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EBS - We weren't offered a tracker

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  • 08-12-2011 3:03pm
    #1
    whoami1
    Registered Users Posts: 306 ✭✭


    We were on a fixed rate with EBS for the first couple of years of our mortgage, and we came off that on to a variable rate, but we were never offered a tracker at the time. Now this was near the start of '09, so I'm not foolish enough to expect them to come calling at this stage with an armful of cash and a heartfelt apology, but I was wondering whether the offer should have been made at the time. I recently went through all the mortgage paperwork that I could find, but couldn't find even a mention of the word 'tracker'.

    Was anyone offered a tracker after coming off the EBS fixed rate?


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    #2
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,652 Mod ✭✭✭✭delly


    They don't have to offer you all rates. The current issue of people asking for a tracker are people that were once on a tracker and then switched to a fixed, seemingly after the fixed period had ended then they should have been given the tracker option again. So basically if you never had the tracker then they there is no onus to have one offered to you.


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


    delly wrote: »
    They don't have to offer you all rates. The current issue of people asking for a tracker are people that were once on a tracker and then switched to a fixed, seemingly after the fixed period had ended then they should have been given the tracker option again. So basically if you never had the tracker then they there is no onus to have one offered to you.

    Well it really depends, simply check your mortgage documents, if it states that after a period of fixed rate you go to a tracker then clearly this should have been offered and you should of course pick them up on this.

    Let us know what the docs say.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    whoami1 wrote: »
    We were on a fixed rate with EBS for the first couple of years of our mortgage, and we came off that on to a variable rate, but we were never offered a tracker at the time. Now this was near the start of '09, so I'm not foolish enough to expect them to come calling at this stage with an armful of cash and a heartfelt apology, but I was wondering whether the offer should have been made at the time. I recently went through all the mortgage paperwork that I could find, but couldn't find even a mention of the word 'tracker'.

    Was anyone offered a tracker after coming off the EBS fixed rate?

    Unless you originally agreed to a tracker agreement you are not entitled to it. Your agreement will give details of the rate you should be on. Its going to be either standard variable rate or tracker rates (it will mentioned ECB + something).


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    #5
    marywary
    Closed Accounts Posts: 44 ✭marywary


    I think trackers were gone in 09 for new sign ups, correct me if I'm wrong


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    #6
    MaxCharlie
    Registered Users Posts: 156 ✭✭MaxCharlie


    We have ics mortgage took it out in 2007 on a two year fixed and then went onto a variable rate. Earlier this year we got a letter to say that after a review from the central bank that they were offering us a tracker option and if we proceeds with it the values would be calculated to the date we mved from fixed to variable and the over payment to be taken off the mortgage.


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    #7
    monkeypants
    Closed Accounts Posts: 2,386 ✭✭✭monkeypants


    I was on a fixed rate for the first two years with BOI and was offered a tracker or a variable in '09 when it ended. Of course that was discussed when the mortgage was agreed and was stated in black and white in the documentation.


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    #8
    ElfishGuy
    Registered Users Posts: 3 ✭ElfishGuy


    EBS stopped offering tracker rates in October 2008, so the option wouldn't have been there in 2009 for anyone to go on a tracker.


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    #9
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    ElfishGuy wrote: »
    EBS stopped offering tracker rates in October 2008, so the option wouldn't have been there in 2009 for anyone to go on a tracker.

    The OP came off the fixed rate in 09 so the rate would have reverted to a variable or tracker, whichever was originally agreed in contract. So they werent available to new customers in 09 but the OP was not a new customer and if originally signed for a tracker the bank must honour it.


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