Mortgage Contract

Louthgal

Some advice needed please - I'm trying to get a copy of my mortgage contract and have put it in writing 3 times now to my mortgage holder. They even rang me after receiving the second letter and acknowledged receiving the letter but nothing ever materialised.
I've been onto the solicitor that we dealt with and he doesn't have a copy (we moved in 7 years ago).

I'm just not sure what to do now...part of me is tempted to just stop paying and let on that there is no contract to see if that makes them produce one but I'm not sure that's the most sensible idea!!

Any thoughts?

PaulM1977

Hi Louthgal,

The best solution I heard for getting information from a banking institution is by writing to them every couple of days for 2 weeks requesting a copy of the mortgage contract. After this if you send in a written request(by reg post so you have a record if it) to the lender, that you wish to have a copy of ALL correspondence that they have on file for you, they will deal with your initial pretty quickly for you.

They are required, when requested, to give a person a copy of all correspondence to a person within 30days of receiving that request.

Best of luck.

PaulM

tracey1098

PaulM is correct. They must reply in writing within 30 days. I would send a registered letter and mention your previous communication.

Good luck.

Louthgal

Thanks!
So it appears that 3rd time really is a charm - got my contract yesterday which raises a new question...I have just over 2 years left on my fixed rate and as per the contract, I will be offered a tracker when this rate ends. Does anyone know if there's anything to prevent them from just offering a crap rate e.g. ECB plus 5% to 'stop' me from taking it?

whippet

Louthgal wrote: »

Thanks!
So it appears that 3rd time really is a charm - got my contract yesterday which raises a new question...I have just over 2 years left on my fixed rate and as per the contract, I will be offered a tracker when this rate ends. Does anyone know if there's anything to prevent them from just offering a crap rate e.g. ECB plus 5% to 'stop' me from taking it?

depending on how it is worded. If you are expecting to get an ECB + 0.5% or thereabouts you may forget it unless it is in the contract.

If it just says a tracker this will be at the prevailing market rate as the bank will actually want to make money not loose money on your mortgage.

Louthgal

Thought as much, ah well, I guess I just have to wait and see, thanks all

PaulM1977

Does it specify any particular rate specified in relation to the tracker e.g. tracker +1.25 above ECB...?

Louthgal

No just that I have the option of a tracker when the fixed rate expires

PaulM1977

I see, it would seem that you are at the behest of the lender when your fixed rate expires in 2 years time, unfortunately.

EGavigan

Louthgal, were you on a tracker before you took out the fixed rate and if so what tracker was it?

Patrick Wheelock

Louthgal wrote: »

I'm just not sure what to do now...part of me is tempted to just stop paying and let on that there is no contract to see if that makes them produce one but I'm not sure that's the most sensible idea!!

Any thoughts?

I know you got the contract but even if you hadn't - once the bank could prove you got the benefit of the funds then you'd be liable to pay them back.