EBS would not now give you a mortgage of €350k at ECB +1.05%
Can BDO demand that EBS give a mortgage of €350k at ECB +1.05%. because of the circumstances and timing? (i.e. if I was selling that same house now and buying my new house I could transfer the tracker mortgage for a large portion of the new house without question)
Presumably you were deemed to have voluntarily sold your home and not because it was caused by the loss of the tracker.
BDO/EBS did not accept a direct causal link to the sale of the home, despite my arguments, and I was awarded a lower compensation amount. I was never in arrears or had my mortgage re-structured, but only because I sacrificed all other choices with the emphasis on paying my mortgage, no matter what. While the house was a voluntary sale at the time, it came about as a result of the constant high repayments .
The constrained choices I had at the time were solely and directly related to my largest outgoing being over-charged, by almost 50% and I would never have made the decision to sell if I had any financial breathing-space to avoid it.
Did you make that argument to the Appeals Panel?
I made my argument to the appeals committee but with emphasis on the loss of the house and pension opportunities and the personal loss etc. While I did point out the existence of my present home mortgage and the loss of tracker I did not elaborate or go into detail.
Were you in arrears when you sold the property?
No I never had a single month arrears throughout the many years of overcharging to the loss of so much else.
Had your mortgage been restructured?
The mortgage was not restructured
In 2012 I engaged with EBS and presented financial plans to sell the house as the cost of the mortgage was proving unsustainable. At the time 56% of my take home pay was going to service my mortgage. (vastly in excess of the 40% maximum recommended ratio.) This was an active part of my discussions with EBS, and EBS had a comprehensive awareness of the impact of overcharging on me at this time. I thought I had no other option only to sell that point and EBS did not suggest otherwise.
Did you get any help with making your appeal to the Appeals Panel?
No, unfortunately I did not get help with the appeal
Perhaps I could have pushed more for the consolation of the 2 mortgages previously but do you think there is a way forward or opportunity to do this now having accepted the token appeal offer compensation?
Many thanks for your suggestions