# Why did ptsb not offer existing SVR customers tracker rates when fixed rates expired?



## Keith Doyle (11 Feb 2015)

H Guys,

I was hoping that you could help us out, I am looking for the date that PTSB starting offering existing Mortgage holders a tracker, I only ask as I took out a mortgage April 2004, I was on a fixed rate untill 18th june 2006 at this time PTSB sent a "offer letter" with only fixed rates and variable rates they state they only started to offer tracker rates to exising customers on "offer letters" from 30th June 2006 and since I got my letter on 18th June 2006 this is why I was not offered a tracker...(I picked the cheapest rate Variable) no more "offer letters" since. I am still on Varible. Can anybody confirm this is the correct date(30th June 2006)? or did they offer anybody else a traker rate on an "offer letter" before 30th june 2006? All help would be great. By the way Ombudsman did not uphold the case for the reasons above.


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## Brendan Burgess (11 Feb 2015)

Hi Keith

Even if they had offered tracker mortgages, since 1999, what case did you think you had? 

You read a letter of offer. You signed it.  They adhered to the terms and conditions.  Had you not liked it, you could have gone to some other lender with your business. 

Alternatively, when ptsb and other banks were offering trackers, you could have switched your mortgage. 

I really can't see what case you were taking. 

Brendan


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## Keith Doyle (11 Feb 2015)

Hi Brendan,

Thanks for the reply
My Case was very simple. The letter received from PTSB Clearly states " Only one option maybe ticked" ( this letter did not have a tracker rate) I am of the belief the 2006 PTSB letter withheld information reference the tracker rate, which in turn did not allow me to make an informed decision on my mortgage terms/options, It was my understanding (at the time) a tracker was not avilable on this mortgage as it was not listed on the PTSB Paperwork issued in 2006. 

If the tracker option was available on this mortgage and PTSB withheld, I felt they had a case to answer  -

Again thank you for the fast reply, what do you think?


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## Monbretia (11 Feb 2015)

I'm afraid this is going nowhere, banks who were doing tracker mortgages for new loans were not obliged to offer them to existing customers, some did at various times but it was not automatic.   Even if they had them at the time it didn't mean it was an option on your particular mortgage type.


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## Keith Doyle (11 Feb 2015)

Thank you  - last post on this issue I promise -  I was not a new Customer, The PTSB did say it was available to me however it did not appear on the "offer letters" till 30th June 2006 and since I got my letter on 18th June 2006 this is the reason it was not listed, I was hoping that somebody got an "offer letter" before the 30th June 2006 with a tracker option. or that I could prove the option was available before the 30th and they sent out old paperwork!!!!! - still no chance? thanks again


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## Bronte (12 Feb 2015)

You are clutching at straws.  They didn't have to offer trackers to everybody.  They can make different offers to different customers.  You were never offered a tracker and you willingly chose another option from your option letter.

(you don't have to make the last reply your last question - it is helpful to others that might be in a similar situation)


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## Brendan Burgess (12 Feb 2015)

I took out a mortgage in around 2002. My preferred choice was AIB. They wouldn't give me a tracker, so I went to Bank of Scotland. 

Why did you not go to one of the lenders which offered trackers? 

You have absolutely no case. 

Brendan


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## Keith Doyle (12 Feb 2015)

Again thank you. - I went with PTSB because I was young and I had independent advice, I hired Professional services, Solicitor, Surveyors, brokers, The PTSB also done the same and these all had my interest first

There was no need for me to worry, they had it under control, This was their business and I had hired them for Professional advice, how could I have known more then them?  They walk - I'm stuck. 
Another reason I went with PTSB is because they are a Building Society and building societies exist to help their members build/purchase their own home.
I felt this was the best place to be: why would a Building Society want to screw over its members. (Not customers).

Again thank you. No Matter - Roll on 65 and I'm Mortgage Free:-(


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## Brendan Burgess (12 Feb 2015)

Hi Keith 

Did you use a mortgage broker?   They should have recommended a tracker. 

ptsb was not a building society at the time. 

Brendan


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## Bronte (12 Feb 2015)

Keith Doyle said:


> I had independent advice, I hired Professional services, Solicitor, Surveyors, brokers, The PTSB also done the same and these all had my interest first
> 
> There was no need for me to worry, they had it under control, -(


 
The second part is where you come unstuck.  The professionals gave you independent advice but they did not have it under control.  It was you, based on their advice that made your decision as a full thinking informed adult.

Your choice was not actually bad, you didn't have a better choice unless you were able to go to another lender who a) had a tracker b) had a good tracker c) you were eligible under their criteria for the tracker etc etc etc.  There are so many variables.

While I've no time for banks I don't see why you are stating that the PTSB 'xxxxed' you over.


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## Bronte (12 Feb 2015)

Brendan Burgess said:


> Did you use a mortgage broker?   They should have recommended a tracker.


 
This might not be true and it could also be true with hindsight of us all knowing now how good trackers were.  But Keith might have been in a situation of needing to get a mortgage over the line and the broker might have been working on that basis.  There is a lot more to it than just a simple straightforward tracker is best.  Your deposit, your track history your job etc all come into play.


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## Brendan Burgess (12 Feb 2015)

Bronte said:


> This might not be true and it could also be true with hindsight of us all knowing now how good trackers were.



Good point.  But perhaps a broker should have at least laid out the options for the OP and then let him decide?


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