I brought a case against PTSB back in 2013/2014 on this topic. Has anyone challenged this point to the Financial Services Ombudsman?Īnd S2K, whose fixed term ran its natural course, reports here that the Ombudsman found against him on this point. I suspect that the contract actually specified a rate.ġ23 customers have been put on a rate of 2.3% or 2.4%ģ58 customers have been put on a rate of 3.3% or 3.4% Rate reduced from 3.3% to 1.73% on appeal I have seen that some people challenged this rate, and had it reduced? The 3.25% is a high margin, but the fixed nature of the margin is valuable and you should think long and hard before switching to another lender who could increase rates at will. But you will roll on to their SVR of 4.5% when the one year is up. Bank of Ireland will give you a fixed rate for one year of 3.6% and 2% of the amount borrowed back. If I am on a rate of ECB +3.25%, maybe I should switch to another lender with a cheaper rate?Īt the moment, the cheapest rate is 3.35% with AIB for an LTV of <50%. You can accept the compensation on offer from ptsb and still appeal You can appeal any aspect of the offer, including the rate later. You should send back the forms immediately. I am going to appeal this rate, should I hold off sending back the forms which came with the redress notification? They did not specify the margin until after the fixed term expired. Permanent tsb's contract only specified that you would get a tracker. I thought that the margin on a tracker mortgage couldn't change? Unfortunately, that is not what your contract says. User Highchair has provided the following very useful information in this post.īut I broke out of the fixed rate in early February 2009, and they have put me on the 3.25% rate?Īccording to permanent tsb, it is not the date you broke out of the fixed rate, but the date your fixed rate was due to expire.īut before I fixed, I was on a rate of ECB + 0.8%, so I expected to be put on that after the fixed rate ended? Ptsb were free to set the margin as they saw fit. On expiry of the fixed rate period, and where the applicant chooses the option of a tracker mortgage interest rate, the interest rate applicable to the loan will be the tracker mortgage rate appropriate to the balance outstanding on the loan at the date of expiry of the fixed rate period. However, your contract did not have this specific price promise. "On expiry of the fixed term, you will be put on a rate of ECB + 0.8%". Many permanent tsb mortgage offers contained a specific tracker rate e.g. But don't just chat or let off steam in this thread. Feel free to ask additional questions or correct some part of it. As this is being discussed in many different threads, I am going to try to pull them altogether in one thread.
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