% (, wave of nausea)

Was given - and still have - First Active Tracker Mortgage Terms and Conditions. In these, section 39. "switching to Other Products" lists "certain options not available" under which is listed (c) Fixed Rate

Like Sampeckinpah, I was approached by the bank to fix (although not using that as an excuse, as it was ultimately my decision to do so). I only twigged the T&Cs bit when revising it recently.
 
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smithers

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I had first active tracker mortgage fixed in oct 2006 and was refused a tracker back when I questioned why it wasn't on options letter two years later. One if my biggest regrets ever fixing the mortgage!
 

Miakk

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Smithers, I share your pain :(

Did you ever make a formal complaint to the bank or to the Financial Ombudsman?
 

smithers

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No I spoke to padraig kissane a few years ago and because I moved to bank of Ireland in 2009 I wouldn't have a case. I only moved because the rate was so high. I am now paying 4.5 was paying 2.25 in 2009. Also the fixed rate authority form saidit would revert to the variable rate that could be adjusted by the company from time to time. I am stupid. Had a come off the fixed rate one month earlier they would have offered me a tracker. I think what they did was wrong to not make it absolutely CLEAR that I would lose the tracker. I have another thread on this that has the exact wording, inthe original mortgage talks about variable but does have that will not be more than .95 above the ecb somewhere else in documentation. I feel sick when I think about it.
 

Gerard123

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In light of the various discussions on going re other Banks and tracker rates, I am wondering how people on the First Active trackers got on, did people get them back, etc. Thanks.
 

Miakk

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Hi Gerard, I read about the CB review of other lenders following on from the PTSB situation. I've heard nothing personally though and my situation remains unchanged from when I last posted.
 
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