Seriously??
Legal agreements can be superceded. If the Bank told you that by fixing "the tracker would be lost", not meaning to be flippant, what part of that was not clear?
Assuming that the documentation supports what you are saying.
If the Fixed Rate Agreement said very clearly that you would lose your tracker, then you have lost your tracker.
In many cases, the Fixed Rate Agreements were vague e.g."You would go onto a variable rate.". A tracker is a variable rate, so it could be argued that you didn't realise that you would lose your tracker.
Brendan
Hi All
I have been following the various discussions here and obviously keeping an eye on the Central Bank updates on this investigation.
Can someone just clarify for me...if in your Offer of Advance..it states that the interest rate shall be ECB rate plus 1.05% for the life of the mortgage...then does this mean that irrespective of fixing the rate for 5 years and irrespective of whether the bank told you that by fixing for 5 years that the tracker would be lost...that i am legally entitled to have my tracker because of this line in my Offer of Advance.
Any comment would be appreciated.
Thanks
Yes of course i am aware of this and i accepted this when i came off my fixed rate in 2012 and was offered all rates except the tracker rate. The information that I would lose my tracker was certainly given to me verbally but unfortunately i can find all documents relating to my mortgage except any paperwork that I may have signed when signing up for the fixed rate in 2007.
However having become aware of the Central Banks order to Ulster Bank to examine its books in relation to tracker mortgages and having read the various forums and discussion..well a lot of these cases are identical to mine and I have read many references to this line "ECB rate plus 1.05% for the life of mortgage" and this seems to have been of some relevence in some of the cases where people got their tracker back.
I'm very surprised to see that people who were aware they were giving up their tracker rate now have that rate reinstated. How can a bank be accused of misleading a customer particularly where they explained the implications to a customer prior to the new agreement.
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