BoI told me that they were no longer doing trackers, but they were. Have I a case?

M

mercman

Guest
I have an interesting case in relation to a Tracker Mortgage, where in 2008 I was remortgaging a property for Commercial purposes and I was offered a mortgage on a Tracker rate. However, with all the legal paperwork for the reason and the remortgage, I missed the expiry date by two days and therefore drew down the money on an SVR Mortgage. I questioned this for a couple of days, but was told the Bank were no longer doing Tracker products. However I know of persons who have many older mortgages but when their period of fix expires they automatically go on to Tracker mortgages. The same bank that :I used have plenty of customers that have ended their fixed time periods but are now on trackers. Also in my case the SVR mortgage has increased by €700 per month for the last 5 years. Is this worth contesting as the same Bank declined me a mortgage on a tracker but issue mortgages on new trackers to others. As a point of note I have never missed a repayment in this particular case or on any of my commercial property loans. Opinions please.
 
Per your own account, you were offered and accepted an SVR mortgage. To be blunt, what's your complaint?

You were obviously unfortunate with your timing but such is life.
 
Yes, unfortunate or not, when you're told no more trackers is fine. But when you see fixed SVRs on majurity turn into trackers they are not finished at all.
 
But didn't the relevant fixed rate mortgage contracts entitle the borrowers to revert to trackers on the expiry of the fixed rate term?
 
Yes, but according to my time and date calculation I was within my time frame but the Bank classed a Bank holiday as a normal business day.
 
The older ones maturing were entitled to the tracker because it was on their original deal, you never got the original deal so even though the banks had stopped offering trackers to new drawdowns they had to honour it on existing contracts.

The time issue re the bank holiday is a different issue.
 
Hi mercman

Fully agree with Sarenco and Monbretia on this.

You missed the deadline for the offer, so it expired. On the date you took out the mortgage, BoI were no longer offering new customers trackers. You could have voted with your feet and borrowed from another lender. But you signed the contract, knowing that it was for a SVR.

The bank holiday case is interesting. But you should have challenged that at the time. It depends on the wording of the offer. If it said 28 working days, I would imagine that bank holidays should be excluded. If it said 28 days, then it would include weekends and bank holidays.

Brendan
 
At no time, did I mention BoI were the Bank in this particular issue. It's another Bank for which I'm awaiting my papers from storagew to add further comment.
 
HI Mercman I don't see how you have a case at all. Not based on what you posted. Banks don't have to offer trackers to everybody either, lots of people chose different products, that's why there are so many products, fixed, variable, tracker, introductory rate. You apparently had as an option a tracker, by a certain date, you didn't take it on time and that's a decision you made.

With all the other things you seem to be fighting is is really worthwhile getting documents out of storage and staring a new legal battle.
 
I too thought that Bank of Ireland was being referenced. This is because this thread is called "BoI told me that they were no longer doing trackers, but they were. Have I a case?"
 
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