Buying out fixed rate return to tracker?

Nodnedlog

Hi there
In July 2007 I fixed in for 5 years at 5.38%. I had been on a very favourable tracker but the ECB rate was rising at the time so in order to be sure of my outgoings I fixed in As everyone knows the ECB rate then dropped to record lows and I was losing lots of money each month. So I made an enquiry about buying out the fixed loan and the bank quoted me somewhere between €5,000 - €6000 I did seriously think about it but I was told I would be going on to a variable rate of about 4%+ if I went ahead with it, so I suffered on.

Recently the bank rang me on another issue and as I was talking to the very helpful girl I decided to ask again what the buy out cost was for the fixed loan again she quoted me about €5000 but said that I was entitled to go back on to my original tracker:eek: I am waiting for written confirmation of this but I am very annoyed that I was not told this earlier as I would have definitely broke out of the fixed contract.

Do I have a case for any compensation for misinformation??? Or should I just grin and bear it. I have no written record of the original advice given to me unless the bank recorded the phone call.

Any advice would be greatly appreciated.

Kennie1

Under the "Data protection act" you are entilted to a copy of all records that the bank hold on you which include all written and voice recorded data for a nominal charge of €6.50. So a letter of request with the fee should help you with your case! Good luck!

Nodnedlog

I have still not received written confirmation of my options when I leave fixed loan but did get in contact with branch manager who said he will look into it.

Found copy of my loan offer and it doesn't state explicitly what rate I will revert to at the end of fixed term just that it will be the "applicable variable rate". So all very unclear.

Losing hope now though:(

will see how it goes

Kennie1

Dosen't look good for you as it would appear that your mortgage will revert back to a "variable rate":eek: Can take up to 2 weeks for a letter to come from a mortgage provider.