ICS mortgage offer from Variable to Tracker

MaxCharlie

apparently when we went from fixed to variable in 2009 the bank never offered us a Tracker, and this week we got a letter offering us a Tracker, and the difference between 2009 and now be adjusted against mortgage...... one word "yipeeeeeeee".....did anybody else get a wonderful letter for ICS this week...at first i thought it was someone playing a very cruel joke - but no its true. yipeeeeeeee

iPearly

What interest rate did they offer you , a new customers interest rate of about 3.5 % +ECB ???

MaxCharlie

ECB + 1.1% - apparently about 2000 customers got offered the tracker because of this audit from the central bank.

Origipolo

+1 on that. Got a letter last week to say after my current fixed rate term I am going back onto tracker of ECB + 1.25%............. Oh... and they gave me 1900 euro back.. well actually put it off the mortgage...!:)

goldsalmon33

+1


Back on tracker too. Not sure what rate, think its ecb + 1.1
Must double check it now seeing as others are on ecb+1.2 and ecb+1.05.
What determines the rate? Your original loan?

iPearly

Could anyone tell me if they had margin conditions specified in their contracts. I'm supposed to go to tracker but they're giving me +3.25 and i have to sign it and send it in the next few days. the more info the more helpfull

Darragho

MaxCharlie wrote: »

ECB + 1.1% - apparently about 2000 customers got offered the tracker because of this audit from the central bank.

Hi,

I have just recently being checking old letters from Ptsb and like that a number of years ago we were on tracker and went fixed for 3 years on the letter it stated when the fixed term ended we were put back on variable rate and not the Tracker, would you think I have grounds for fighting this with Ptsb what is the best option to chase bank first or make a complaint to Central bank.
Thanks

iPearly

Darragho wrote: »

Hi,

I have just recently being checking old letters from Ptsb and like that a number of years ago we were on tracker and went fixed for 3 years on the letter it stated when the fixed term ended we were put back on variable rate and not the Tracker, would you think I have grounds for fighting this with Ptsb what is the best option to chase bank first or make a complaint to Central bank.
Thanks

you have to check the mortgage conditions. it all depends on what they specify. Anything is worth trying and you have nothing to lose. Dig out all your paperwork and check- and if still not sure get in touch with the solicitor that did the original deal. They should explain

Richard tea

Im with ICS. As far as I can remember I opted for 2 years fixed rate. I went onto a variable rate after that. I dont remember getting an option to revert to a tracker rate after the fixed term. Should I have paper work on me that I can check this info or is it on paper work that the solicitor will have?

solerina

Hi All....I am just wondering is this likely to happen with other lending instituions ? I am on a variable rate with EBS and have my mortgage since 2006, I know people who got their mortgage (with different lenders) around te same time who are on trackers...I was never offered a tracker ??? Does anyone know did the EBS do trackers and if so is it possible I could be offered one like the above posters ? (wishful thinking ???)

Jeddah

Was on a 2 year fixed with ICS from Oct 2006 to Oct 2008 , when i came off it was offered both a variable or a tracker at ecb + 1.25%. Signed up for the tracker , i presume the rate was their best offer on the day and not a rate which was stated in some earlier agreement

Richard tea

I got onto ICS. Their reply was,
We have investigated the account and unfortunately it does not qualify under the review and very specific criteria agreed with the Central Bank. It was as a result of the very specific criteria that only a small number of our overall customers c. 2000 qualified.
All impacted customers (including staff customers) have been written to at this stage.

I still feel like im in the dark, but hey, I guess thats it.

westendgirlie

Origipolo wrote: »

+1 on that. Got a letter last week to say after my current fixed rate term I am going back onto tracker of ECB + 1.25%............. Oh... and they gave me 1900 euro back.. well actually put it off the mortgage...!:)

Why did they give you money back? I am currently on fixed term but will be back on tracker of 1.25% after (confirmed by KBC).

Origipolo

Basically the letter said that at the expiry of a previous fixed rate period from Jan 2009 to Aug 2010 an interest rate different to this tracker rate was applied to your account. For this period BOI has retospectively applied a tracker rate of ECB + 1.25%, which wqas the tracker rate specified in the original documentation.

We have credited the difference between the two rates to your mortgage account with a payment of 1900, which includes interest from Jan 2009 to April 2011.