# BoI restoring my tracker at 1.25%



## Charlie byrne (9 Nov 2016)

Brendan Burgess said:


> No. I think that the only lender to identify people so far is AIB.  I think that Ulster has made a provision but has not notified people.
> 
> It may be that BoI and KBC are clean.
> 
> Brendan


Hi I got a letter from boi in may I have been put back on a tracker at 1.75


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## Sarenco (9 Nov 2016)

Charlie byrne said:


> Hi I got a letter from boi in may I have been put back on a tracker at 1.75



Many congratulations!

Could you tell us a little bit about the circumstances of your own case?  Was the position relatively clear-cut in terms of your mortgage documentation and did you previously look to revert to a tracker or complain to the FSO?

I gather that as many as 2,096 BOI borrowers had trackers restored some time ago but I don't believe that was in the context of the current Central Bank mandated review process.


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## Charlie byrne (9 Nov 2016)

Sarenco said:


> Many congratulations!
> 
> Could you tell us a little bit about the circumstances of your own case?  Was the position relatively clear-cut in terms of your mortgage documentation and did you previously look to revert to a tracker or complain to the FSO?
> 
> I gather that as many as 2,096 BOI borrowers had trackers restored some time ago but I don't believe that was in the context of the current Central Bank mandated review process.


Hi to be honest I know nothing about it we just got a phone call out of the blue to say we were one the customers effected and we would be put back on a tracker  when I ring them I am just been told it will be sorted out by the end of 2017


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## Brendan Burgess (9 Nov 2016)

Charlie 

1.75% seems like a very high rate. 

Was that specified in your contract? 

Could you tell us the following: 
1) When did you take out your mortgage? 
2) Were you ever on a tracker? If so, what rate? 
3) Did you break out of your tracker? 

I hope "sorted out by the end of 2017" is a typo? Did you mean 2016? 

Brendan


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## Charlie byrne (9 Nov 2016)

Brendan Burgess said:


> Charlie
> 
> 1.75% seems like a very high rate.
> 
> ...


Sorry 1.25 is the tracker rate took out morgage in 2008 fixed for 2 years never on tracker and they are saying 2017


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## Pinesky (9 Nov 2016)

We're you on a 2 year fixed with a roll over to 1.25℅ tracker ?
Did you take out the mortgage with ICS through a broker or was it with BoI mortgage bank ?


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## Brendan Burgess (9 Nov 2016)

That is really astonishing. 

You were identified as overcharged in May 2016.  And it could be 18 months before you get a refund of the overcharge? 

I can sort of understand why it might take a long time to go through every customer. But once they identify someone who has been overcharged, they should at least refund the overcharge.   Even if they have to wait for some months to get the Central Bank's approval for any offer of compensation. 

You are out of pocket, probably by thousands of euro, and you might not know how much for 18 months.

Brendan


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## Charlie byrne (9 Nov 2016)

Like I said iknow nothing about it they put us back on tracker rate straight away and we  will get the overcharge back in 2017 I don't understand the whole thing would there have been something in the contract


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## Charlie byrne (9 Nov 2016)

Pinesky said:


> We're you on a 2 year fixed with a roll over to 1.25℅ tracker ?
> Did you take out the mortgage with ICS through a broker or was it with BoI mortgage bank ?


With ICS through a broker don't know any more details


Charlie byrne said:


> Like I said iknow nothing about it they put us back on tracker rate straight away and we  will get the overcharge back in 2017 I don't understand the whole thing would there have been something in the contract


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## todo (9 Nov 2016)

Onceagain said:


> Sorry Charlie your getting questions fired at you, but as you probably have read some of us are waiting anxiously for news from BOI, so this is very interesting and yet frustrating. No doubt you were no alone, but BOI are not very forthcoming with the details.  Great news for you, happy xmas




Hi Charlie, 
       Thank you so much for posting your information. I would be very interested to know what the special conditions are on your original mortgage contract state.

Do you know what month in 2008 you took the mortgage out in?

Thanks again for posting! Its most helpful!


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## Charlie byrne (16 Dec 2016)

Sorry only getting back now I had a look at bank details from 2009 when I changed firstly I took out morgage in 2006 fixed for 2 years at 4.39 when 2 years were up we fixed for a further 5years interest went to 6.050 was having trouble meeting repayments that was July Then in feb 2009 we changed to a variable rate of 3.3 it cost 1436 euro to change the was no mention of a tracker in that contract


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## Pinesky (16 Dec 2016)

Charlie byrne said:


> Sorry only getting back now I had a look at bank details from 2009 when I changed firstly I took out morgage in 2006 fixed for 2 years at 4.39 when 2 years were up we fixed for a further 5years interest went to 6.050 was having trouble meeting repayments that was July Then in feb 2009 we changed to a variable rate of 3.3 it cost 1436 euro to change the was no mention of a tracker in that contract



I'd be surprised if an ICS Mortgage issued in 2006 did not have a roll to tracker option . is there anything re margin over ECB in the "special conditions " section ? another alternate reason is that when your original fixed rate expired in 2008 ( pre Oct ? ) you should have been offered a tracker , as other roll over customers were at that time .


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## Charlie byrne (17 Dec 2016)

Pinesky said:


> I'd be surprised if an ICS Mortgage issued in 2006 did not have a roll to tracker option . is there anything re margin over ECB in the "special conditions " section ? another alternate reason is that when your original fixed rate expired in 2008 ( pre Oct ? ) you should have been offered a tracker , as other roll over customers were at that time .


Ur probably right I don't understand the in and outs of it all to be honest I haven't a clue what I am looking at could do with talking to someone who does


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## Brendan Burgess (9 Jan 2017)

Tillymam said:


> Unfortunately the sad reality is what would be the point? I haven't worked hard and paid my bills on time all my life so these idiots could ruin my credit score!



Yes, that is the reality. You would be foolish to cut your repayment unilaterally. 

If you are facing real difficulties talk to BoI about switching to interest only. 

The worst thing you can do is to reduce your repayments and then find, as is the most likely outcome, that they are not agreeing to restore your tracker to you.

Brendan


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## Brendan Burgess (9 Jan 2017)

I know what is reported here on askaboutmoney and nothing further. 

Bank of Ireland has notified a number of people that they are getting their trackers back.
They have told the Dail Committee that 601 people have been identified. 
They resolved their big problem back in 2010 and gave 2,100 customers back their trackers. 

A lot of people seem to be expecting to get their trackers back.  Some who have not heard will get them back, but a lot of people will be disappointed. 

So it would be ill advised of anyone to stop paying on the assumption that they will get their tracker back.

Brendan


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