# Should I be part of the scheme?



## johannon (8 Sep 2015)

I feel completely deflated and vulnerable.  In 04 we drew down a mortgage of 154k and never offered a tracker.At end of year 1 we fixed again for a 3 year fixed which I fixed on maturity in July 08 for 2 years on 5.7. 
I was offered a tracker then currently 5.5 but as my mother was dying ar that time i wanted security in payments and foolishly fixed.
In 07 i topped up the mortgage for 128k and was never offered a tracker but was told the rate was only variable or fixed. I fixed for 2 years at 5.15.
I had heard that rates were better unfixed and foolishly requested to break out of fixed rates in both accounts to 80 percent Ltv variable rate. I got no letter then advising me.
In 2010 with rates escalating I requested alternatives only to find fixed rates between 5 and 6 percent.
I advised ptsb that I wasn't offered a tracker and they stated that I was in July 08 on my first mortgage and that Irequested to break out of fixed rates in 08..  This seemed to be the only option at the time. Have I any case to proceed?


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## Brendan Burgess (21 Sep 2015)

1) Check your mortgage contract. Does it say that you are entitled to a tracker? If not, then you are probably not entitled to a tracker.

2) "I was offered a tracker then currently 5.5" . When was that? If you were offered a tracker, and choose to fix, it's very unlikely you have a case. 

To be honest, the story is so confusing, it's hard to advise. 

You should probably contact Padraic Kissane and see if you have a case.

Brendan


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## kbsilver (1 Oct 2015)

Hi All,

We have a mortgage with PTSB since 2006. Our original loan offer was for a 2 year fixed rate after which we could move to another fixed rate or a variable rate.

After expiry of the fixed rate , on 23/06/08 we received a letter from PTSB stating that ‘ in accordance with the terms of our loan, the rate of interest has been amended to a tracker rate currently 5.25% (ECB+max 1.250%). The loan automatically reverted to this as we had not responded to an options letter.

We then sent through an options letter a few days later to say we wanted to fix for three years. The options letter had a tracker option also at 5.25%. We assumed on the basis of the letter dated 23/06/08 that we would again on expiry of the second three year fixed rate automatically revert to the tracker.

We then broke out of the fixed rate early with no breakage fee and at this point the only option was the variable rate.

We sent a complaint to Ombudsman in 2011 :

The first complaint is that the bank acted wrongfully and unreasonably failed to allow the Complainants to revert to the tracker rate of ECB+1.25% following on the expiration of the fixed rate.

The second complaint is that the bank acted unfairy and unreasonably in failing to warn the complainants in 2008 that the tracker rate would not be available to them at the expiration of a fised rate term and the complainant have suffered a loss as a consequence.

The ombudsman at the time found the complaint to be unsubstantiated.

We have not been included in the redress programme.

I still feel with should have reverted to the tracker rate based on the letter of 23/06/08.

Do you think we have any case worth pursuing?

thanks


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## peteb (2 Oct 2015)

Why would you think they should have reverted with a tracker in the letter? The product may not have been available at the time.  so therefore wasnt offered.  so unless it was in your original contract - which is unlikely as you started on fixed rate, i think you may be out of luck.


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