PTSB Were you offered a ptsb tracker at the end of your fixed rate, but fixed again instead of taking a tracker ?

Brendan Burgess

Brendan Burgess

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There is a very interesting Ombudsman case here https://www.fspo.ie/decisions/documents/2020-0214.pdf

The case is complicated and the interesting dispute between the Ombudsman and ptsb is a side issue, but it has very important implications for some customers.

You could get a tracker if you meet the following conditions
1) You initially took out a fixed rate mortgage
2) You had the following condition in your Letter of Approval
Special Condition 4 in the Letter of Approval details as follows;
1638094715657.png

3) You fixed for a second time. (Either immediately on expiry of the first fixed rate period or at some future time.)
4) You were not offered a tracker at the end of the second fixed rate period.

Permanent tsb argues that they were only obliged to offer a tracker option at the end of the initial fixed rate period.
The Ombudsman ruled that it means that they were obliged to offer a tracker option at the end of any fixed rate period.

If you meet these three specific criteria, let me know.
 
This is a very complicated issue so please do not take this thread off topic with discussions of other scenarios.

I want to identify someone who has all three criteria.

Brendan
 
I see that another poster appears to have benefited from this a few years ago.

PTSB - If you have broken out of a fixed rate twice, make sure ptsb gives you the earlier tracker rate!

Clarification from Brendan Burgess As this post is confusing and as it's very important, I will explain what may have happened here, as it may help others. Kelmcc had no rate specified in her contract. When permanent tsb first reviewed her case, they saw that the fixed rate expired in May...
www.askaboutmoney.com
 
Brendan Burgess said:
There is a very interesting Ombudsman case here https://www.fspo.ie/decisions/documents/2020-0214.pdf

The case is complicated and the interesting dispute between the Ombudsman and ptsb is a side issue, but it has very important implications for some customers.

You could get a tracker if you meet the following conditions
1) You initially took out a fixed rate mortgage
2) You had the following condition in your Letter of Approval
Special Condition 4 in the Letter of Approval details as follows;
View attachment 5918
3) You fixed for a second time. (Either immediately on expiry of the first fixed rate period or at some future time.)
4) You were not offered a tracker at the end of the second fixed rate period.

Permanent tsb argues that they were only obliged to offer a tracker option at the end of the initial fixed rate period.
The Ombudsman ruled that it means that they were obliged to offer a tracker option at the end of any fixed rate period.

If you meet these three specific criteria, let me know.
Click to expand...
Hi Brendan, I feel I am one of these customers. I requested all documentation from PTSB. On letter of approval it states - General Mortgage Loan Approval Condition 5 "conditions relating to fixed rate loans" applies in this case. The interest rate specified above may vary before the date of completion of the mortgage.
It doesn't state the rest though.
Also, one of the special conditions is blacked out.
 
Hi Lesley

Interesting.

1) What date did you draw down your mortgage?
2) Did you draw down the mortgage on a fixed rate from the start?
3) For what length did you fix for?
4) What did you opt for at the end of the fixed rate period?

Brendan
 
Hi Brendan,

Thank you for the reply.
1. I drew down the mortgage March 2003
2. I drew down the mortgage with a fixed rate from the start.
3. Firstly a 1 year fixed rate. Then fixed for 2 years in April 2004. Fixed for another 2 years in April 2006. Variable rates were offered but never said tracker. Rang for advice late March 2008 and advised of fixed rates only. To fix for 5 years at 5.1%. Only offered fixed rates in April 2008. No Variable or tracker offered.
 
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