All,
I believe the financial regulator has implemented guidelines to lenders that there is an onus on them to provide full disclosure on the impact of switching terms / rates. i.e. if a customer requests a change from a tracker to a variable the bank must disclose the ramifications financially of doing same so that the borrower can make a fully informed decision on his request.
Not sure about this and if thats the case (cant find any links) does anyone have a link to same and any idea how enforced this is by ombudsman retrospectively?
I lost option of a tracker after requesting move from fixed to variable rate but at no stage of the conversation was that tracker option mentioned. So on the request, there was no disclosure. Indeed the switch was incentivised by there being no break out fee from the fixed rate (the bank now say that this was down to a computer glitch) and I should have been charged a break out, but as the problem was on their side, they bore the cost. Unfortunately I will be bearing the real brunt of the cost by paying 6.15% SVR as opposed to ECB +1.
Any links / direction appreciated.
Joey
I believe the financial regulator has implemented guidelines to lenders that there is an onus on them to provide full disclosure on the impact of switching terms / rates. i.e. if a customer requests a change from a tracker to a variable the bank must disclose the ramifications financially of doing same so that the borrower can make a fully informed decision on his request.
Not sure about this and if thats the case (cant find any links) does anyone have a link to same and any idea how enforced this is by ombudsman retrospectively?
I lost option of a tracker after requesting move from fixed to variable rate but at no stage of the conversation was that tracker option mentioned. So on the request, there was no disclosure. Indeed the switch was incentivised by there being no break out fee from the fixed rate (the bank now say that this was down to a computer glitch) and I should have been charged a break out, but as the problem was on their side, they bore the cost. Unfortunately I will be bearing the real brunt of the cost by paying 6.15% SVR as opposed to ECB +1.
Any links / direction appreciated.
Joey