# ptsb - offered fixed or tracker, chose fixed.



## shinners82 (6 Feb 2015)

Moved from another thread




Niamhb83 said:


> Hello, I have a query on Ptsb tracker that I'm hoping ye can help me with. We took out a mortgage in 2008 and we were originally put on a one year fixed interest rate and then after the year to be put on a tracker. In May 2009 we were sent a letter with different options for us to choose from,  one which included a tracker rate. There was also a variable option which was lower than the tracker so we chose the variable rate. There was nothing in the letter stating that we would not be offered a tracker ever again. In July 2010 when the variable rate had risen we request a list of interest rate options and the tracker was not included in this so we chose a 2 year fixed. So my question is do I have any rights to try and get my tracker rate back??



I'm in the same boat as you niamh, did u get an answer to your post???


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## shinners82 (6 Feb 2015)

Niamhb83 said:


> Is your situation the same as mine?  We are currently on a rate of 5.75 and paying almost 1500 a month for a house that's worth half the price we paid for it. It sickens me to think of how different our lives would be if we were on the tracker.


Bought my house in 2006 was fixed for one yr, got the rates over breakdown letter , they had tracker but I picked 5yr fixed @ 5.5 that finished in 2013 rang them they said I wasn't intitled to go on tracker I'm on variable, oh God stop its absolutely sickening I can't even mention the word tracker without feeling sick. I rang them also and was told in and around the same.


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## Brendan Burgess (9 Feb 2015)

shinners82 said:


> Bought my house in 2006 was fixed for one yr, got the rates over breakdown letter , they had tracker but I picked 5yr fixed @ 5.5 that finished in 2013 rang them they said I wasn't intitled to go on tracker I'm on variable, oh God stop its absolutely sickening I can't even mention the word tracker without feeling sick. I rang them also and was told in and around the same.



shinners

I have moved your post from another thread, as your case is not the same as Niamh's?

Niamh was offered a tracker, but chose an SVR instead.

In 2006, you were offered a choice of tracker or fixed, and you chose fixed. Fair enough.

In 2013, on completion of the fixed term, you should have been offered a tracker, and were not. So you are entitled to be put on a tracker from 2013.

Brendan


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## shinners82 (9 Feb 2015)

Wow do u think so Brendan?? Even though I choose fixed , can u guide me in what I should do , because about 6 mths before my fixed expired I rang ptsb to ask if I was intitaled to a tracker and I was told no.


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## kaza (9 Feb 2015)

shinners82 look at the terms and conditions attached to your Loan Offer - they might state something along the lines of "at the end of fixed..... to be returned to a tracker rate". That is the important part - if your original loan offer says at the end of a fixed period you are to be offered a tracker rate. If it does state that, then the next important part is to read the terms and conditions thoroughly to see if it states you are to be returned to a tracker at a certain percentage above the ECB or a tracker at the prevailing rate (which means PTSB can offer you ECB + 4%).


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## shinners82 (9 Feb 2015)

Just read over your post there again Brendan just to make it clear I never had a tracker mortgage , bought my house in 2006 it was fixed for two yrs in Sept 2008 got the rates letter there was a tracker on it but I choose 5 yrs fixed. Whitch finished in 2013 and I wasn't offered a tracker so went on variable which I'm still on


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## Brendan Burgess (9 Feb 2015)

Hi shinner

The first thing you must do is to look at your letter of offer/ mortgage contract.  What does it say? 

Brendan


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## shinners82 (9 Feb 2015)

Brendan I have my agreement for housing loan in front of me , it doesn't say anything about tracker , it says effect on amount of instalment of 1% increase in first year in interest rate : EUR 199.59 this is the amount by which the instalment repayment will increase in the event of a 1% increase at the start of the year in the interest rate on which the above calculations are based. It also says apr 4.40% havnt a clue if this is what I should be looking for. I rang ptsb and requested my loan contract


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## Brendan Burgess (9 Feb 2015)

It's unlikely that you ever had a tracker, so they are under no obligation to offer you a tracker. 

You should be looking for one of the following wordings 

_The interest rate applicable to the loan will not be more than 1.1% over the ECB financing rate. _

or 

_On expiry of the fixed rate period, and where the applicant chooses the option of a tracker mortgage interest rate, the interest rate applicable to the loan will be the tracker mortgage rate appropriate to the balance outstanding on the loan at the date of expiry of the fixed rate period._

If you don't have one of those, then you were never entitled to a tracker. 

Brendan


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