Not offered tracker when it was available

Raging Bull,

Firstly did your original paper mortgage application seek a tracker mortgage, if it did, seek a routine access request specifically looking for this application. If you find the original application was indeed for a tracker, the bank and tied agent could have problems, if the tracker option was still available, when the loan was sanctioned. In your data request, be specific and look for all correspondence between the tied agent and the bank regarding your application for the mortgage. A tied agent is not like a broker in the fact that he is not at arms length from the bank, so any errors or mistakes made by the tied agent can, in certain circumstances, create a cause of action against the bank itself. However, having said all that, past consideration is no consideration. In other words you did sign the loan agreement that you now have. To prove fraudulent misrepresentation you must first find an untrue representation of fact. In your case this will most likely be found in the correspondence between the tied agent and the bank. Hope this is of assistance.
 
Hi just saw this now the application went through with nothing specified.,, in theory you should be right that there is communication between the bank and agent. !, I asked for it when this was with FSO, ,, banks response was no paper records exist other than original forms between underwriting department and agency.,,, I find this hard to accept.,, there has to be an email trail as application was not approved instanteously...if the product was available and not offered as requested its considered a breach under consumer protection act which is justiciable rather than a breach of CPC which generates no cause of action
 
Wonder was it not offered though because you only qualified for the 5yr fixed which would not have been stress tested? Tracker or variable options would have been stress tested which might have pushed the amount you wanted out of your reach.

Also a lot of the back and forth queries on an ongoing application could have been by phone between head office and broker so I don't think it's that surprising that there isn't a paper trail. Having been in that job in those years I know I would just pick up the phone to underwriters to thrash out a case if there were issues rather than have endless back and forth emails.
 
I think it's down to renumeration.. The tracker and variable were lower than fixed so its not an affordability issue... I take your point about thrashing it out but i can't accept the underwriting dept don't have any paper at all even the result of application

Anyway hopefully will get sorted in discovery
 
But would they have been lower when stress tested rules were applied which wouldn't have applied to the 5yr fixed.

Anyway, keep us posted, interesting to see how these things pan out.
 
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