# Query re; fixed/tracker rates on renewal in Dec 2011



## South the head (23 Oct 2017)

My mind is boggled from reading post about the Tracker scandal, and especially the past few weeks when so much has come to light on same, perhaps you could offer us advice.  In December 2006 we got a letter offer from our Bank, PTSB, offering us the options of 3 different fixed rates, standard variable rate or tracker rate.  At the time, we accepted a 5 year fixed rate, and i was told verbally by our then bank manager that a tracker rate would be available to us at all times over the next 5 years should we wish to change.   Then in December 2011, when our 5 year fixed rate term rate ended, we again received a letter from PTSB stating that our fixed rate period had now expired, and they were offering us 2 different fixed rate options or LTV variable rate.  At that stage we wrote to the Mortgage section of PTSB to enquire if a tracker rate was available to us, and if not to point out the clause which indicates same and the reason.  We received a letter from PTSB stating that they had stopped offering tracker rates in August 2009.
Could you please confirm to me if this is true?
We personally feel that PTSB was in breach of consumer protection code by not informing us in August 2009, when we were on a contract with them, that the tracker rate was being removed, and that this option would be no longer available to us.
Would appreciate your professional advice.


----------



## Stitcher (23 Oct 2017)

What was your original mortgage before 2006 that required an options choice to be made? Or was the 5 year fix the first mortgage? I don't think anyone saw trackers disappearing in 2006.


----------



## random2011 (23 Oct 2017)

This was similar to our situation. Our fixed rate with PTSB expired in 2009 and our options were fixed, SVR and tracker at 3.25% above ECB. We choose SVR which was cheaper at the time and lost our tracker at that stage. Although the options letter did not state we would be losing tracker forever if we selected the SVR. Within a month the SVR rose and within a year was over 5%. Horrible tactics


----------



## South the head (23 Oct 2017)

Our original mortgage was a standard variable rate which we took out in 1999.  Then in Dec 2006, PTSB wrote to us offering us different options rates, as per my original post.  We opted for the 5 year fixed at that stage, but my gripe is why were we never told during those 5 years that the option of tracker rate on review in Dec 2011 would no longer be available.  When i questioned it in Dec 2011, i was told by PTSB that tracker rate was removed in Aug 2009. After reading hundreds of blogs on this matter over the past 2 years, i now wonder were tracker rates in fact ever removed?


----------



## Stitcher (23 Oct 2017)

South the head, 
sounds like you never had a Tracker. You had a SVR then chose a fixed rate rather than a Tracker. Trackers were no longer available to new customers from mid 2008 /2009 but those on Trackers still had them of course. 

Random 2011,
 did you start out on a fixed? Or did you move from a Tracker to fixed?

Most of the issues here are people who had low % trackers, and who were offered much higher% trackers or lower SVRs to force them off their trackers.
Not sure where your type of case fits in, if it does,  as to me it looks like you never had a Tracker so may not be considered as affected.


----------



## random2011 (23 Oct 2017)

Started out on fixed for 3 years with option to go.on tracker on expiry. However no tracker margin specified in loan agreement and was to be prevailing tracker upon expiry. So we completed the 3 years and the tracker was 3.25% above ECB of 1% for a rate of 4.25% in 2009. The SVR in 2009 was 3.67% so selected that and lost future option of tracker. My main beef was the high tracker margin.of 3.25% but also when we opted for the SVR we were not told the tracker would not be available again


----------



## Somar (23 Oct 2017)

Exact same position as you Random 2011.
Started 2 year fixed in 2007 to roll onto tracker for lifetime of loan.
Options letter in March 2009 had 3 options: fixed, svr, and tracker at 3.35% above ECB rate.
SVR was best rate at the time of course as PTSB had "manufactured rates" added to their tracker rate to keep it slightly above their SVR to entice as many as possible off trackers.
No mention either of course that the tracker may not be available at a future date.


----------



## South the head (24 Oct 2017)

Stitcher;
Even though we didnt chose the tracker rate in Dec 2006 when we fixed our rate, we were at the time told that we were entitled to change to a tracker rate at any time during the duration of the following 5 years until Dec 2011 when our fixed rate expired.  However we were also told in Dec 2006 that a tracker rate would be available to us when our fixed rate expired, however this was not the case.  Something just not right about the whole thing.

Genera;
It appears to me from reading above posts & lots of other posts & threads on this subject over the past 2 years, that PTSB just picked & chose their rates @ random, as every scenario around and about the same years seems to be different rate offers & conditions to individual customers. There seemed to be no particular rules or regulations. Anybody agree with me?


----------



## Monbretia (24 Oct 2017)

See I don't see this as the same thing as those who did not receive back trackers that were in their original loan offers.  You were told that on expiration of your fixed you could go for a tracker but when it came to it they didn't exist anymore.   This to me is similar to asking could you avail of another say 3 yr fixed on expiration of your existing fixed rate and then their not being a 3 yr option available or maybe any fixed when the time was up.

I always answered that question of 'can I go for another fixed when this is up' with yes you can IF they are are available, it was never guaranteed that what was available at any given time would be available in future unless of course it was written in your loan offer.  Product offerings changed all the time.


----------

