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Is a Central Bank Review also needed for those who were on LTV >80% rate at inception

  • 30-11-2016 11:36am
    #1
    DJ WIPEOUT
    Registered Users, Registered Users 2 Posts: 52 ✭✭


    Given the widely publicised scandal involving tracker mortgages as follows:
    Tracker rate (at start of mortgage) to Fixed rate to Tracker rate
    Originally not allowed according to the banks, however, Central Bank of Ireland has said otherwise and now compensation is due to customers.

    What is the difference with the following (aside from the type of rate):
    LTV >80% (at start of mortgage) to Fixed rate to  LTV >80% / standard variable rate - allowed by the bank

    LTV >80% (at start of mortgage) to Fixed rate to  LTV Var >50<=80% - not allowed by the bank despite having provided an independent professional valuation report to show the outstanding loan versus the value of the property qualifies for the lower LTV Var >50<=80% rate.

    Surely by forcing customers to accept they can only go back to LTV >80% is another form of fixing the rate to their advantage with current interest rates and what's the difference when compared to the terms and conditions under which the tracker mortgages would have been provided?


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