Hi,
Back in 2006 when we were getting our mortgage we went through Cornmarket as my wife is a teacher. At the time PTSB had slightly higher interest rates than AIB and BOI but Cornmarket advised us that by the time our mortgage went through (paper work sorted etc) they suspected that AIB and BOI would have raised their rates and PTSB would be the cheapest at that stage. Their advice was to stick with PSTB. At no stage did they tell us that they were owned by the same parent company. Later in the process they advised that we go with Irish Life for life insurance despite them being way more expensive than everyone else. Their advise was that Irish Life's cover was better than the rest....again no mention of the link. We did no get the life insurance with Irish Life in the end as a family member advised that we should get the cheapest possible to cover the mortgage. However we did go with PTSB and are now paying ~1.4% more than the equivalent variable rate in AIB.
It sickens me that we followed their advice and that I was not aware of the vested interest involved. By the time we drew down the mortgage AIB were still cheaper but at that stage we had gone through all the paper work etc with PTSB and to switch over would have added delay and in the crazy market that it was at the time that as not an option.
I'd love to take a case against them for not acting in the best interest of their client or something like that. It costing me ~3,000 a year extra in interest, money I barely have. Do I have any case against them? Anything I can do? I obviously don't have any paper evidence of them not telling me something. Perhaps I just have to suck it up like a lot of things these days....but at least having a rant is good too (and I know there are people in a lot worse position than I am).
Thanks
[Apologies if this is an inappropriate forum....was not sure which one was the best fit. Mods, feel free to move]
Back in 2006 when we were getting our mortgage we went through Cornmarket as my wife is a teacher. At the time PTSB had slightly higher interest rates than AIB and BOI but Cornmarket advised us that by the time our mortgage went through (paper work sorted etc) they suspected that AIB and BOI would have raised their rates and PTSB would be the cheapest at that stage. Their advice was to stick with PSTB. At no stage did they tell us that they were owned by the same parent company. Later in the process they advised that we go with Irish Life for life insurance despite them being way more expensive than everyone else. Their advise was that Irish Life's cover was better than the rest....again no mention of the link. We did no get the life insurance with Irish Life in the end as a family member advised that we should get the cheapest possible to cover the mortgage. However we did go with PTSB and are now paying ~1.4% more than the equivalent variable rate in AIB.
It sickens me that we followed their advice and that I was not aware of the vested interest involved. By the time we drew down the mortgage AIB were still cheaper but at that stage we had gone through all the paper work etc with PTSB and to switch over would have added delay and in the crazy market that it was at the time that as not an option.
I'd love to take a case against them for not acting in the best interest of their client or something like that. It costing me ~3,000 a year extra in interest, money I barely have. Do I have any case against them? Anything I can do? I obviously don't have any paper evidence of them not telling me something. Perhaps I just have to suck it up like a lot of things these days....but at least having a rant is good too (and I know there are people in a lot worse position than I am).
Thanks
[Apologies if this is an inappropriate forum....was not sure which one was the best fit. Mods, feel free to move]