Will Boi return me to my tracker as I sold my house and moved to a new mortgage with them?

Finfun

Registered User
Messages
8
Hi
I wonder has this come up before?

I have been told by bank of ireland that my old tracker mortgage is impacted and I am waiting for my compensation letter.
We sold this house in August 2011and fully redeemed the mortgage.

We then purchased a new house in October 2012 with a new mortgage from bank of ireland on a variable rate. Is there any possibility that boi would put us back on a tracker rate with our 2012 mortgage as I know bank of ireland had a tracker mover option? I am unsure of the dates of when it was available.
As we did not switch and there was a delay between selling and buying our new home i think there would be no reason for them to put us back on our tracker.

However my partner believes that as our tracker was incorrectly taken off us this impacted our decision at the time.
If we had thought we could have kept it we would have done everything in our power to do so. Any thoughts or advice welcome.
Thanks
 

Julssull

Registered User
Messages
2
We are in a similar position. Although sold and bought new house in 2015. We had to contact BOI re the original mortgage and I have also queried should we also be engitled to the mover rate. We made first contact at start of November and still waiting on a response to both issues!!
 

peemac

Frequent Poster
Messages
648
Something like this is probably for someone with some expertise in the tracker examination.

And it would depend on what verifiable information you have.
 
Last edited:

Finfun

Registered User
Messages
8
@peemac thanks for the reply- do you mean i should contact a financial expert or do you mean that there are experts on this forum that would advise me? Also I am unsure what you mean by verifiable information.
I have received my redress letter and I am going to appeal.

@Julssull Boi only offered movers 5 years of a tracker so if you bought and sold with boi then you might be entitled to that.
As far as we are concerned it is impossible to get an answer from Boi.
I had a gap of just over a year so I am in different circumstances.
If the mortgage was redeemed in full then it is a totally new contract but losing the tracker meant we didn't factor the tracker into our financial decision in moving.
 

peemac

Frequent Poster
Messages
648
Padraic Kissane is the expert in this field - http://www.padraickissane.ie/tracker.htm

At least you are with the same bank, so it would be less complicated.

Your argument is the incorrect interest rate was the causation of the decision to sell and redeem - but you'll need good proof to show that and that there were not otehr reasons (needing bigger house, needing to move to different area etc).
 

Finfun

Registered User
Messages
8
Thanks Peemac.
I will contact him and look at my options.
Truthfully we needed more space and looked at staying in our original home and extending.The tracker was gone so the mortgage rate didn't come into our decision but would have been a big factor.
If we had not lost our tracker in 2009 who knows what decision we would have made.
We are happy in our new home so it was the right decision for us to move in hindsight but maybe not financially a good decision!
 
Top