No documentation when switched to tracker

xcellor

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When I originally took out my mortgage in 2006 I was on a SVR, at some point between then and now I changed (or my then wife) to a tracker mortgage.

I have absolutely no paper trail for this/agreement. I am currently paying ECB+1.25 and obviously this is fine but I have no idea what the agreement around the 1.25% is. i.e. as LTV changes as mortgage is paid down does this rate change too as I believe this was set based on the amount borrowed versus property value at the time...

I have been onto the bank and they are looking at this but in their normal system they don't seem to have any thing recorded.

I assume there should be an agreement that was signed to change from SVP to Tracker? Or could it have been done via phone call?

If they have no paperwork what then? I assume it must be there but just wondering.
 
Could have been as simple as a one page letter requiring signing, in theory they should have it scanned and with your file in archives but who knows! I wouldn't be holding out too much hope of it reducing though based on LTV at this stage.
 
Could have been as simple as a one page letter requiring signing, in theory they should have it scanned and with your file in archives but who knows! I wouldn't be holding out too much hope of it reducing though based on LTV at this stage.
I suppose they would have to have a record of it, after all it's the basis of the loan agreement ...

If tomorrow I decided I shouldn't be paying 1.25 because Joe Soap down the road with a tracker in the same bank is paying 0.5 for example... A copy of the terms and conditions and at the very least a signature of myself or my then partner should be on record.
 
Yes they 'should' have it but as mentioned above the default would probably be the one they do have, i.e. the original one. Depending on the bank it might not be much of an agreement, I know the ones I was familiar with were one page with very little info on it, certainly nothing like an original loan offer with loads of terms and conditions.
 
Will see what they say. I obviously have documentation proving i'm on a tracker mortgage just at this point no idea what the conditions of the loan are. There were different tracker loans terms and conditions etc . I would expect its an obligation for the bank to provide these when asked.

Just read this experience I can link but if you google
getting-hold-of-your-mortgage-contract irish times
Its the first link
 
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