# I lost my tracker after fixing



## mouse1 (20 Sep 2011)

I moved to a variable rate (opted for this on a tick list sent to me by PTSB) when I came off my fixed rate in 2009 after 2 years and we now pay over 6% on our variable rate mortgage. 

I cannot remember receiving any advice or indication that I had lost the right to a tracker by opting for a variable by PTSB. Could I have a right to complain and be reverted onto the tracker, which I should have automatically defaulted onto had I not been duped into taking the variable option?


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## wbbs (20 Sep 2011)

Did you start off on a tracker before you fixed or did you start with fixed?


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## mouse1 (21 Sep 2011)

started with fixed and was to default onto a tracker, but they sent me an options sheet (and I picked a variable, as they gave a cheaper rate - now it's up to 6.05%)


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## ClubMan (22 Sep 2011)

You mean at the end of the fixed rate period they offered you standard variable rate or tracker and you chose the former because it was cheaper at the time but is now more expensive? Sounds to me like you decided to forego the tracker so? Unless the mortgage agreement terms & conditions clarify that you should still be entitled to go tracker? Personally I doubt that you have a case to argue for getting the tracker but I could be wrong and no harm in asking/haggling anyway...


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## mouse1 (22 Sep 2011)

Mortgage contract says I should automatically go onto a tracker, then they approach me with a list. I thought I was getting a variable tracker from this list, but it turns out to be just a variable. 

I wished they would have approached my broker directly rather than me with this information, or given me costings, examples, and the information that I would lose the tracker if I ticked this box. I have no idea why they didn't give me this information, because if they had I wouldn't have ticked anything! I will be haggling, if they would reply to my letter!


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## mouse1 (28 Sep 2011)

Apparently the Central Bank has strict rules requiring lenders to set out in detail and in writing to customers the exact cost of giving up a tracker.

I didn't receive this information, so will be looking for them to put me back onto the tracker!


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## ClubMan (30 Sep 2011)

OK - that's different. I assumed from your post that you were offered SVR or tracker, you chose the former, it was less preferential and you now wanted to go back in time and choose the tracker. If they never offered you the tracker when they should have then you seem to have good grounds for complaint and maybe compensation and reinstatement of the tracker rate. I guess you need to make a formal complaint to the lender and if you get no satisfaction through that channel get a final response letter and then take it to the ombudsman. Be prepared for the process to take a bit of time and perseverance.


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## mouse1 (4 Oct 2011)

Contract said that I should automatically revert to tracker when fixed rate ends. Unfortunately I ticked SVR, the tracker was in fact offered as an option as well. The difficulty I have is that the document didn't explain that the tracker would be lost for good by me taking the SVR option. I hope I have a case, as I feel I have been misled by ptsb - especially with them charging me 6.05% ona 210,000 mortgage!


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## mouse1 (12 Oct 2011)

raglan said:


> Had feedback regarding my case with ombudsman.....had tracker mortgage, fixed after receiving unsolicited letters from bank offering their FANTASTIC fixed rates (naivelywas not aware of implications!!!) and lost tracker.
> 
> I included in my case the press releases found here about the Central Bank rules regarding fixing and implications for tracker mortgages , that banks had to explain clearly the implications of fixingto customer etc... None of this seemed to matter, seemed to be all one sided in my opinion. Not happy but nothing we can do unless I have funds for high court.....at least I tried!


 
This is bad news for me, as I am in the same boat not ticking variable tracker, instead ticking LTV variable - no real information provided about products though, nor (and most importantly) that I would lose my contractural tracker forever!


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## Pyrite-home (23 Nov 2011)

*No MFA ever signed when we fixed from Tracker*

Hello,

Just wondering where we stand we fixed when tracker rates were at 4.8 % and the fixed rate was 4.65 %, we had trouble fixing as the bank ignored our request. Eventually after several emails we were told to send in a letter signed by both of us saying we wanted to fix for three years. We did this, obviously we never thought the tracker was lost for ever when we did this but just as the fixed was expiring the Tracker was taken off the market and we were put back on Standard Variable. Do we have a case for getting our tracker back ? as we never signed a MFA. We have proof from bank that they have no form and several emails back and forth telling us to send in a letter.

Thanks


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## thedaras (23 Nov 2011)

Can I just clarify some things with you,that are not clear to me.
Did you have a tracker?
Did you request to come off the tracker and go on to a fixed rate?

Just because the bank no longer offered trackers,does NOT mean you are not entitled to a tracker if it was in your contract that you were entitled to go back on a tracker.

Many people think that if they moved from a fixed to a tracker that they are not entitled to get the tracker back,but they may be..
If for example you had a tracker that said,you will revert to a tracker after every fixed rate..
Maybe you could post some more information,and/or request all your documents from the lender and have a look at what you signed and also request the documents you signed for the tracker.
Hope this helps.


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## Pyrite-home (23 Nov 2011)

Yes we had a tracker and we fixed by way of a letter not the proper form. When fixed expired we went to variable and they told us we couldnt get tracker back but obviously we never had any formal warning as it was just a letter we sent in saying we would like to apply for 4.65 fixed for three years. Thanks !


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## thedaras (24 Nov 2011)

Pyrite-home, You should definitely write and ask what you options* were at that time.*

When your fixed rate expired,where you given the option of a tracker?

If not,ask why not..its not good enough for them to say they no longer offer trackers,that is irrelevant.

You need to find out if you should have been given the option of going back onto a tracker.

If they say you were not entitled to go back on a tracker,ask them why not..if you are not happy with their response,write to the ombudsmans office.


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## Pyrite-home (24 Nov 2011)

Thanks theDaras. We will send our files to the ombudsman. The banks have written to us and their stance is that they can't find the form but that we would of signed one when we changed from the tracker in 2007 and that form would of said we would revert to Standard variable. However we have emails from the bank telling us to send a letter stating the rate we were applying for and the duration and as such no form was ever signed. What I am wondering is, is that form legally binding ?. Without that form can they tell us we can't revert to tracker.


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## JL_10 (25 Nov 2011)

*EBS Tracker converted to 3 yr Fixed 2006* 

I got my mortgage in 2006 (I believe that it was tracker as it says ECB repo + 1.25%). In December 2006 I fixed my mortgage for 3 years. When I came off the fixed in Dec 2009 I automatically went onto a variable. I wasn't offered anything else.

I have just asked for a copy of my original contract and the fixed form letter from Dec 2006. I have a letter from EBS which confirms the conversion from my mortgage to fixed in 2006 and this letter does not mention anything about going from fixed to variable at the end of the fixed rate. I don't have a copy of the fixed rate change letter/form so I'm not sure if it says that I would switch to variable after the 3 years.

Has anyone had a similar experience with EBS?


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## thedaras (25 Nov 2011)

JL_10 said:


> * I don't have a copy of the fixed rate change letter/form so I'm not sure if it says that I would switch to variable after the 3 years.*


*

You need to get that document! You need to see what the terms and conditions of the contract were, when moving from the tracker to the fixed..
You need to see the tracker mortgage contract,this is vital!*


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## JL_10 (29 Nov 2011)

Received document copies from the bank today, unfortunately the fixed rate conversion form that I signed in 2006 says that the fixed will revert to variable. 

I take it that this form overrides my original mortgage t&cs and my tracker is long gone!!


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## mouse1 (8 Dec 2011)

thedaras said:


> To the posters who had an option of SVR ,tracker etc and who ticked SVR,I cannot see how you could possibly be entitled to a tracker,you had the option and made a choice.
> 
> If you had been entitled to a tracker,but were not offered it,that would be a totally different scenario..


 
I disagree, I feel I was deliberately misled, using terms like "variable tracker" and "LTV variable" without properly explaining them, nor warning that my tracker would be lost was fully intentional. The only warning given was that if you opt for a fixed you may lose your tracker, the same warning did not come with "LTV variable" - in fact I thought I was keeping the variable tracker whilst receiving a LTV bonus rate. Here's hoping the powers that be can see this.


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## thedaras (8 Dec 2011)

And I hope you are right mouse1..
I said in the post mentioned above that "I " cannot see how you could be entitled to a tracker,that doesn't mean others may see it differently.

Can you list the options you were given as its very confusing ..

As far as I can make out,you were on a Tracker.What I dont understand is why you came off the tracker? 
Then you got a LTV bonus rate,with no warning that you may lose the tracker, and you understood that you would be entitled to go back on a tracker? Is that right?


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## mouse1 (8 Dec 2011)

I was on a fixed and should have defaulted onto a tracker. They wrote to me with the option of variable tracker, LTV variable, fixed etc. I ticked the wrong box LTV variable, but was given inadequate and misleading information in my opinion. I live in hope!


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## thedaras (9 Dec 2011)

Ok, I think what happened to some posters including myself,was that having come off a fixed rate, having already been on a tracker,we were NOT offered the option of a tracker at all..


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## ASK12 (9 Dec 2011)

I signed up for a fixed rate with my bank in 2007, never offered my tracker back in 2010 at the end of that, never asked mind you or realised that.

Anybody had experience here where the ombudsman did rule in their favour. Its my next port of call, was on a tracker in '07, signed the infamous MFA with SVR buried in it for a 3 yr fixed.


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## thedaras (9 Dec 2011)

I think a key point some are missing is ,what your Tracker contract says..

It may say that you are entitled to revert to tracker after every fixed rate at whatever %.
If this is the case and you were not offered a tracker,then you should definitely look into it..


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## ASK12 (9 Dec 2011)

Yes, I am awaiting that very contract to do just that, I'd be speculating if I said I had any clue what it says. The bank have refused any idea of offering back a tracker so my guess is its not favourable to me, though that wont stop me reviewing it with a fine tooth comb. I'm very upset about the fact they didnt act in my interests(Yes i'm not surprised I know) I was told they would post out copies last Thursday to me of my Contract letter of offers etc. two calls later I'm told they will be re-issued to me.


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## Pyrite-home (26 Jan 2012)

Just a quick update. We are delighted to hear we will be getting our tracker back. Bank have contacted us to inform us after we took our case up with the Financial ombudsman.


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## thedaras (26 Jan 2012)

Brilliant news!! Well done.


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## kaza (26 Jan 2012)

Pyrite-home that is great news! Do you mind me asking you a questions - I noticed in your previous post you say when you fixed, that you fixed by sending them a letter and not by filling in a form - can I ask did this have a relevance on your case? And if so why?

I am almost certain we fixed this way but I would need to check my documents at home to confirm this. But I know we definitely broke out of fixed and onto SVR this way - so I am just interested if the way in which you move rates matters, i.e. by letter or by filling in correct forms, etc.

Thanks!


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## neddynasty (3 Feb 2012)

JL_10 said:


> Received document copies from the bank today, unfortunately the fixed rate conversion form that I signed in 2006 says that the fixed will revert to variable.
> 
> I take it that this form overrides my original mortgage t&cs and my tracker is long gone!!



Hi JL_10,

I'm pretty much in the same situation as you. With EBS and went from a tracker (Variable rate(tracker) - ECB +1.25% according to the mortgage agreement) to a fixed in April 2007 for 5 years (5.06%). Fixed coming to an end in a couple of months. I have all my docs and went through them. There's nothing in the original mortgage agreement about what happens when changing from a tracker. 

In the fixed rate conversion form all it says is "I/We understand that when this fixed rate period has expired the loan will convert to the applicable variable rate the prevailing" 

If this what yours said?
I'm wondering if this is worth pursuing? I was under the impression it would revert to tracker when we fixed. Wasn't told otherwise. They just sent out the form and we signed it. The quoted line above also doesn't specify what kind of variable it'll convert to, if it's a standard variable or tracker variable.

Maybe I'm grasping at straws here and maybe I'm not.


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## Knuttell (4 Feb 2012)

mouse1 said:


> I cannot remember receiving any advice or indication that I had lost the right to a tracker by opting for a variable by PTSB. Could I have a right to complain and be reverted onto the tracker, which I should have automatically defaulted onto *had I not been duped into taking the variable option?*



I am not really clear as to how you feel you were duped when you say...




> *They wrote to me with the option of variable tracker, LTV variable, fixed etc. I ticked the wrong box LTV variable*, but was given inadequate and misleading information in my opinion.



I am not an expert,however you were among the luckier ones who were offered a tracker on rolling off a fixed rate but ticked the box looking for an old style variable rate instead.

You were very clearly given the option of a menu of choices including the Tracker option.

I think you may be on a hiding to no where on this one,however I am not an expert so do not allow my opinion to stop you pursuing this to its conclusion.

I certainly hope I am proved wrong.


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## Pyrite-home (6 Feb 2012)

Hi kaza, Sorry for late response. Yes we fixed but only by way of a letter and we never signed a Fixed Rate authority form. So therefore we never received a warning that we would loose the tracker. In the end the bank settled our case without it going to the ombudsman.


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