# Should we have been offered tracker - Ptsb mortgage - have I case to get tracker



## Cilroife (18 Jul 2016)

Hi all

Looking for advise:

In 2004 we took out Ptsb mortgage to build our home. We had a variable rate

In 2005 need some extra money to finish the house. This was done as a equity release loan - so old mortgage was paid off by the new mortgage. 

I contacted the bank asking them when they offered trackers and how they choose who to offer them to. They replied today saying that they were offered to new business in 2004 and in 2006 to existing customers


I also asked if they could send me details of rates discussed with us in 2004 - they said they didn't have access to those detail as it was 11yrs ago. Also they said they contacted the branch to try and find the details - but the branch where we took out the mortgage and that they named has been closed approx 5yrs now!!

Should we have been offered the tracker in 2004 and advised to take it? 

If it was offered to existing business in 2006 should we not have been offered it then ? 

Also they said they did not offer it to equity release loans - is this strange/ true ??


Thanks for your advise. I know it's a long time ago and I might be clutching at straws but it's just been bugging me.


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## peteb (19 Jul 2016)

No.  There is no obligation to offer you a particular product.  If they didnt offer you a tracker and you wanted one, you should have gone somewhere that offered it.

So to be clear they offered you a rate, you accepted.  it wasnt a tracker.  Case closed.  You can let go of the straws.


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## Brendan Burgess (19 Jul 2016)

Cilroife said:


> Also they said they did not offer it to equity release loans - is this strange/ true ??



it's just a question of terminology. You asked for more money and they gave you a new mortgage. Not sure why they didn't leave you with the existing mortgage and just give you more money. But this has happened a few times. 

You didn't have a tracker with your first mortgage. You didn't have a tracker with your second mortgage. 

The cases subject to the Central Bank review are for those who had trackers who lost them. 

Brendan


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## Monbretia (19 Jul 2016)

Also no one could have advised you to take a tracker in 2004 over any other type of mortgage as no one knew in 2004 how valuable it would be in 2016.


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## Bigeric (19 Jul 2016)

I think what Cilroife is asking is ,
Was a tracker available to them but not offered ?
Was a Tracker rate option included in their options letter and overlooked ?

You could send in a request for your data which should include everything held on record with your lender either in hard copy or digital format it'll cost 6.35 ( I think ) and they get 40 days to comply. when you get it you'll have to go through it and find the rate options letter etc . If you find that you were not offered a tracker rate ,that you should have been entitled to, you could make a complaint to your lenders complaints dept and consider contacting the FSOB and work from there.


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## peteb (19 Jul 2016)

Bigeric said:


> I think what Cilroife is asking is ,
> Was a tracker available to them but not offered ?
> Was a Tracker rate option included in their options letter and overlooked ?
> 
> You could send in a request for your data which should include everything held on record with your lender either in hard copy or digital format it'll cost 6.35 ( I think ) and they get 40 days to comply. when you get it you'll have to go through it and find the rate options letter etc . If you find that you were not offered a tracker rate ,that you should have been entitled to, you could make a complaint to your lenders complaints dept and consider contacting the FSOB and work from there.



Nope its quite clear that is not what is being asked.   Post says they took out a mortgage in 2004 on the basis of a variable rate and should they have been offered a tracker.  Answer is as everyone else has stated above.


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## Cilroife (19 Jul 2016)

Bigeric said:


> I think what Cilroife is asking is ,
> Was a tracker available to them but not offered ?
> Was a Tracker rate option included in their options letter and overlooked ?
> 
> You could send in a request for your data which should include everything held on record with your lender either in hard copy or digital format it'll cost 6.35 ( I think ) and they get 40 days to comply. when you get it you'll have to go through it and find the rate options letter etc . If you find that you were not offered a tracker rate ,that you should have been entitled to, you could make a complaint to your lenders complaints dept and consider contacting the FSOB and work from there.



This is what I was wondering -I will ask for options letter.

But I was also wondering about the fact that they offered existing business the tracker rates in 2006. So was this to people that had existing mortgages ? And why were not offered one at that stage? 

And why it wasn't offered in 2005 when the gave us an equity release. ?


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## Cilroife (19 Jul 2016)

Thanks for all your input.


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## Sarenco (19 Jul 2016)

Hi Cilroife

My understanding is that, even at the height of the bubble years, all borrowers were not offered a tracker. In particular, high LTV loans (and it sounds like you fell into that category) were not always offered trackers.

It's always a deal.  If the deal you want is available across the road, then walk across the road.  Nobody has to offer you anything (unless they are contractually obliged to do so).

Pining for what might have been will only drive you nuts.  

If you fixed during this period or have any other reason (however remote) to suspect that you might have had some right to a tracker, then it's certainly worth running down the paperwork.  Otherwise, I suggest you put it down to experience and get on with your life.

If you do think you see a chink of light on the basis of your paperwork, I would be happy be offer a view.  You might not like the answer I give you but at least you will have an opinion that you can accept or reject as you see fit.

Hope that's of some help.


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## Bigeric (5 Aug 2016)

Any joy chasing up your data ?


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## Cilroife (20 Dec 2016)

Bigeric said:


> Any joy chasing up your data ?


No they can't find details of our origional mortgage !! Only the 2nd one. The reason they gave is the branch is now closed ! To be honest I haven't been well for a few months and haven't done any more about it. But I think I will now in the new yr.


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## deanpark (20 Dec 2016)

I applied to EBS Jan 2006 for a tracker on an existing top up loan (to PPR mortgage) I had that was on a variable rate. EBS turned me down.    Did anyone manage to convert from a variable rate to a tracker rate for their existing top up loan from EBS in 2006?


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## Bigeric (21 Dec 2016)

Cilroife said:


> In 2004 we took out Ptsb mortgage to build our home. We had a variable rate
> 
> In 2005 need some extra money to finish the house. This was done as a equity release loan - so old mortgage was paid off by the new mortgage.



So, please correct me if I'm wrong , the timeline looks like this.
2004 : Got a mortgage to build a house as new business but weren't offered a tracker even though PTSB have confirmed that trackers were on offer to new business at that time.
2005 : Got a new mortgage ( equity release ) to pay off original mortgage and free up cash to finish the build , again no tracker offered .

It's possible that your 2004 loan was just before tracker availability I don't recall the specific start date for PTSB offering trackers and your 2005 loan wasn't classed new business and it was pre 2006 when PTSB told you they were offering Trackers to existing customers.
However
When did the 2005 loan term finish and what happened at the end of that term ?
Was there a rate options letter for the new loan after 2005 ?
Was a tracker rate included ? if not , why not


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## peteb (21 Dec 2016)

Bigeric said:


> Was there a rate options letter for the new loan after 2005 ?
> Was a tracker rate included ? if not , why not



People already dealt with this earlier in the thread.  There is no obligation to be offered a particular type of product.  So that lack of an offer doesnt mean that you should have been entitled to a tracker at any point.  OP was offered a loan. Accepted said loan and happily went along until they read about people getting trackers back and misconstrue the matter.

they then torment themselves about it.  People have already say no they would.  But yet you want you plod along and give them some kind of hope? Why?  

was a tracker rate included?  if not, why not?  Because the product wasnt offered.  

Here's an easier way.  If you went to motor dealer and wanted a BMW 520 but all they had was a 320 and you decided to buy it, well then you took what you were offered.  you could have gone to the garage next door and got the BMW 520 you wanted.  But you took the other one.  you dont then get to say the garage should have stocked the 520 and given you that, just because they sell BMW's!!


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## Shiobh (23 Jan 2018)

*Hi I am just looking through the posts here and as I am in the same position as you I was wondering if you got any success in your enquiries regarding not being offered tracker mortgage ..I am wondering if there is any point in pursuing this but I do feel that if there was a cheaper option available at the time then my lender should have informed me of this as he was the expert on money matters not me ...*


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## niallmcc (4 Feb 2020)

hi,
put your complaint in to FINANCIAL SERVICES AND PENSIONS OMBUDSMAN.    THE EQUITY RELEASE IS A MORTGAGE/not a personal loan and you should have been offered a tracker. trackers started with PTSB January 2004. once you asked for tracker and it was refused when this option should have been open to you. As a customer ptsb should have being looking after you.  
worth taking a chance,


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