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banks switching from tracker to standard variable

  • 19-03-2011 1:05pm
    #1
    dvshah1974
    Registered Users, Registered Users 2 Posts: 4 ✭


    Does anyone has experience where their bank has switched them from tracker to standard variable during fixing their mortgage for 1,2 or 3 years. it is legal? can banks do this without proper explanation or warning to borrowers? any help will be useful


Comments

  • #2
    ForestFire
    Registered Users, Registered Users 2 Posts: 2,688 ✭✭✭ForestFire


    dvshah1974 wrote: »
    Does anyone has experience where their bank has switched them from tracker to standard variable during fixing their mortgage for 1,2 or 3 years. it is legal? can banks do this without proper explanation or warning to borrowers? any help will be useful

    Banks cannot change you terms and conditions without your agreement. If they have switched you without you knowing then it is illegal and should demand to be put back on the tracker (And to be returned any extra interest), and seek leagal advice if they will not.

    I presume you you have change nothing else on your mortgage like term, lower repayments?


  • #3
    The Rooster
    Registered Users, Registered Users 2 Posts: 4,760 ✭✭✭The Rooster


    dvshah1974 wrote: »
    Does anyone has experience where their bank has switched them from tracker to standard variable during fixing their mortgage for 1,2 or 3 years. it is legal? can banks do this without proper explanation or warning to borrowers? any help will be useful

    Not sure what the bit in bold means.

    Is it that you were initially on tracker, then went to fixed and when the fixed period was up the bank reverted you to standard variable rather than tracker?

    If that's true then you may well be goosed. But it'll depend on what the documentation says. I'm pretty sure I have heard of people who came off fixed and they did revert to tracker (on this forum I think), so don't give up on it.


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