# Permanent TSB Tracker - We are not one of affected Mortgages - Why?



## EllenM (15 Aug 2015)

Apologies if this has been asked and answered before. I have followed this very informative thread over the months but for me I am still confused as to why we are not one of the affected mortgages in the recent investigation. We had similar if not the same situation as most. However my confusion is in where it specifies that after the fixed term we should have gone onto a Tracker. Initially we entered into a 1 year fixed rate (PTSB offering an initial 1 year reduced rate of 3.45%) in May 2006, the only mention of rates after this 1 year fixed term is in the ESIS - it does not mention tracker at all only another fixed rate or a variable rate. In May 2007 we opted for a 5 year fixed 5.15% (other options were a tracker of 4.85%, SVR 5.1%) - I have no documentation that states what would happen at the end of this fixed term.  In February 2009 I contacted PTSB to break out of our fixed term and move to a Variable rate - they agreed - no penalty, no mention of other options or loss of tracker - SVR of 4.65% applied.

My question is - are the terms on the ESIS for the original 1 year fixed rate i.e at expiry another fixed rate or standard variable rate will apply - the terms for the following 5 year fixed also? if so does this mean that I never had the option to go onto a tracker at the end of the 5 year fixed? Or am I missing the terms and conditions of the 5 year fixed? ( I have contacted the back to send me everything on numerous occassions but im not confident as each time they have sent me different documents!)

Someone might be able to shed some light on this for me. Thank you.


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## Brendan Burgess (15 Aug 2015)

The ESIS has no relevance whatsoever. Check out this thread. 

You need to get your original loan offer. From the sounds of it, you never had a tracker and it was not in your original letter of offer. 

People are getting trackers because their contract said that they were entitled to them.  They are not getting them because they broke out of a fixed rate contract.   It is a little bit surprising that they let you out of a fixed rate without a penalty, if you were not entitled to a tracker.  The alleged system error supposedly did not apply to these people.  So check your letter of offer. 

Brendan


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## EllenM (17 Aug 2015)

Thank Brendan - I don't have a copy of my original loan offer so I will specifically request that from PTSB. Even if that does not specify a tracker at the end of the fixed rate - would that apply to any fixed rate or just the initial 1 year fixed we agreed too? I am suprised that they allowed us to break out of the subsequent 5 year fixed with no penalty and at the time of choosing that option there was a tracker offered so I'm wondering if we should have been entitled to go onto a tracker at the end of that 5 year term regardless of the initial loan offer with the 1 year fixed rate?


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## Brendan Burgess (17 Aug 2015)

You can only get an entitlement to a tracker from your original contract or from a change to that contract. 

Breaking out of a fixed rate is simply not relevant. If were not entitled to a tracker, you don't acquire entitlement through breaking out of a fixed rate early.

Brendan


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