# Possibility of getting a tracker option now?



## ali (20 Jul 2010)

I imagine I know the answer to this question but I was out with a friend of mine yesterday who showed me a letter of offer from EBS to change their variable rate mortgage to a tracker rate of ECB + 1.1%. The letter is two years old. AFAIK EBS is no longer offering trackers like the other banks, however this offer is in black and white from EBS and mentions no expiry date on the offer.

Is there any chance he would be able to force them to honour the offer?

He hasn't made any contact and sees it more as chancing his arm which I guess is true.

Anyone feel he has a leg to stand on?

A.


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## aristotle (20 Jul 2010)

Not a chance.


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## VOR (20 Jul 2010)

He should look at the terms and conditions. Unless he is coming off a fixed term and has it in writing in the loan offer that a tracker will be offered then I don't see what hope he has. 
I have a friend who came off a fixed rate with PTSB and got a tracker. It was 3.5% above ECB but a tracker nonetheless.


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## ali (20 Jul 2010)

No, VOR he wasn't coming off fixed rate, he just got a letter with the offer that they were extending to anyone with mortgages over €250k . No expiry date on letter and his mortgage account no. is stated.  I'm a bit dubious myself but I wonder if anyone feels the letter offer could be enforced at this late stage?


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## LDFerguson (20 Jul 2010)

This is how I'd imagine the dialogue would go....

Friend: "I'd like to avail of this offer please."
EBS: "Sorry, we don't offer trackers any more."
Friend: "But it doesn't have an expiry date on the letter."
EBS: "Neither does it say anywhere that the offer is available indefinitely."

At this point, your friend has the option to complain to the Financial Services Ombudsman or possibly the Financial Regulator.  If not satisfied, s/he can commence legal proceedings against EBS.  

Personally I don't think s/he has a hope.


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## ali (20 Jul 2010)

Thanks LD, I reckon that's it in a nutshell

A.


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## twofor1 (20 Jul 2010)

Even just to see their reply to your friends acceptence letter would be worth the stamp.


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