Mortgage provider says I can only go back to Loan-To-Value >80% interest rate after t

DJ WIPEOUT

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 value of the property versus the outstanding loan 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?

dudara

Similar thread already open in the Banking forum - please do not open duplicate threads on the same topic

dudara