I really need to see the forms we signed don't I?
On the loan offer letter it states the rate is 3.25 Base and (3.3 apr) which I can only assume was a tracker rate as it does not say fixed or varible.
Possibly - I think the first thing you need to do is dig out your mortgage contract & fixed rate documents and see what they say regarding the tracker & fixing - you'll have a good idea once you read those and can proceed from there
I think you have a good case.
At face value when you fixed, you were accepting an option within your tracker agreement to fix for a period of time.
After that time you were entitled to expect to return to tracker.
I suggest you raise a complaint with the financial ombudsman fsob.
Also email the central bank to bring it to their attention.
Also contact a solicitor or eg Padraic Kissane.
I think you have a good case.
At face value when you fixed, you were accepting an option within your tracker agreement to fix for a period of time.
After that time you were entitled to expect to return to tracker.
I suggest you raise a complaint with the financial ombudsman fsob.
Also email the central bank to bring it to their attention.
Also contact a solicitor or eg Padraic Kissane.
We also moved from tracker to fixed rate with ebs in 2006. Fixed rate conversion form said we would return to the "applicable variable rate then prevailing" on expiry of fixed rate, we thought this would be the tracker as that was our applicable rate. Went to the fso who ruled with the bank as our original loan offer stated you could move from the tracker only once in the life time of the loan. Felt it was unfair as this info was not highlighted again in the fixed rate conversion form. We did not look at original loan offer when fixing, our mistake in hindsight - on svr now.
We also moved from tracker to fixed rate with ebs in 2006. Fixed rate conversion form said we would return to the "applicable variable rate then prevailing" on expiry of fixed rate, we thought this would be the tracker as that was our applicable rate. Went to the fso who ruled with the bank as our original loan offer stated you could move from the tracker only once in the life time of the loan. Felt it was unfair as this info was not highlighted again in the fixed rate conversion form. We did not look at original loan offer when fixing, our mistake in hindsight - on svr now.
But that's attributing what we know now to 2006! They weren't trying to get rid of a tracker at that stage, the real advantage of getting customers to fix for 5 yrs in those times was to stop them switching, you had tied in your customer for 5 yrs, switching was big business at the time.
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