I have only recently come to realise that I seem to have a case with BOI. I only realised this during a general mortgage review meeting with a Senior Mortgage Advisor in BOI that I initiated. In passing, he happened to mention that it looked as if I had originally been on a tracker. I hadn’t realised I was ever on a tracker as it was noted as a variable interest rate on my loan docs. But on further digging through my various documents, I’ve figured out…
So since that brief chat with the BOI mortgage advisor last Summer, I’ve got very evasive emails from him, a couple of letters from the Tracker Mortgage Examination Team acknowledging my “request” and indicating that they will not be in a position to respond until the Tracker Mortgage Examination has concluded in 2017. I’ve contacted the Tracker Mortgage Examination Team directly and they could not tell me if I was even included in the current examination or not. They said all tracker customers were included in it but because my docs specify that I'm on a variable interest rate (even though it is explicitly linked to the ECB rate), I'm not sure if I am automatically included.
Meantime, by my estimates I’ve overpaid about 30k and continue to be over-charged each month. I’ve put together a pack of documents and outlined my issues and have recently sent them to Patrick Kissane for his thoughts. And I’ve requested a full copy of all my mortgage documents from BOI.
I’m not sure what else I should be doing at this stage. Is it a case of wait and see what comes back from Kissane. Anyone any experience of how long that could take? Should I be formally contacting BOI and setting out my case? Should I make a complaint to the Financial Ombudsman?
Any thoughts, would be appreciated.
- 2005 mortgage drawn down - Per mortgage loan offer letter noted that the variable interest rate shall be no more than 1.3% above the ECB Repo rate for the term of the loan. I also have a letter directly referring to my "discounted tracker rate mortgage". (I was on some kind of introductory deal with the first 11 payments discounted).
- 2006 - received a letter from BOI outlining the range of interest rate options available to me on the expiration of my introductory existing rate. This included a tracker variable ECB +1.25%. I opted for a 3 year fixed rate. BOI did not highlight in that letter that by choosing a fixed rate that this would have any impact on the original terms of my mortgage agreement.
- 2009 - received a letter from BOI outlining the range of interest rate options available to me on the expiration of my 3 year fixed rate. This no longer included a tracker rate option and buried in the mortgage form of authorisation, it was noted that the original terms of my rate being linked to the ECB repo rate shall no longer apply to the Loan. I went for a standard variable rate at that point not realising the change in the terms of the loan.
So since that brief chat with the BOI mortgage advisor last Summer, I’ve got very evasive emails from him, a couple of letters from the Tracker Mortgage Examination Team acknowledging my “request” and indicating that they will not be in a position to respond until the Tracker Mortgage Examination has concluded in 2017. I’ve contacted the Tracker Mortgage Examination Team directly and they could not tell me if I was even included in the current examination or not. They said all tracker customers were included in it but because my docs specify that I'm on a variable interest rate (even though it is explicitly linked to the ECB rate), I'm not sure if I am automatically included.
Meantime, by my estimates I’ve overpaid about 30k and continue to be over-charged each month. I’ve put together a pack of documents and outlined my issues and have recently sent them to Patrick Kissane for his thoughts. And I’ve requested a full copy of all my mortgage documents from BOI.
I’m not sure what else I should be doing at this stage. Is it a case of wait and see what comes back from Kissane. Anyone any experience of how long that could take? Should I be formally contacting BOI and setting out my case? Should I make a complaint to the Financial Ombudsman?
Any thoughts, would be appreciated.