Key Post Have you an SVR mortgage with Danske Bank?

Hi there,

Saw the Dankse headlines in the Indo today, hence this post.

We have a variable rate mortgage with Danske. We started on a 3 year fixed rate mortgage and then moved to the variable rate, which we have been on ever since (no option in mortgage contract document to move to tracker).
The mortgage contract document is dated 30/03/06 and we made the first payment in June 06 (fixed rate ended May 09).

Section 3 of the terms and conditions states the the 'rates of interest are altered in response to market conditions'.
Could we still make a claim similar to the Millar case, and if so, how would we go about it?

Any advice appreciated.
 
Hi Ask

Wait until the Supreme Court gives its decision.

You are complaining about the generally high SVR rate. Not about something which happened in May 2009. If you have a case, you can claim for the last 6 years.

I suppose , if you wish, you could start the complaint now by writing to Danske.

Brendan
 
Thanks Brendan.

Is there any indication yet on when that decision will be made?

Also, if we decide to go ahead in the meantime and write to Danske/Pepper, is there any particular wording/template we should be using, or anyone you can put us in touch with for advice on letter wording?
 
Brendan Burgess said:
Wait until the Supreme Court gives its decision. You are complaining about the generally high SVR rate.
Click to expand...
I drew down a Danske mortgage in Oct 2012. In May 2013 they bumped their rate by 0.6%. This brought my SVR to 4.50% (4.95% less 0.45% Prestige A/c discount). My loan agreement does state that the "rate is subject to variation from time to time in response to market conditions". If the High Court decision is upheld will I have an argument for a reduction is SVR from Danske/Pepper?
 
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Does anyone know when this decision is due and is it the final word on it or can it be appealed further?
 
I have just re-read an e-mail I sent Danske Bank in 2011 regards a query I made about my variable mortgage.

I took out a loan with them in 2010 and the options were 3.4% or 3.15% if my loan to value rate was <60%. I qualified for the 3.15%. In November 2011, when the ECB rate was reduced from 1.5 to 1.25 %, they increased the variable rate by 0.95%. In addition to this they removed the loan to ratio concession. I therefore went from 3.15% to 4.35%.
There has been a further 0.6% increase (In 2013 I think) at a time when the ECB rate fell further, bringing my rate to 4.95%. I think I qualified for a 0.2% reduction because I had an EasyPlus account. Therefore I am paying 4.75% where I could be still paying the original rate of 3.15%.
 
Brendan I lost my case with the Ombudsman in January 2014 despite a hard fought case - they basically told me that Danske Bank were within their rights under the contract that i had signed up to - to charge whatever they wanted.
I gave as much evidence as i could re the falling ECB rate at same time as DB were on the rise. DB had the cheek to say their rates were competitive even though I produced evidence sourced from askaboutmoney to show they were the highest in the market. The FO failed to refute this false claim and told me that i would have to take this up with the High Court.

Do you think I should go to the next stage and fight them in the Courts? I am paying 4.95% - 99 times the ECB rate!
 
Hi,


just copying just copying our post from thread on "New hope for borrowers in variable rate nightmare".

We wrote to Danske last month with the same mortgage query on the 'market conditions' clause as the Millars. Danske replied that they they were satisfied they were fully compliant with this clause in our mortgage agreement, as the loan is not a tracker and rate adjustments are not linked to the movement of the ECB rate. We are looking at writing to FSOB next, although guess they will just await the outcome of the Millar's case like the rest of us.


Brendan, I heard this morning about the govt plans to put pressure on banks to reduce svrs, should we also consider writing to TDs, even though I don't think Danske received any bailout money?
 
Hi
I have a variable rate mortgage with Danske, and I'm just wondering is there any info available about where they stand regarding a possible lowering of their interest rates?

I know the court case is ongoing at the moment, but independently of that would they be forced to lower their interest rates if the other banks were forced to lower? Would they be involved in the upcoming meeting with Michael Noonan?


If the court case didn't work out would they leave their rates at nearly 5% while other banks were at 3.8 or so? (judging by the fixed rates on offer).

Or is it a case that they are deliberately the highest in the market to encourage people to switch so they can be totally rid of the Irish market?

A negative way of looking at it I know but it does look like that. In that case would it be better to switch and be done with it?

Thanks
 
No I don't think you are being negative, Danske are pulling out of ireland,their way to do this is to force you is either to change banker(most people can't) or default.
Danske wins each way.If only we had a proper regulator or a Central banker that could control this extortion.
 
If the Millar's win their case, you may pursue Danske bank for breaching a term in their facility ( loan agreement), namely the variable rate term, either through the F.S.O or through the courts.
 
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