# Options for interest rate



## Sean A (15 Jan 2018)

Hi All,

Would it have been *very very* unusual not to be offered any interest rate options at all on a mortgage let alone a tracker. I went through a broker to apply for the mortgage when trackers were still an option but being phased out. (at the time I was young and was just happy to get a mortgage so I didn't rock the boat!)

From what i remember from over 10 years ago was that i was only offered was 1 year fixed and PVIR(prevailing interest rate) at the time and nothing else.

I do have paperwork indicating my selection of 1 year fixed and PVIR(prevailing interest rate) but no record of any options being offered by bank or broker.

I submitted a freedom of information request to the parent bank and to the broker...
The parent bank provided no record/documents of any options being offered to me.

I also submitted a freedom of information request to the broker but was told that they don't have a legal obligation to hold information related to my file after 6 years. Is this true?

Im sure interest rate options would have originated from the parent back and would have been simply forwarded to me by the broker. Would this have been the norm?
If so I then should have received these options of rates originating from the parent bank in my submitted freedom of information request.... but no document was present.

any opinions/thoughts would be much appreciated.

my case in currently under review by the parent bank.


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## cremeegg (15 Jan 2018)

?

Why is your case under review.


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## Sean A (15 Jan 2018)

Because when I was applying for and drawing down a mortgage I wasn't offered any interest rate options or tracker options.


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## Sarenco (15 Jan 2018)

You looked for a mortgage...somebody made you an offer...you accepted it. 

What's the problem?


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## cremeegg (15 Jan 2018)

Sean A said:


> Because when I was applying for and drawing down a mortgage I wasn't offered any interest rate options or tracker options.



I suppose that a broker especially should have found the best deal for you. 

Is there also a requirement on the bank to make sure that you are aware of all the products it offers at any point in time.


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## Sean A (15 Jan 2018)

Maybe I don't have a case but when I explained the above to the bank they said they'd investigate.  

I thought the bank would have been obliged to offer all options not just one.


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## Monbretia (15 Jan 2018)

It might have been a special offer for first time buyers and therefore have been the cheapest and most suitable available from that bank at the time.


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## Sean A (15 Jan 2018)

Maybe.. I have nothing to indicate that though.


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## Editiono (15 Jan 2018)

Sean A said:


> Maybe.. I have nothing to indicate that though.


@Sean A did your fix term agreement have a revert to rate?  What did it say you would go back onto after the fixed?


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## Sean A (15 Jan 2018)

Yes exactly 1 year after drawdown of funds I would revert to prevailing variable rate. There was no other options.


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## RedOnion (15 Jan 2018)

Hi,

Which lender? Was it BOSI?

You might have applied for a specific product in the first place. Some lenders used to have a discounted 1 year fixed rate, where they paid your legal fees. If you didn't have savings it was a no-brainer at the time, but they rolled to SVR rather than tracker.


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## Sean A (15 Jan 2018)

No wasn't them. EBS -Haven mortgages. No I had to pay legal fees and i had savings. I was building a house at the time.

I am just amazed that I wasn't offered options.


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## RedOnion (15 Jan 2018)

Sean A said:


> I was building a house at the time



So was it a self build Mortgage? These were very specific products, and usually had very limited rate options.


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## Sean A (15 Jan 2018)

Red Onion
Yes was a self build. Do you have any specific knowledge or know of similar instances.

Thanks Sean


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## peemac (15 Jan 2018)

Banks advertise various options.  The customer has all information available to make an informed choice.

When I got a mortgage,  there were no options either as I asked for a tracker rate.


Only if you asked them what options they have available,  would they have some responsibility. However,  you used a broker and he/she advised you on what was, in their opinion, the best option. 

Remember,  back then it was not known how valuable a tracker would become,  so hard to find fault with anyone.


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## Sean A (22 Jan 2018)

Thanks Peemac,

I do remember asking my broker for a tracker and he told me that the rate option was the only one being offered by the bank.
The reason how I know this 10 odd years on is that my mother, who was on a tracker rate at the time was hounding me to get one thus I remember asking!

alas this was requested on a phone call so I don't think I can take it any further... I have already asked the broker for documentation related to the application and he told me they only have legal obligation to keep documentations for 6 years after which they are disposed of.

regards
Sean A


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