# Lender tells me that they should have offered a tracker when the fixed rate ended



## thedaras (19 Aug 2011)

Hi all, Im a bit in shock at the moment,,and really need some quick advice.

I have posted that I understood that I was entitled to go back on a tracker mortgage,having come off a tracker and onto a fixed rate,the fixed rate ended,and they didnt give me the option of going back onto a tracker.

I requested all this in writing from the bank and have those letters.

The variable and fixed rates they offered me,where enormous and quite frankly I couldnt afford them.

I had no choice but to find another bank who would take me on,which I did in the end.
Im now with another bank.
Heres the science..I just got a phone call from my old mortgage lender,to say that in fact I should have been offered a tracker,and they are now going to refund me the difference..which isn't huge..

I have said I always believed I was supposed to be offered a tracker,and was forced to move mortgage lenders because they wouldn't give it to me,that I wasnt happy about it and would have to look further into it..
Any advice please,would be greatly appreciated..


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## Sunny (19 Aug 2011)

Shocking. Tell them they can either pay for you to switch back to them onto a tracker or they can compensate you for the difference between the tracker you would have been on and rate you are paying now. You will probably have to go through the whole complaints process but don't give up.


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## Brendan Burgess (19 Aug 2011)

dara 

That is great news really. 

As Sunny says, I think that they will have to take you back on the old tracker rate and pay you any costs incurred in the meantime. 

They won't want to do this, but the Ombudsman would oblige them to as there is no other  way to measure your loss.

Ask for this up front and then negotiate a settlement figure. 

Brendan


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## thedaras (19 Aug 2011)

Thanks guys ,am truly shocked as I fought so hard at the time to get back on the tracker and they insisted that I wouldnt get it and I have all the communication in writing.
I had to go through a whole new mortgage application and life insurance,plus part of my mortgage was interest only for three years,which the new mortgage lender wouldnt give me,so obviously I had to pay out more for that.
Problem now is,that Im fixed for three years with the other mortgage lender!
I will keep you all posted on what happens,and hopefully some others will also benefit..


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## suzie (19 Aug 2011)

Before you do anything, make sure you follow that phone call with written confirmation from the old provider.

S.


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## Brendan Burgess (19 Aug 2011)

thedaras said:


> Problem now is,that Im fixed for three years with the other mortgage lender!
> .



No problem at all. If you switch back, they will have to pay the penalty. 

If you are paying a higher rate than you would otherwise have had to pay, they will pay you for that. 

You are in a good position. Especially with the writtten record and their admission. 

It might be good to get their admission in writing and their proposal on how to deal with it first. 

Brendan


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## thedaras (19 Aug 2011)

Great thanks.they have made me an offer ,a very small one,and its in the post..Ill wait with bated breath until then!


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## DonDub (20 Aug 2011)

Just looking through your thread thedaras and wonder on what grounds are they reverting you to a tracker?
 Are they saying you have a case based on what it said it your contract?
Or are you one of the" misclassified"?

I had a similar issue, when I wrote to them I asked if I should have been offered a tracker,I had a tracker in 2006.but not originally,then went to a fixed for five years ,when the five years was up October 2010,they said I couldnt go onto a tracker again as they were no longer available.

I wrote to them and they sent it to their head office and the reply came back stating I didn't have a case as they were no longer offering trackers.At the end of this letter they said I could take it to the Ombudsman (or FR,cant remember which one,) within 15 days of recipt,but as they were so determined that I wasnt entitled to a tracker,I didnt go to the Ombudsman.


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## Brendan Burgess (20 Aug 2011)

Ombudsman gave thedaras back his ptsb tracker


PTSB told me I wasn't entitled to a tracker, so switched to another lender. Ombudsman upholds my complaint

http://www.askaboutmoney.com/showthread.php?t=153377


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