BOI Tracker Rate - Advise on appealing to High Court

[Bronte]

We bought our old home in 2006 and completely renovated it ourselves from own pocket. We were on Bank of Irelands "Premier Banking" corresponce list and were offered a new mortgage in 2012. We didn't realise we were in negative equity at first... but soon realised once we started looking that we were going to lose a lot of money - we lost 50% on the sale of our home in the end. We bought the new house as a "do-er upper" and we thought we might recoup some of the money we had lost.... We thought it might be the only way out for us in the long term after losing €450k on the value of the house. We were repeatedly told we had no tracker on the existing mortgage so we were not going to lose anything by taking out a new mortgage - Bank of Ireland lied. Yes there was a negative equity trade up mortgage available but they insisted we pay off the negative equity on our house instead as it was "cleaner" that way. For anyone who says Trackers are not valuable or it wouldn't be a reason not to move here are the sums; €480k on 4.69% over 26yrs = €352k cost of credit. .

None of this makes any sense.

Your 2006 home is no different to your 2012 home, is that correct?

You had 7 years of mortgage payments paid on the 2006 home, the years when the interest is the worst. You paid to sell your house, auctioneer and solicitor. You paid stamp duty and solicitor to buy. All your savings were used to pay off the Negative Equity in the 2006 house.

And you did all this and moved with two kids to a house that requires vast work.

Why would you buy a house that is the same as your previous house, if it required you to use all your savings to pay off the first house's NE and leave you with a house that requires a lot of money to fix and is no different to your first house.

What do you mean 'you were offered' a new mortgage in 2012? Surely you applied for it?

 

[nonie]

We got bad advise and we are paying the price for it. Bank of Irelands "premier banking" relationship manager was cold calling us in 2012 and advised we would be eligible for a new mortgage. The Bank advised we had no right to a Tracker so the rate wasn't holding us. We are all individuals and some of us not quite so savvy it would appear than others... or at least that appears to be what you are all getting at... ultimately we were conned into a big error by the Bank and they have the last laugh; another customer off a Tracker.