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Tracker mortgage help needed!

  • 27-11-2017 11:25pm
    #1
    Dermo21
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi all,can anyone tell me if I am one of the affected mortgage holders in the country?? Took out a mortgage in 2004,in 2009 I noticed rates soaring and contacted my bank. They told me I had been on a tracker and had been moved to variable and they were no longer offering tracker mortgages. I can't find the original documentation but I do have statements pre 2009 clearly showing tracker rates???? Many thanks in advance for any advice


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Why not ask your lender?


  • #3
    Tow
    Registered Users, Registered Users 2 Posts: 9,222 ✭✭✭Tow


    Sounds like you are.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Yes once you were on a tracker you were entitled to stay on a tracker. Contact your bank and give them your account number and ask to be included in their review. Your Solicitor will have a copy of your Offer Letter or you can request a copy from the lender.

    Any problems inform them you want it in writing and that you will be contacting the Central Bank.


  • #5
    Dermo21
    Registered Users, Registered Users 2 Posts: 4 ✭Dermo21


    Thanks guys,didn't want to contact the bank as suggested until I knew a bit more about it. Could have been fobbed off with any excuse! I'll let ye know what happens,I'm sure there are hundreds if not thousands affected and like me were unaware!


  • #6
    ACCA trainee
    Registered Users, Registered Users 2 Posts: 13 ✭ACCA trainee


    Dermo21 wrote: »
    Hi all,can anyone tell me if I am one of the affected mortgage holders in the country?? Took out a mortgage in 2004,in 2009 I noticed rates soaring and contacted my bank. They told me I had been on a tracker and had been moved to variable and they were no longer offering tracker mortgages. I can't find the original documentation but I do have statements pre 2009 clearly showing tracker rates???? Many thanks in advance for any advice

    Hi not sure if you did anything since but before you go to your solicitor ring the bank and ask them to send you the original documents. Ask them if you are included in the review.


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  • #7
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    OP You don't need to contact a Solicitor....if you were on a tracker and it was taken away from you by the lender you are most definitely entitled to a refund for the interest overcharged, interest on same, compensation, fee for a financial advisor to check refund and your repayment must revert to a tracker. Just ring your bank with your account number and they should follow up immediately, if they don't then you need to get a copy of all your documentation from your lender. You can request same under the data protection act from the bank, I think it costs approx. €6.

    I'm aware of a person who made a call to the lender early December and they have since received a payment of 32k and their monthly repayment reduced since Jan'18. No need for a Solicitor - It's been made very clear by the Central Bank and if you have any problems just tell them you are contacting the Central Bank.


  • #8
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Definitely try and find your original documentation (and then keep it in a very safe place). This is your contract for what is probably the most expensive endeavor you will ever undertake and lasts for decades (kids don't come with contracts ;) ), and is probably the most important document you will ever have. Your solicitor may have taken a copy - I would try and contact them.

    After that, contact the bank and ask inform them you would like to make a complaint regarding your lack of tracker rate. In banking terms, a "complaint" doesn't have to be anything controversial or hostile. It is merely entering a formal process set out by the ombudsman, under which you have a lot of power.

    As mentioned below, all the banks are doing reviews, so they will be well used to this complaint. I'm with AIB, and they even have a specific instructions and phone line for dealing with this: https://aib.ie/review-of-tracker-mortgages

    A quick google also shows me ones for:
    BOI - https://personalbanking.bankofireland.com/borrow/mortgages/what-is-the-tracker-mortgage-examination/
    PTSB - https://www.permanenttsb.ie/mortgage-tracker-review/
    KBC - https://www.kbc.ie/help/mortgage-support (some info on the page)

    You don't need your original documentation to kick-start the process, but it certainly helps.

    If you definitively can't find your docs, perhaps at the end of the process, you can ask your bank to send you on a copy. I wouldn't mention it up front to the bank as, call me paranoid, but they could then "lose" their copy of your contract and, thus, there is no evidence to prove whether you are or are not entitled to a tracker etc.


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