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Incorrect mortgage rate

  • 06-12-2011 11:17am
    #1
    prettyboybaker
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hi,
    I was wondering if anyone could give me a bit of advice. Myself and my wife got a mortgage from ics back in 2005. At the time we signed up for a 1 year fixed term and were then due to go onto a tracker.

    Since then we sold our house and have been renting since. We are currently in the process of applying for another mortgage with aib and during that application process I mentioned how I'd love to be back on a tracker to which she replied that we were never on one :eek:

    I tried to find my old contract with ics but could not find it. Could anyone offer me a bit of advice on getting a copy of my old mortgage contract and if I would be entitled to any compensation as a result of the banks error ?

    Cheers,
    Pbb


Comments

  • #2
    rameire
    Registered Users, Registered Users 2 Posts: 4,241 ✭✭✭rameire


    ring the mortgage department
    ask for a copy of the loan agreement
    if they dont have it write a letter to their complaints department outlining your concern.
    your solicitor may have a copy, you should also have a copy.
    ask for certs of interest for each year of the mortgage
    ask for mortgage statements for all years, unless you already have them ( they should state the rate and changes in rates )
    then read the loan agreement and see what is what

    🌞 3.8kwp, 🌞 Clonee, Dub.🌞



  • #3
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    What does your previous rate have to do with your new application, also how do AIB know what rate you were paying with the ICS?


  • #4
    rainbowtrout
    Registered Users, Registered Users 2 Posts: 15,397 ✭✭✭✭rainbowtrout


    Pablo Sanchez wrote: »
    What does your previous rate have to do with your new application, also how do AIB know what rate you were paying with the ICS?

    I think the OP means that he owned the house for a couple of years and from what he says was on fixed rate for first year and should have been on tracker for the remainder of the time he owned the house. It would appear that it was on a fixed rate the whole time.

    OP- If it was on a fixed rate would there not have been a penalty for paying off the mortgage early?


  • #5
    prettyboybaker
    Registered Users, Registered Users 2 Posts: 11 ✭prettyboybaker


    Thanks folks. I should have been clearer, we started out on a one year fixed at which point we should have moved onto tracker but according to my wife (who looks after the finances) we went incorrectly onto a variable where we remained till we sold the house.

    I've contacted ics and they are sending out all the docs that rameire suggested. Cheers for that.


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