Hi Brendan,
Thanks for your response. I appreciate advice is difficult in absence of further information on the circumstances.
Please note there was no fixed rate entered into at all. A discounted tracker rate was applied for first 12 months. Under the Special terms and conditions of the Letter of Approval, it stated after the discount period, the prevailing ptsb Tracker rate would apply. within these special terms and conditions, no reference was made to a standard variable rate or any other rate being offered on expiry of the discounted tracker period.
12 months later a range of fixed rates were offered together with a low SVR (3.65%) and a 3.25% over ecb rate LTV Tracker. (4.25%). the letter referred to potential that tracker rate may not be available after fixed rate period. No warnings over selection of the SVR.
I have two concerns:
1) why were these range of rates offered after 12 months when the original t&c's stated that prevailing tracker rate would apply after discount period.
2) why was such a low SVR quoted in late 2009 when prevailing tracker was much higher?
taken together, was this a fair and correct treatment of a customer when we know at that time Banks were actively trying to withdraw trackers.
Is there cause for complaint to PTSB?