The problem is others don't know what the settlement terms are (normally confidential) and it does not set a precedent legally.
PTSB PTSB - on expiry of fixed rate, tracker rate not specified
- Thread starter Brendan Burgess
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Hi all, I’m new to this and not sure if I’m posting on the right page,we took out a mortgage with ptsb in Dec 2002 and in August 2005 we took out a whole new mortgage for 230,000 with them as we had work to do on our house, the old mortgage was payed off which was for 180,000 and the rest for the work, anyway we took the 230,000 directly from our branch and at that meeting our branch manager said we should take it over 25 years as we wouldn’t be paying too much more and we could change it at anytime so we went ahead with that and was on a fixed 1 year rate of 2.2%. Roll on to next year and we had had our first baby and I was in a position to be able to cut my hours to 28 hours a week so we went to our branch to ask could we add 5 years on (we were only in our late 20s so we had enough years of work left). He said yeh that shouldn’t be a problem so we wrote a letter to the bank that was accepted but also at this meeting we asked for advice on what rate to pick going forward there were 8 options in the renewal letter which I will stick a copy up to show . Anyway he calculated what the mortgage would be with the extra 5 years on the standard variable rate and the 5 year fixed which is what he advised us to pick which we did, never talked about any of the other options on the letter, roll on 2011 and we got our options and it only had 3 options in it which I’ll also stick a copy up , we picked the LTV rate and in 2014 we went in a MVR of 4.2 where we have been ever since, our case is with pad rail kissane since January 2017 and is waiting to go to ombudsman as Ptsb have said we are not entitled to redress , just wondering has anyone anything similar or advice, thanks
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Confused83
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Can I ask has any one on this thread received copies of their offer letters from PTSB at the expiry of their fixed rate terms in 2005 & 2006.
We have received correspondence from the DPO to say it was not an internal procedure for these to be scanned to file when issued to customers in those years so there is no record of them available to us.
We have received correspondence from the DPO to say it was not an internal procedure for these to be scanned to file when issued to customers in those years so there is no record of them available to us.
Interested in this thread too on behalf of an elderly neighbour who had this issue.
Assisted her writing to PTSB explaining her case, main argument being that they manufactured a tracker rate credit spread to make loan profitable when neighbour came off a three year fix in 2009, and would have calculated her credit spread originally in 2006 (PTSB investment grade status) at the offset, so should have been used in tracker rate in 2009 (PTSB junk status). PTSB said nothing to see here so went to FSPO. Took them 12 weeks to reply and looking for grant of probate or letter of admin from neighbour as was originally a joint mortgage with her deceased husband, even though PTSB now treat her as a sole borrower. Neighbour doesn't think she has either of these but she determined so going to go to probate office to look for them. It feels a bit like the FSPO are trying to put hurdles up to discourage people and avoid adjudicating.
Assisted her writing to PTSB explaining her case, main argument being that they manufactured a tracker rate credit spread to make loan profitable when neighbour came off a three year fix in 2009, and would have calculated her credit spread originally in 2006 (PTSB investment grade status) at the offset, so should have been used in tracker rate in 2009 (PTSB junk status). PTSB said nothing to see here so went to FSPO. Took them 12 weeks to reply and looking for grant of probate or letter of admin from neighbour as was originally a joint mortgage with her deceased husband, even though PTSB now treat her as a sole borrower. Neighbour doesn't think she has either of these but she determined so going to go to probate office to look for them. It feels a bit like the FSPO are trying to put hurdles up to discourage people and avoid adjudicating.
Brendan Burgess
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Interesting case ruled on by the European court of justice on unfair terms in a consumer contract case c-125/18 where the court ruled that an interest rate payable by the customer shall vary according to a reference index is considered an unfair term. Not exactly the same as our cases but worth a read for anyone currently taking cases against ptsb.
You also need to have a look at the Irish high court cases where unfair terms in consumer contracts was argued in relation to mortgage contracts.
Yes i agree, but guidance issued by ECJ on the second question in this case is worth a read, the Irish courts will have to take some guidance from thesr rulings
My complaint is still with FSPO, no update, i am taking the case myself
Heard the news this morning and is seems Ulster Bank (I think) have had to compensate customers who they put on too high a tracker rate after they came off their fixed period . Just wondering what rate they have been put onto and will this be rolled out to the other institutions ?
My neighbour's complaint still with FSPO, they have agreed to accept a death cert for her husband to proceed the case as originally wanted a grant of probate or letter of administration, neither of which my neighbour had.
I will update on here when the FSPO make a decision.
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