One off house - tracker on site/variable rate on building

[timjob]

Hi. In Nov 2007 I took out a tracker mortgage with ptsb. The purpose of this loan was to buy a site which was subject to planning. ptsb was aware that I would need further funds to build on the site. I think they called it a "part and part mortgage" at the time.

In Jan 2009 I took out a further loan but this was a variable rate mortgage. Both loans were arranged through a broker. Should ptsb have given me the second mortgage on the same terms ie a tracker rather than a variable rate loan? I understand they were still offering trackers beyond Jan 2009.

I'm hoping someone might have some advice on this before I proceed further.

 

[emeralds]

It was a completely new loan from what you have said and there was no obligation on the lender to offer you a tracker on it (in my own opinion). Did your broker (or indeed you yourself) ask about getting it at a tracker rate? And even if a tracker had been offered, from what I recall, the ECB rates were going up at that stage and a variable rate may well have been more attractive to you...

 

[timjob]

It was a completely new loan from what you have said and there was no obligation on the lender to offer you a tracker on it (in my own opinion). Did your broker (or indeed you yourself) ask about getting it at a tracker rate? And even if a tracker had been offered, from what I recall, the ECB rates were going up at that stage and a variable rate may well have been more attractive to you...

Thanks for the reply. I'm in the process of checking through my paper work but doubt that I have any record of asking for a tracker. The tracker rate was 4.05% at the time but the variable rate was 4.5%.

 

[44brendan]

Most institutions had stopped marketing trackers by 2009. I doubt if you would have been offered one at that time!

 

[peteb]

Bear in mind you are also outside the time for making a complaint via the ombudsman.