@peemac was the prevailing variable rate in 2005/06 up to mid-08 another term for tracker?
I'm asking, because if so, regardless of flyer, it said in my contract and in a few other people's that when the fixed rate was up, the prevailing variable would apply. Is that not the same thing that was said on the flyer (except the word tracker was used)?
No. I used that argument both with the FSO and my own legal advisors and both disagreed, but said in the absence of any definition, you "could" revert to a definition written in the mortgage document - that's where some are gettign the idea from.
Those on trackers had "REVERT to homeloan variable rate". The argument is that to evert to something you must be on that previously.
cant disagree with what is being said, that is why im not overly optimistic, however i did finish a fixed rate during the infamous 'flyer' period but in any event they should still be able to tell me if im impacted or not.
The flyer was to brokers signing new business. Brokers don't deal with anything once they sign you up, so the flyer would not be in play for you.
Was the prevailing variable rate not a tracker then though?? Sorry, I know I sound like I'm flogging a dead horse here, but this just seems so complicated.
No - see above.
Sorry if its unpalatable, but you have to be realistic. Those being returned to tracker had an understanding due to either broker communication or because they were originally on a tracker that they would revert to a tacker rate when their fixed rate was up.
The main group were, for want of a better word, "coerced" by KBC to move from tracker to fixed though the sending of
unsolicited fixed rate "special offers" that had a deadline of acceptance of about 10 days in the midst of banks (including KBC) warning of much higher rates and advising that fixed was the better option and in the height of holiday season. - Try gettig "independent advice", making a decision and ensuring a form is returned within 10 days in July. That was blatantly unfair and the CB had agreed and everyone in the group 100% deserve to be back on their trackers that they signed up to.
The second group are the infamous flyer group. KBC told brokers that from Nov. 6 all clients they bring to KBC (remember they had several options), would see those clients go to tracker at the end of the fixed rate they signed up to. That agreement was withdrawn in Feb 08. So mortgages that started on a fixed rate between Nov 2006 & Feb 2008 are in this group.
The common factor in both is both had a verifiable expectation in writing with a stated margin over ecb of a tracker after the fixed rate and without this, I would find it difficult to see how the CB can force a tracker to be offered.
Many of the second group never knew of this and have had very pleasant surprises and many of the first group had just accepted what the bank said and also have had very pleasant surprises. But many are hoping / convincing themselves they should be included, but will be, imo, disappointed.
.