Cancelled My Tracker Did I REALLY Screw up?

Carolywogs

lucybousy, how did you get on with Ulster bank. I am in the same situation and fixed term is up in August? thanks

peteb2

In what same situation? when did you take out the fixed rate? Or are you just reading this thread thinking you should be entitled to your tracker back?

Carolywogs

the terms and conditions of my mortgage seem to be the same as lucybousy so I was wondering how she got on with Ulster Bank. I fixed for four years, originally my mortgage was a tracker.

lucybousy

hi carolywogs. im waiting on final response letter and off to ombundsman but im very optimistic. will post when i have result from ombundsman

SeanMySon

Hi lucybousy. I'm in the same situation as you. I got my mortgage in Sept. 2005 and was given a tracker mortgage. ECB plus 0.95%. I then fixed in 2007 for five years. The wording on the fixed rate letter and general condition 2 of the offer of advance originally accepted is exactly the same as yours.Just wondering how you got on with ombundsman.

ronan45

SeanMySon wrote: »

Hi lucybousy. I'm in the same situation as you. I got my mortgage in Sept. 2005 and was given a tracker mortgage. ECB plus 0.95%. I then fixed in 2007 for five years. The wording on the fixed rate letter and general condition 2 of the offer of advance originally accepted is exactly the same as yours.Just wondering how you got on with ombundsman.

Hey Sean, another partner in crime, Ditto i fixed for 5 years from my tracker (pukes) coming off in a few months. Hopefully it goes well for Lucybousy.
I guess we all thought the rates were going up grrrr

gina36

Hi Guys,

Just to let you know I was in the exact same situation - Took the Fixed rate in 2006 for 5 years and came out of it last July. UB did not give me the option for the Tracker rate and I just let it run to the Std Variable . I went to the Ombudsman but UB did not let it get too far and offered me back the Tracker with backdate to July before the ombudsman could make a verdict. This month my repayment which is not massive dropped by over 200€ for the Mth. My Advice follow the route to ombudsman .. Final letter from UB then letter of complaint to ombudsman..

ronan45

gina36 wrote: »

Hi Guys,

Just to let you know I was in the exact same situation - Took the Fixed rate in 2006 for 5 years and came out of it last July. UB did not give me the option for the Tracker rate and I just let it run to the Std Variable . I went to the Ombudsman but UB did not let it get too far and offered me back the Tracker with backdate to July before the ombudsman could make a verdict. This month my repayment which is not massive dropped by over 200€ for the Mth. My Advice follow the route to ombudsman .. Final letter from UB then letter of complaint to ombudsman..

GINA36...................... YOU JUST MADE MY FRIDAYYYYYYYYYYYYYYYYY. Its looking good boardsies and fair play Gina36 for standing your ground. (APLAUDS)

gina36

ronan45 wrote: »

GINA36...................... YOU JUST MADE MY FRIDAYYYYYYYYYYYYYYYYY. Its looking good boardsies and fair play Gina36 for standing your ground. (APLAUDS)

The one thing to have with this is patience.. I came off the Fixed rate last July and it was not until my Feb payment that the drop came in the interest rate. The good thing with the ombudsman is that they want all your information in simple terms not ''Banking or Legal' jargon.

ronan45

STRENGHT in numbers!

So lets keep each other updated. Im due up about July

Will report back

raglan

Hi Gina,

Did your mortgage fixed rate form say that at the end of fixed rate, it would revert to std variable? I went to ombudsman with my case, and unfortunately my bank never stepped in, and ombudsman sided with them too. Congratulations by the way!! Am not jealous at all

ronan45

raglan wrote: »

Hi Gina,

Did your mortgage fixed rate form say that at the end of fixed rate, it would revert to std variable? I went to ombudsman with my case, and unfortunately my bank never stepped in, and ombudsman sided with them too. Congratulations by the way!! Am not jealous at all

What bank you with Raglan? How long where you fixed and had you been on a tracker?:(

raglan

originally had tracker........fixed for 3 yrs.....KBC

lucybousy

hey still waiting on final letter from ulster bank which is suppossed to take 15 working days and its now 29 but got letter today saying they are reviewing my case and will have letter in 10 days with decision. id love if they wrote to me and said heres your tracker back but im off to ombundsman if they dont and please god i will get same result as gina 36. will post with an update. great news gina every little helps il be down 450 a month

SeanMySon

Hi Gina36,
Thats great news. Well done for sticking in there.:D
Can i ask, did your originally accepted offer of advance "Tracker" have the same wording as lucybousy and myself?? General Comditions etc
Ronan is your mortgage with the UB?? and if so how was your offer of advance worded??

Thanks Guy's.

ronan45

SeanMySon wrote: »

Hi Gina36,
Thats great news. Well done for sticking in there.:D
Can i ask, did your originally accepted offer of advance "Tracker" have the same wording as lucybousy and myself?? General Comditions etc
Ronan is your mortgage with the UB?? and if so how was your offer of advance worded??

Thanks Guy's.

Hi Sean, Yes Indeed UB fixed 2007 a 5 year fix. 2012 it stops so few months to go! And you? My wording is as follows mate. Is it the same as yours and lucybousy's?


And I quote

A fixed rate mortgage guarantees the rate on your mortgage will remain unchanged for the fixed rate period, although your payments may alter if you receive. tax relief at source.

You should bear in mind that if, within the fixed rate period, you are considering discharging your mortgage, lodging capital payments to reduce your mortgage, or transferring your mortgage to a different product, you will incur a charge equal to six months interest at the fixed rate or the variable home loan rate, whichever is higher, on any amount prepaid.


If, within three months of redeeming a fixed rate mortgage, you drawdown a new mortgage with ulster bank ireland limited on the same fixed rate terms then, where the amount of drawkown equals or exceeds the amount redeemed the full charge will be refunded, where the drawdown is for a lesser amount than the amount redeemed the refund will be on a pro rata basis.


the fixed rates currently available are:
4.65% * fixed rate until 31/08/2009 (apr 5.2%)
4.65% * fixed rate until 31/08/2010 (apr 5.2%)
4.95% * fixed rate until 31/08/2012 (apr 5.2%)

the above apr's are based on a typical mortgage of .......


At the end of the fixed period: ulster bank Ireland limited may offer to continue the advance for such a period and at such a fixed rate as it may decide. It may also offer alternative available products. If such offer is made and you elect to accept then you must do so in writing, your acceptance to be signed by all parties to the mortgage and to be received by ulster bank Ireland limited if no such offer is made or if an offer is made no acceptance received as prescribed above, then, from the day following the expiry of any option selected above, the ulster bank home loan rate shall apply in accordance with General Condition 2 of the offer of advance originally accepted by you being the Bank's general conditions relating to advances by ulster bank ireland limited house mortgages section, which varies the interest rate, and the said general conditions relating to the advances shall be construed accordingly.


If you wish to transfer to one of the fixed rates above, please tick the box opposite your chosen fixed rate, sign the declaration below (must be signed by all borrowers), and return it to us immediately.


I/We have read the information above regarding early repayment/conversion to another product within the fixed rate period, and the process at expiry of the fixed rate, and request transfer of my/our mortgage to the fixed rate indicated above.


signed dated


signed dated


*The fixed rates above are subject to availability and may be withdrawn at any time, without prior notice.
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON THE MORTGAGE OR OTHER LOAN SECURED ON IT.

lucybousy

yahoo got letter of ub giving me back my tracker .85% plus ecb. im still shaking cant believe it. sneaky feckers had on last paragraphy no error by the bank on correct rate. 2nd page first line states however i am mindful of your relationshop with the bank and also the fact as your borrowing is a home loan, this relationship is likely to be in place for quite some time i propose that your entire home loan be placed on original tracker interest .85% as outlined in letter of loan offer.

ronan45

Its good stuff from Lucybousy and Gina36.

Three Cheers:pac:

Also what is the argument others in this situation is to make to the ombudsman for getting the tracker back? Is the bank just doing it as a favour or have we a LEGAL RIGHT to be put back on the tracker? I want to make sure im ready for action come August :cool:

Any tips for when our renewal comes up?

It shows persistance allways comes through

lucybousy

ronan mine didnt even go to ombundsman. when u get your rates when fixed rate is up and if tracker not on it. write to complaints department that your not happy and it was not stated you wouldnt get your tracker back only u would be put on ulster bank home loan rate and it was not made clear your tracker was gone. they will then write back saying no. so then look for final letter of response and thats the letter i got this morning but instead going ombundsman they gave it to me. any queries ive no bother in answering everyone was very good to me when i was going through it. rem strenght in numbers.

ronan45

lucybousy wrote: »

ronan mine didnt even go to ombundsman. when u get your rates when fixed rate is up and if tracker not on it. write to complaints department that your not happy and it was not stated you wouldnt get your tracker back only u would be put on ulster bank home loan rate and it was not made clear your tracker was gone. they will then write back saying no. so then look for final letter of response and thats the letter i got this morning but instead going ombundsman they gave it to me. any queries ive no bother in answering everyone was very good to me when i was going through it. rem strenght in numbers.

Cheers Lucy. Coming closer to my date ill defo be throwing few questons across your bow. Thats interesting that you didnt even need financial ombuds! Fair play. Well I wont ask you any more questions today cos its time for you to pump the tunes and sip a nice chilled Chianti from the NECK !:D
congrats again!

peteb2

I'm in the exact same position with Ulster Bank. Am about to write a letter to them now so who should it be addressed to?

Also can I ask, did they refund the interest that they incorrectly charged you?

peteb2

i started off on a tracker rate. Then fixed for two years in 2006 and in 2008 when there was no tracker available they just stuck me on the SVR. The wording of my offer of advance is the same as lucybousy.

In fact I also have a friend in the exact same situation.

phormium

Well then write in and complain and pursue it to the bitter end.

peteb2

The process has begun. First denial from the bank in.

Hairymilo

Have all of you who got your trackers reinstated still operate ufirst a/c's??

Please reply!! tks

Churchie

Hi lucybousy. Congrats on getting your Tracker back. I'm new to Boards.ie. I'm in the same situation as you were. I got my mortgage in 2005 and was given a tracker mortgage. ECB plus 0.95%. I then fixed in April 2007 for five years. The wording on the fixed rate letter and general condition 2 of the offer of advance originally accepted is exactly the same as yours. My fix rate period is now up and i've received the letter from the UB with a number of different options on it but no Tracker Mortgage. I would be very grateful if you could help me by letting me know how you worded your response letters to the UB. Things are tight at the moment and we could really do with the saving going back on the Tracker would give us.
Thank you.

phormium

Is your fixed rate already up? If not what rate is it going to default to? If it is automatically going back to tracker then it will not be an option on the letter you got as that will be the default rate. Do not pick one of the options on the letter unless you want a fixed rate and wait and see what rate it goes to when the fixed is up. If it already up and you know you did not get a tracker then that's a different story and you will have to make a complaint to them.

ronan45

phormium wrote: »

Is your fixed rate already up? If not what rate is it going to default to? If it is automatically going back to tracker then it will not be an option on the letter you got as that will be the default rate. Do not pick one of the options on the letter unless you want a fixed rate and wait and see what rate it goes to when the fixed is up. If it already up and you know you did not get a tracker then that's a different story and you will have to make a complaint to them.

So when you switch you are not actually in effect CANCELLING an agreement such as this? Its more a technicallity? They just happen to omit this info in the letter they send when the fixed rate is up?

phormium

Possibly, if you opt for something on the list they send you then this will supersede whatever it would automatically have rolled on to.

So if for example you had a fixed which was to revert to tracker then the letter does not mention that, it just gives you the other options available to you. This is the way it always was where I worked, there is nothing really underhand about it, they are the options you can opt for, the default is whatever was in the original loan offer.

However, not all banks are the same and lucybousys case, in my opinion, should have been like that but she did not revert to tracker for some reason but when she complained she was put back on it so it would seem in her case that there was something done to her account to stop it defaulting to tracker as it should have done. So I can only conclude that the original computer set up of these loans is being fiddled around with by some banks.

Carolywogs

Hi

Just posting to let you know I got good news today from Ulster Bank. They are giving me my tracker back. I am currently on a fixed rate which is up on 31 August 2012. My original loan agreement was a tracker rate but I chose to fix for a few years.

I got in touch we them at the end of November to get the ball rolling as I knew it was going to take ages to sort out. I asked them to confirm that I would be able to avail of the tracker rate when my fixed rate was up. Of course they resisted it and I had to go through a few different departments before they agreed that I can have it back. My advice is to start the process now even if your fixed rate isn't up for a while then you'll roll straight on to the tracker rate when your fixed rate ends.

If you want to know any more details pm me.