Hi All,
Just joined this forum having watched from afar for a while so apologies if I get anything wrong.
I was recently informed that UB will be returning my Tracker and repaying my over payments which is great news. Having started my mortgage on the Tracker (+1.15%) in 2005, I fixed for a 2 year period in 2007 and when it expired in 2009 I was not offered my Tracker back. I queried this and on 3 separate occasions (one verbal, 2 written), the bank infromed me I was not entitled to return to the Tracker. Thanks, in part, to information gained from reading a Key Post by peteB and the replies of Brendan Burgess, the Bank now accepts that there was enough doubt in their wording to return the Tracker to me.
However, Having been misinformed about my entitlement to the return of the Tracker and being on a rate of 4.6%, I decided to use almost all of my savings to make a series of Capital Repayments, all of which mean my Mortgage is to be redeemed in the very near future. The bank seem to have delayed their dealings with me so that the return of the rate coincides with the end of the mortgage. Had I been given the correct rate I would never have made the Capital repayments. I am now in a position where the Bank gets my loss making Mortgage off the books and my never to be repeated rate will vanish. I plan to buy/build in the not too distant future and would presumably be in a much stronger position looking for a mortgage having a property on a cheap tracker and 100k+ in savings. I am wondering if anyone else is in a similar position and would appreciate any advice as to what my next step, if any, should be. Thanks.
Just joined this forum having watched from afar for a while so apologies if I get anything wrong.
I was recently informed that UB will be returning my Tracker and repaying my over payments which is great news. Having started my mortgage on the Tracker (+1.15%) in 2005, I fixed for a 2 year period in 2007 and when it expired in 2009 I was not offered my Tracker back. I queried this and on 3 separate occasions (one verbal, 2 written), the bank infromed me I was not entitled to return to the Tracker. Thanks, in part, to information gained from reading a Key Post by peteB and the replies of Brendan Burgess, the Bank now accepts that there was enough doubt in their wording to return the Tracker to me.
However, Having been misinformed about my entitlement to the return of the Tracker and being on a rate of 4.6%, I decided to use almost all of my savings to make a series of Capital Repayments, all of which mean my Mortgage is to be redeemed in the very near future. The bank seem to have delayed their dealings with me so that the return of the rate coincides with the end of the mortgage. Had I been given the correct rate I would never have made the Capital repayments. I am now in a position where the Bank gets my loss making Mortgage off the books and my never to be repeated rate will vanish. I plan to buy/build in the not too distant future and would presumably be in a much stronger position looking for a mortgage having a property on a cheap tracker and 100k+ in savings. I am wondering if anyone else is in a similar position and would appreciate any advice as to what my next step, if any, should be. Thanks.