can someone tell me what they think cheers have just sent following submissions to FSOB:
Firstly why have BOI not produced the letter we have sent in our original complaint to yourselves dated August 2008 regarding the Mortgage loan rate reverting to 5.5% representing the Tracker variable rate if no option signed and returned. This letter is very important as it contradicts the argument that BOI are using under Clause 7(b).
We also wish to challenge BOI on Clause 7(b) regarding failure to exercise a choice that the interest rate applicable to the Loan will be a variable interest rate. BOI have clearly not advised if this is a standard,existing,homeloan or tracker variable rate. This means that BOI are allowed to argue which of the above variable rates the Loan can revert depending on the markets rates at the time to suit themselves. On the same note then surely we are entitled to argue the same. The fact they do not clearly identify what the variable rate under Clause 7(b) refers to, we believe strengthen our case.
As you can see from all of our rate offers letters over the years we have been offered four different types of variable rates by BOI.( Homeloan variable rate,a Standard variable rate, an Existing Variable LTV rate and a Tracker variable ECB+1.25%). So which of the above variable rate option does Clause 7(b) represent or does it represent them all which is win win for BOI.
We again refer to the offer letter dated August 2008 that BOI were going to revert our Loan to a variable rate of 5.500%(tracker ECB+1.25%) and not that of the variable rate of 5.790%(homeloan variable). This letter is proof that our Loan was going to revert a Tracker variable rate.
Also the below is a paragraph from the consumerhelp.ie website regarding coming to the end of a fixed rate mortgage term.
At the end of a fixed rate term, your lender will write to you and outline your options, which may include:
moving to a standard variable rate
fixing for another term, perhaps 1,3 or 5 years
moving to a tracker rate - but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends. If a tracker mortgage was one of the options, then your lender must offer you the tracker rate, even if they are no longer widely available. If you do not have the documentation, contact your lender and ask for a copy.
If you are unhappy with the options your lender is offering you when your fixed rate term ends or you feel that your options were not explained fully, you can make a complaint.
We have underlined the part that is relevant. We believe this also improves our case as our offer letter dated August 2008 had a tracker as one of the options and also advised the loan would revert to the tracker rate of 5.500% as this was the end of our 2 year fixed rate taking out in August 2006.
Firstly why have BOI not produced the letter we have sent in our original complaint to yourselves dated August 2008 regarding the Mortgage loan rate reverting to 5.5% representing the Tracker variable rate if no option signed and returned. This letter is very important as it contradicts the argument that BOI are using under Clause 7(b).
We also wish to challenge BOI on Clause 7(b) regarding failure to exercise a choice that the interest rate applicable to the Loan will be a variable interest rate. BOI have clearly not advised if this is a standard,existing,homeloan or tracker variable rate. This means that BOI are allowed to argue which of the above variable rates the Loan can revert depending on the markets rates at the time to suit themselves. On the same note then surely we are entitled to argue the same. The fact they do not clearly identify what the variable rate under Clause 7(b) refers to, we believe strengthen our case.
As you can see from all of our rate offers letters over the years we have been offered four different types of variable rates by BOI.( Homeloan variable rate,a Standard variable rate, an Existing Variable LTV rate and a Tracker variable ECB+1.25%). So which of the above variable rate option does Clause 7(b) represent or does it represent them all which is win win for BOI.
We again refer to the offer letter dated August 2008 that BOI were going to revert our Loan to a variable rate of 5.500%(tracker ECB+1.25%) and not that of the variable rate of 5.790%(homeloan variable). This letter is proof that our Loan was going to revert a Tracker variable rate.
Also the below is a paragraph from the consumerhelp.ie website regarding coming to the end of a fixed rate mortgage term.
At the end of a fixed rate term, your lender will write to you and outline your options, which may include:
moving to a standard variable rate
fixing for another term, perhaps 1,3 or 5 years
moving to a tracker rate - but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends. If a tracker mortgage was one of the options, then your lender must offer you the tracker rate, even if they are no longer widely available. If you do not have the documentation, contact your lender and ask for a copy.
If you are unhappy with the options your lender is offering you when your fixed rate term ends or you feel that your options were not explained fully, you can make a complaint.
We have underlined the part that is relevant. We believe this also improves our case as our offer letter dated August 2008 had a tracker as one of the options and also advised the loan would revert to the tracker rate of 5.500% as this was the end of our 2 year fixed rate taking out in August 2006.