# Permanent TSB says 300 should have been offered Trackers after fixed rate ended.



## twofor1 (23 Aug 2010)

Permanent TSB says 300 should have been offered Trackers after fixed rate ended.

http://www.businesspost.ie/#!story/Home/News/Permanent TSB to issue refunds for ‘misclassified’ mortgage holders/id/be83186a-8f32-4a42-b379-f330f3cfcc8f
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More than 300 Permanent TSB mortgage customers are to receive refunds totalling €1.5million as a result of an error made by the bank.

A spokesman for the lender said that a number of Permanent TSB’s mortgage customers, most of whom had taken out their mortgages in 2006, had been ‘‘misclassified’’ by the bank.

The spokesman said the customers, who had initially opted for a fixed-rate loan, should have been offered the option of switching to a tracker mortgage when the fixed-rate matured.

However, in the case of the 300 or so customers receiving letters from the bank this week, the option of a tracker mortgage was not provided._

*Permanent TSB to issue refunds for ‘misclassified’ mortgage holders*

I am not sure if this is the same story.

http://www.independent.ie/business/...ation-after-error-with-trackers-26772274.html


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## vfillafan (23 Aug 2010)

I took my mortage with PtSB in 2003 and it was fixed for 2 years. Then I was offered another fixed rate (3, 5 and 7 years) but never a tracker. Should I have been offered one?


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## mucker2b (24 Aug 2010)

I was the same 2 years ago vfillafan. I had heard that I should be offered a tracker mortgage at the end of that term but lo and behold the letter came and it was the same as yours. I had to do the digging myself to get the mortgage setup


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## twofor1 (24 Aug 2010)

vfillafan said:


> I took my mortage with PtSB in 2003 and it was fixed for 2 years. Then I was offered another fixed rate (3, 5 and 7 years) but never a tracker. Should I have been offered one?


 
Your documentation would have said what your options were at the end of the fixed rate period.

If one of the options was ECB + XX or a rate no more than XX above ECB or similar such wording, then you should have been offered this.

If there was no such wording, then they were right not to offer you a tracker.


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## yellowmoose (26 Aug 2010)

re tsb fixed loans, does anyone know what the offer at expiry letter said if the tracker to be offered was at the current rate? Is the current rate explicitly in the offer-at-expiry letter or does it just refer to the future current rate at the end of the fixed rate period? (assuming the offer-at-expiry letter was issued 2 or 3 months before the end of the fixed rates period)


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## pinkfloyd34 (11 Sep 2010)

yellowmoose said:


> re tsb fixed loans, does anyone know what the offer at expiry letter said if the tracker to be offered was at the current rate? Is the current rate explicitly in the offer-at-expiry letter or does it just refer to the future current rate at the end of the fixed rate period? (assuming the offer-at-expiry letter was issued 2 or 3 months before the end of the fixed rates period)


 
its ptsb's tracker current rate, its ecb +3.25% now, 2 years ago i was offered ecb +.8% but the broker told me to wait until i received the keys to drawdown the mortgage, house was still being finished by the builder, then ptsb said the original loan offer expired while i was waiting for the keys and gave a new offer of ptsbs current tracker rate after 2 years, i complained about it but their lawyers said i would now have to take the current rate of ecb+3.25, i have now compained to the ombudsman that the broker advised me to wait but did not say the original offer could expire, am i wasting my time with it or would i have a case?


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