# Got ptsb tracker redress, but traded up in 2015.



## RYANA2 (15 Apr 2018)

Hi, Hoping I can get some advice from people who know! 


We have recently received redress from PTSB. Very brief synopsis of our time with PTSB :

°drew down mortgage in 2007 on 2 yr fixed rate. 

°2009 received letter giving us our new rate options, we were offered a tracker, LTV and a couple of other options. We chose LTV rate as it was the lowest on the page. 

°continued on this LTV rate to when we sold property in 2015, rate fluctuated during these years. I have all my mortgage statements, so I can detail the fluctuations if needed.

It is off the back of this letter that we have received the redress as PTSB deemed that they did not give us adequate information or advice on our options at the time. And I guess, for us we just went with what looked to be the lowest rate on paper. 

In 2015 we sold that property, and took a significant amount of negative equity with us to our new home.

Our current rate is 4.3% (we didn't get offered a new rate when we sold and acquired new mortgage, we just were told that we had to carry on with the rate we were currently on at that time) and my question is, do you think as part of our redress we should be offered a new better rate? EVen though we have a whole new mortgage account with them?  ? I feel that the rate we're currently stuck on is as a direct result of the incorrect / misinformation that PTSB offered us back in 2009. 

I welcomed the redress, but what is the point of the redress if I am still paying above what I should be.

I would like to approach them and put this to them but I don't have the knowledge or the skills to word this correctly.  What do you think I should do?

Also I have the original letter (the offer letter sent back in 09), and I've requested from PTSB a copy of this letter multiple times and they've yet to send it to me. I requested it just because I wanted to make sure they had this letter, as all correspondence about the redress from them, has always been vague when it came to facts and figures! It made me wonder if they even had this offer letter!

THANK YOU IN ADVANCE


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## peemac (17 Apr 2018)

Unless you can prove that the primary reason for selling the property was due to the high interest rate, there's not a lot to go on as a mortgage does not transfer from property to property.

4.3% is very high and there are plenty of other options out there with other lenders for switching. - Even letting ptsb know you are switching may elicit a better rate. Maybe talk to a broker who can run through your figures. 


You could appeal the compensation amount stating that you would not have sold if you still had the tracker rate and look for additional compensation for the future loss.


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## Brendan Burgess (17 Apr 2018)

RYANA2 said:


> °continued on this LTV rate to when we sold property in 2015, rate fluctuated during these years. I have all my mortgage statements, so I can detail the fluctuations if needed.



Hi Ryan

Let's imagine what would have happened had  ptsb given you the correct rate back in 2009. 

In 2015, you would have probably still traded up. 

But had you traded up, then you would have qualified for the ptsb tracker mover product.

So you would have carried your tracker to the new property and paid an extra 1% on top of the tracker rate. 

Ptsb is obliged to put you back in the position you would have been in, so I think that they will probably agree to back date this rate to 2015. 

I think you should ring them first and ask them about this rather than put in a formal appeal.

Brendan


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## RYANA2 (17 Apr 2018)

Thank you Brendan, when I originally brought this up to one of the 'redress' team, she dismissed me, saying new mortgage had nothing to do with redress. But I will persist and ring again tomorrow and put it as you have above. They are obliged to put me in the position I should have been in from 2009, so the new account IS connected by way of the 'ptsb tracker mover product'

THANK YOU. 

Will advise their response.


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## Cmr270 (18 Apr 2018)

Hi Ryana2, do you mind if I ask about the circumstances of your redress offer. Did you switch out of the fixed rate before natural expiry or did you just receive the standard options letter at the end of the fixed term and choose the variable rate? This also happened to us with Ptsb but we have received nothing? Were You entitled to a specified tracker rate in your loan approval letter? Was the reasoning that they didn’t warn you that not taking the tracker at that point meant you would loose the option of it for good? Sorry for all the questions!!


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## ns20413 (23 Apr 2018)

Hello, also very interested in the terms of redress. I was also offered a tracker and a variable in 2009 and chose a variable due to the tracker being more expensive. PTSB told me I was not included in the redress.


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## Somar (26 Apr 2018)

Hi Ryana2

I, similar to you drew down from PTSB in 2007, 2 yr fixed and received options letter in 2009 and also choose LTV as again was also cheapest on page.
Glad to hear you received redress and compo first of all and best of luck with the next phase.
I am just curious if you broke from your fixed rate early or was it due to expire when you received options letters and if you had any special conditions on your original letter of offer in relation to the end of your fixed term period.
Sorry also for all the questions but it appears there are many of us in this cohort whom PTSB are deeming not impacted.


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