However it's just not the case the everyone "gave their tracker up".
To put it as simply as possible @cremeegg the tracker mortgage 'debacle' is mainly due to the following:
1. Customers took out a tracker mortgage where the tracker rate was included in the contract. It included terms such as 'for the life of the loan" or "for the full term of the mortgage".
Where people gave up their tracker because they accepted what they thought was a better offer, I don't see why they are automatically entitled to get the tracker back.
To put it as simply as possible @cremeegg the tracker mortgage 'debacle' is mainly due to the following:
1. Customers took out a tracker mortgage where the tracker rate was included in the contract. It included terms such as 'for the life of the loan" or "for the full term of the mortgage".
2. Customers signed a temporary fixed rate arrangement with the understanding that the loan would revert to the contractual tracker rate once the fixed rate term expired.
3. Those who did sign a temporary fixed rate arrangement were not informed at the time of signing that this would prevent them from returning to their contractual tracker rate.
4. When the fixed rate term expired the bank failed to return them to their contractual rate.
Either the amendment removed the contractual right to revert to a tracker on fixed expiry or it didn't.
Your comment #3 makes no sense.
Either the amendment removed the contractual right to revert to a tracker on fixed expiry or it didn't.
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