# I chose the SVR because it was cheaper than the tracker. ptsb rejects my complaint.



## zibra82 (18 Jun 2015)

Hi Brendan
I have a question to You. I've taken my mortgage with ptsb in Nov 2006, fixed for 3 years, then in Nov 2009 got letter from ptsb with 6 options : variable rate,  tracker rate and 4 options to fix it 2, 5, 7and 10 years, we chose variable rate cause was the best option for us ( the cheapest) ...but in the letter was no mention of if we chose variable rate we will never be able to take tracker rate or fix it...few months later when ptsb started to put variable rate higher and higher I rang them that I want to move to tracker rate and I was told that tracker rate is not available anymore...but in my original contract I have 3 options : variable,  tracker and fix rate..never got a letter to inform me the tracker rate is ending to give my the option to change and I think that should be done cause originally I had 3 options and I should be informed of any changes to my contract and its terms and conditions.
So I recently sent a letter to ptsb , wrote the same as above and got letter back within 3 working days saying I'm not allowed to get tracker mortgage rate cause that options was only available to me at the end of my fix rate period
So what I should do now cause I think I should still be able to get my tracker rate.

Regards
zibra82


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## Brendan Burgess (18 Jun 2015)

Hi zibra

I made a submission to both ptsb and the Central Bank back in February which included the following 


_*How will those who chose an SVR on expiry of their tracker be treated? *


It appears that some of those coming off fixed rates who were entitled to cheap trackers were offered LTV variable rates below the tracker rate. Not only were they below the tracker rate, they appear to have been below the normal Standard Variable Rate. 


While it could be argued that someone who chose an SVR took a calculated risk, if it is found that ptsb set the rates to deliberately entice them off their trackers, those trackers should be restored. _

While they both acknowledged my letter, they said it would be inappropriate to comment. 

It seems to me that ptsb deliberately and intentionally tricked you out of your tracker.  

You need to do two things immediately. 

1) Send a submission in to the Central Bank with copies of your correspondence.  It's possible that the CB does not appreciate this issue. 

2) If the letter you got from ptsb says "This is a final response" then you can go directly to the Ombudsman. If it doesn't, you should ask them for a Final Response Letter. 

I can't stress enough that you must do both immediately.

The CB is close to winding up their investigation of ptsb. 

The time  limit on Ombudsman complaints is 6 years. So you run out of time in November of this year. 

As the amounts of money are so big, I think it's well worth paying Padraic Kissane to look at this for you. I am sure he has dealt with similar cases and knows the arguments which ptsb uses. 

Brendan


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## random2011 (18 Jun 2015)

_

It appears that some of those coming off fixed rates who were entitled to cheap trackers were offered LTV variable rates below the tracker rate. Not only were they below the tracker rate, they appear to have been below the normal Standard Variable Rate. 

_
I also strongly believe this. I was in the same situation with PTSB. I drew down my mortgage at the same time also. The fact is the variable offered in 2009 was less than the tracker. However it took just 3 months for the variable to exceed the tracker. The variable offered in the options letter in 2009 (3.69%) was cheaper than what the variable is now today (4.5%). Why would PTSB offer a cheaper variable in 2009 compared to 2015 when back in 2009 the banks were in a financial mess. All of this was to encourage the customers away from the tracker. 

Zibra82 - did your original loan letter specify the margin you would be on in 2009 upon expiration of the fixed rate. I suspect it was not otherwise you would being offered this tracker in 2009. If the margin was not stated then the bank tried and successfully offered a cheaper variable to get you off the tracker. A year later they had hiked the variable rate to 6.1%


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## zibra82 (18 Jun 2015)

Brendan Burgess said:


> Hi zibra
> 
> I made a submission to both ptsb and the Central Bank back in February which included the following
> 
> ...


Thank You Brendan for quick replay...so I should still carry on ...


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## zibra82 (18 Jun 2015)

random2011 said:


> _
> It appears that some of those coming off fixed rates who were entitled to cheap trackers were offered LTV variable rates below the tracker rate. Not only were they below the tracker rate, they appear to have been below the normal Standard Variable Rate.
> 
> _
> ...



Hi Random2011
 my original contract says that at the end of fixed rate my mortgage would be put automatically to tracker rate,but then Nov 2009 I got the letter with the options to choose and as You probably know yourself variable rate was lower at 3.65 to tracker at  4.25,so we chose cheaper option as probably most people did,it was tough times so everyone was trying to save where they could but saving didn't last for long ...so I rang the bank and asked to be put on tracker but they said no to me...is your case the same?what are You doing now....


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## random2011 (18 Jun 2015)

zibra82 said:


> Hi Random2011
> my original contract says that at the end of fixed rate my mortgage would be put automatically to tracker rate,but then Nov 2009 I got the letter with the options to choose and as You probably know yourself variable rate was lower at 3.65 to tracker at  4.25,so we chose cheaper option as probably most people did,it was tough times so everyone was trying to save where they could but saving didn't last for long ...so I rang the bank and asked to be put on tracker but they said no to me...is your case the same?what are You doing now....


 pm me for details if you wish..happy to discuss over the phone also.


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