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Springboard Mortgage tracker

  • 24-10-2017 7:04pm
    #1
    samsx
    Registered Users, Registered Users 2 Posts: 140 ✭✭


    Briefly, took out mortgage with springboard circa 2006/7...put on tracker rate but extra % put on rate for 'privilege' of getting mortgage with them, my spouse was self employed at the time. We soon fell into arrears after wife's business folded due to the recession and my salary wasn't sufficient to sustain the payments.
    Came to point of threats to repossess our house and eventually a split mortgage deal was done, all the while with the 'loaded' tracker rate.
    This mortgage was then sold shortly after to a vulture fund..
    My question is this...were we overcharged?


Comments

  • #2
    beechwood55
    Registered Users, Registered Users 2 Posts: 532 ✭✭✭beechwood55


    Were they a sub-prime lender? As in they would take on higher risk borrowers?


  • #3
    samsx
    Registered Users, Registered Users 2 Posts: 140 ✭✭samsx


    beechwood55 wrote: »
    Were they a sub-prime lender? As in they would take on higher risk borrowers?

    Yes they were, as stated spouse was self employed (self declared income) and these providers took on the risk but on 'tracker' rate plus an additional rate...


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Why do you think you were overcharged? The cases in the paper are for people who were taken off a tracker, you were on a tracker.


  • #5
    samsx
    Registered Users, Registered Users 2 Posts: 140 ✭✭samsx


    ANXIOUS wrote: »
    Why do you think you were overcharged? The cases in the paper are for people who were taken off a tracker, you were on a tracker.

    My initial question was if I was overcharged? I'm looking for a simple yes or no and yes the majority of the cases 'in the paper' are for those taken off trackers but Springboard were specifically mentioned in relation to overcharging their customers hence my query. I'm curious as I want to ensure I wasn't paying an amount I shouldn't have had to.


  • #6
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    How could anyone on the internet tell you if you were over charged based on the information you've given?


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  • #7
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    samsx wrote: »
    Came to point of threats to repossess our house and eventually a split mortgage deal was done, all the while with the 'loaded' tracker rate.
    If you were on the tracker rate you agreed the whole time then no you weren't overcharged.


  • #8
    Mitzy
    Registered Users, Registered Users 2 Posts: 239 ✭✭Mitzy


    I doubt that you were overcharged.
    Most of the banks had a clause written into the Terms & Conditions about penalties applicable when the mortgage repayments were met whereby an additional % over the agreed tracker rate was charged. Look at your offer letter from the bank.


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