LTV Tracker

twofor1 said:

We have seen how NIB operates. IF they decided to look at LTV’s there would be no consultation. Customers would receive a letter informing them that their LTV was now below XX%, in line with your T&c’s the applicable interest rate will now be the home loan rate of XX%. Your new repayment will be €XXXX.XX from the XX/XX/XXXX.

The new increased payment would be taken from your account thereafter. Your only option would be to follow the complaints procedure which would eventually end up on the Ombudsman’s desk.

I don’t think the above scenario can be ruled out.

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I don't think that could be ruled out either, but the fact remains they don't have a sound basis for establishing the new LTV, especially as they spell out in some detail how any valuation is to be arrived at if the ball was on the other foot.

With so much at stake, I would think it highly unlikely someone wouldn't go all the way with the legal route with them. I would imagine that would not be too attractive for them.