Tracker query

Richard tea

Hello all,

Not sure if I have a case. Im contacting a financial adviser but im still waiting for a reply.



Is it a misprint regarding the Variable rate? Im unsure if I replied to the bank at the time and im in the process of requesting this info.

Sorry for the sideways pic

ANXIOUS

I'm not sure what your question is.

pilly

Was your original loan a tracker?

Richard tea

Original loan was 1 year fixed. My question is my standard homeload variable rate. Is it 5.250% or 5.340%

pilly

Richard tea wrote: »

Original loan was 1 year fixed. My question is my standard homeload variable rate. Is it 5.250% or 5.340%

Then it depends on whether you did something or not.

If you did nothing it should have been 5.25%

Richard tea

pilly wrote: »

Then it depends on whether you did something or not.

If you did nothing it should have been 5.25%

Thanks pilly. Lets say I did nothing. Why would it not be 5.340% as mentioned above in the pic.

pilly

Richard tea wrote: »

Thanks pilly. Lets say I did nothing. Why would it not be 5.340% as mentioned above in the pic.

Because of the sentence at the end. In saying that it's a variable rate so they could later have sent you a letter to say it had gone up to 5.34%.

Around that time there were a lot of rate changes.

Oral Surgeon

Did you reply at the time? What did you choose?

The tracker rate is wrong.

I had a similar letter years ago from Boi and it said that if I didn’t reply then I would be put on the tracker automatically....

Richard tea wrote: »

Hello all,

Not sure if I have a case. Im contacting a financial adviser but im still waiting for a reply.



Is it a misprint regarding the Variable rate? Im unsure if I replied to the bank at the time and im in the process of requesting this info.

Sorry for the sideways pic

CeilingFly

Possibly a misprint and possibly you can use it in your favour.

The only 5.25% rate depicted is the tracker.

The letter is effectively saying that if you don't do anything you move to the variable 5.25% rate.

On the table, that is the tracker rate.

Richard tea

Honestly havent a clue if i replied at the time. Im in the process of requesting documentation from the time.

CeilingFly

Richard tea wrote: »

Honestly havent a clue if i replied at the time. Im in the process of requesting documentation from the time.

What's your current interest rate - if its 1.3% then you have a tracker. (0.05% + 1.25%) If its 3.5% - 4% you don't.

If you give the amount of original mortgage, how many years it was for and the approx current monthly repayment figure I can tell you immediately.

It also says it will return to the rate in your original loan offer - you need to check that too.

Richard tea

CeilingFly wrote: »

What's your current interest rate - if its 1.3% then you have a tracker. (0.05% + 1.25%) If its 3.5% - 4% you don't.

If you give the amount of original mortgage, how many years it was for and the approx current monthly repayment figure I can tell you immediately.

It also says it will return to the rate in your original loan offer - you need to check that too.

I dont have exact figures at hand but its not a tracker rate anyway. Its 4.something%

I was with ics building society but they are now owned by BOI

Richard tea

CeilingFly wrote: »

What's your current interest rate - if its 1.3% then you have a tracker. (0.05% + 1.25%) If its 3.5% - 4% you don't.

If you give the amount of original mortgage, how many years it was for and the approx current monthly repayment figure I can tell you immediately.

It also says it will return to the rate in your original loan offer - you need to check that too.

Just looking through what im sure is the original loan details. It mentions if the borrow does not exercise a choice at the end of a fixed rate .....the interest rate applicable to the loan will be a variable interest rate. This variable interest rate may vary up or down. The interest rate shall be no more than 1.25% above European central bank main refinancing operations minimum rate (repo rate) for the term of the loan.

Just need to find out now if i replied or not. I have requested the information in writing but is it possible to ring the bank tomorrow and confirm it over the phone also?

Oral Surgeon

Richard tea wrote: »

Just looking through what im sure is the original loan details. It mentions if the borrow does not exercise a choice at the end of a fixed rate .....the interest rate applicable to the loan will be a variable interest rate. This variable interest rate may vary up or down. The interest rate shall be no more than 1.25% above European central bank main refinancing operations minimum rate (repo rate) for the term of the loan.

Just need to find out now if i replied or not. I have requested the information in writing but is it possible to ring the bank tomorrow and confirm it over the phone also?

Is that not a tracker so??

Richard tea

Oral Surgeon wrote: »

Is that not a tracker so??

Seems to be but it all depends on my reply if I did at the time. Im going to ring a financial advisor soon enough. I just need some paper work first. I do find it hard to believe the bank would make a mistake so I just have to wait and see what they say.

CeilingFly

You'd hardly have taken the 5.34% over 5.25%?

Hopefully you didn't and therefore you have in black and white a 1.25% tracker.

Maybe contact Kissane Financial services who seem to be the specialists in tracker issues

Richard tea

CeilingFly wrote: »

You'd hardly have taken the 5.34% over 5.25%?

Hopefully you didn't and therefore you have in black and white a 1.25% tracker.

Maybe contact Kissane Financial services who seem to be the specialists in tracker issues

I emailed him last friday. Ill wait until i clarify paperwork with the bank and then ring kissane if he doesnt respond by then. As for picking tbe 5.34% rate over the 5.25% rate. I wouldnt rule iy out. The mortgage broker advised against a tracker at the time i began a fixed rate as "trackers arent popular anymore" so he said.

Richard tea

Also just to speed things up. Will the bank be able to tell me over the phone if i replied and what rate i chose. I have zero trust with the bank so i wont be discussing anything in detail with them.

CeilingFly

Richard tea wrote: »

Also just to speed things up. Will the bank be able to tell me over the phone if i replied and what rate i chose. I have zero trust with the bank so i wont be discussing anything in detail with them.

Probably could, but the copy of what you sent will have your writing on it

Richard tea

Spoke on the phone. Ticked variable rate of 5.34%. I will still request paperwork. So is that it now i wonder

pilly

Richard tea wrote: »

Spoke on the phone. Ticked variable rate of 5.34%. I will still request paperwork. So is that it now i wonder

I'd imagine so, you made a choice in that case.

CeilingFly

Richard tea wrote: »

Spoke on the phone. Ticked variable rate of 5.34%. I will still request paperwork. So is that it now i wonder

The most expensive tick ever?

Unfortunately they gave you the options and from the sheet it was quite clear, so there's no case to argue.

Just see what rate options there currently are - some fixed rates and loan to value rates are under 3%

Richard tea

CeilingFly wrote: »

The most expensive tick ever?

Unfortunately they gave you the options and from the sheet it was quite clear, so there's no case to argue.

Just see what rate options there currently are - some fixed rates and loan to value rates are under 3%

Ok here is another angle. Lets say I definitely ticked a box indicating a variable rate of 5.34% when my first year fixed term came to an end. Now observe this quote form my original loan offer ''if the lender offers the borrower a choice then in either case , in accordance with general condition 7(b) of the offer letter, the interest rate applicable to the loan will be a variable interest rate. This variable interest rate may vary upwards or downwards. the interest rate shall be no more than 1.25 above (repo rate) FOR THE TERM OF THE LOAN. The bit in bold in the part im interest in. If I fixed tomorrow for 1 year, should the bank offer me a tracker rate when that fixed term comes to an end?

CeilingFly

If the original mortgage document says that, then it is confusing.

Maybe contact Kissane Financial services who seem to specialise in the trackers.