Hi,I'm looking for some advice please. We were on tracker rate with Ulster bank and fixed for 5 years,we're now due to come out of the fixed rate and Ulster bank are refusing to give us back our original tracker rate saying we must go onto variable rate of 3.85% - a ridiculous high variable rate. We're not in a position to switch as other banks wont match our mortgage only offering lower mortgage....Help.....can de bank screw us over or is there any possibility we should get our tracker rate back???
you might be better putting that in a new thread mate,it'd probably get more attention. hopefully a few on here can give you a bit of advice,not a nice position to be in....
Depends on what the paperwork you signed when you fixed the interest rate says mate. If you signed up to the 5-year fixed, and then to revert to a standard variable rate then I'm sorry but thats your choice so I fear you've no chance of getting the tracker rate back. However, if it does not state the above clearly in the paperwork you signed, then I'd expect you've every right to go back onto your tracker rate & this is just an attempt by one of the banks to effectively force you onto their standard variable rate. If your not 100% sure that you have infact "signed away" your tracker rate, then get straight onto the Financial Services Ombudsman and don't give up on getting it back (it's going to be worth a fortune over years to come mate !) Here's the link to help you get started: http://www.financialombudsman.ie/ and good luck.
Best of luck mate, don't give in easily ... BTW, we do discuss other stuff here so don't be shy about posting about LFC for instance
I find that most letters of offer state that after the fixed rate you go onto either variable or another rate which you choose that is available at the time you come off the fixed rate from the Bank. As the tracker rates were stopped some time back I think you might be caught but obviously it would depend on the wording of the particular letter of offer.
I'm pretty sure you won't be allowed to go back to the tracker rate. If you left the tracker to move on to a fixed rate product, then the only products you can move onto are the ones that the bank currently offers, and tracker mortgages are not being offered any more as far as I know, so as said above, unless you specifically signed something to say that you would go back on the tracker mortgage when you rolled off the 5 year fixed, then you won't be entitled to go back on it I'd say.
We Got our tracker rate back Hi All - Just to let anybody out there know who might be in the same position as we were - We've finally got our response - The ombudsman found us to be right and awarded us back our tracker rate - so make sure you do complain - well worth the hassle and pain.
If I was of any help at the time, I'm delighted mate ... but ultimately, its up to each of us to stand up for our rights and not be walked on, so well done Grazer ! To follow up mate, (i) ensure you get it back dated for the entire period since the date your fixed rate expired and (ii) I'd write to them seeking compensation for the significant duress they put you under during the period where you were worrying about this, unable to eat or sleep etc (you may also want to mention that your thinking about doing a newspaper and radio interview about the situation, just to help the Bank in question keep focused on your issues) ... now about those pints
Statute of Limitations is six years for this type of thing, mate (I think, I'm not a solicitor but think it's covered under contract law) ... if it's less than that time frame, your' still good to challenge it (just pretend you didn't notice until all the publicity in the press of late about trackers or something).
Cheers pal. It's only been 3 years at most. I was told I could go back onto the tracker at the end of the fixed rate but obviously by the time it was up they didn't offer them anymore. I said to the guy at the time and he just said there was nothing he could do and I just took it on the chin. But I'll be ringing the ombudsman today to see what my options are. But if I remember correctly I think I just sorted everything over the phone and their wasn't any paperwork my end. That could be a problem.
Exactly the same with mine. Not only did they take the tracker off me be they only offered a variable rate that was .3% higher than there standard variable rate or a new fixed rate. Ombudsman here I come!!!
They put me onto the national consumer agency,1890432432. They told me the procedure to follow. They were very helpful. I'd ring them first because the ombudsman can't actually give you advice apparently.
Keep us up to date as I thought once fixed you cannot revert back to the tracker rate even if it was the pre-existing contract, Hobbs on the radio months back advising people to fix even if you were on a tracker, used to think he was o.k. but hearing his advice recently I think his advice is not worth listening to. . .
On the average mortage (20-25 years) the difference between being on a tracker rate and a standard varible rate could be anything up to €70,000 or more. Charlie Western (finance expert, Indo) was on talking about Banks contacting customers and offering them €5,000 cash up front to "buy" back their tracker mortgage and put them on standard variable rate. If you are on a tracker rate, DO NOT give it up. If you have a chance of getting back on a tracker then do everything you can. You only have to look at the original posters reward for his persistence. He will now save himself a small fortune over the remainder of his mortgage.
Hi Anyone who was originally on a tracker rate but subsequently entered into a fixed interest rate must have signed an amendment to their mortgage agreement. It's a basic but definite requirement for the banks - if you can't find your copy of the document, demand one from the Bank (your entitled to it, at worst under the Data Protection Act - you need to pay €6.35 to the bank and write to them, but legally they must provide this and other information they hold on file about you - think it's Data Protection Act section 4, from memory). Once you have the paperwork read it carefully. If you signed up accepting that you'd revert to a standard variable rate after your fixed rate, then it's end of story ... if not, you've got a case. The consumer association can give some free advise, but ultimately to register a complaint against the Bank in question, you must first write to the bank complaining and demanding a response. once this is done, then write to the ombudsman or phone them, advising them you've tried to contact the bank directly but are not satisfied with the response. They will ask you to register the details of your complain with them, write to a nominated individual in each bank that they give you the name of etc. Ultimately, they will force a ruling on the bank, if you can't get the right answer from them and are infact, in the right. Don't give up guys and gals, there is seriously large dosh at stake here - the estimate of €70k above could well be accurate, depending on your personal circumstances, size of mortgage, years remaining etc etc.
Yup Data protection Act, section 4 allows you access to your information ... http://www.dataprotection.ie/docs/Accessing_Your_Personal_Information/14.htm