Next the banks discontinued trackers for new customers
When the 3 years was up the individuals looked to go back on tracker
The banks said "tough", "that option does not exist"
At the end of their fixed rate period, they were entitled as per the terms of their contract to revert to a tracker, however a lot of banks said that that option no longer existed.
If the document changing to the fixed rate did not specifically say that you would lose the tracker, you have a good case.
The Financial Services Ombudsman ruled in one case that the lender must give a tracker at the end of the fixed period, if the documentation did not specify otherwise.
If the lender did not explain the implications of switching from a tracker to a fixed rate, you may have a case
Most switches from a tracker to a fixed rate did not give a right to return to a tracker. However, if the bank proactively encouraged you to switch without telling you the implications, you may have a case. Complain to the lender and go to the Ombudsman if you don’t get satisfaction.
I think it's important to realise that no one who started on a tracker and did nothing, lost their tracker.
To lose their tracker, the borrower had to do something and "switching" from a tracker to fix their mortgage rate was the most common.
Brendan
I did nothing and lost my tracker.
Your case seems unusual
AIB - AIB has calculated the refund on tracker from the wrong date!
Hi while preparing appeals pack I only noticed how the bank calculated interest overcharge. I had fixed in May 2008 for 2 years at 4.85 per cent but in financial summary they have also calculated interest over payments from April 08 to March 18. 1. Has Bank made mistake as mortgage was fixed...askaboutmoney.com
AIB claimed that your contract did not entitle you to a tracker and were put on one by mistake. So they put you on the SVR but without telling you.
But it underlines how many different types of case there are.
Brendan
I think it's important to realise that no one who started on a tracker and did nothing, lost their tracker.
I did nothing and lost my tracker.
Never went fixed or switched banks.
Sorry. If you're trying to make a case for the banks knowing that trackers were going to be so valuable then they would have given them up long before 2008. The main shame and cause of the tracker debacle was because of their action in moving away from the traditional SVR rate being between 1% and 2% above the central bank rate. Chances are no-one would have caused much grief if they had kept them at reasonable rates.I clearly remember seeing promotional leaflets that were being heavily marketed/promoted/circulated by the banks at the time.
The one that stuck in my head was a posed photo of a stereotypical supposedly "Irish" family made up of very attractive, Icelandic looking models.
They were in a sunny park and gazing wistfully into the blue sky where the Banks cynical marketing team had super-imposed cheerful looking buzz words in little graphic bubbles:
"Fix Now" "Security" "Peace of Mind" "Certainty" etc etc.
These people had no moral compass and no shame, thankfully they're not still out merrily making hay in our communities.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?