Tracker mortgage

Espoo

Hi All

If someone could advise me on the below Id appreciate it. Would be interesting to hear some similar experiences?
I applied for a tracker mortgage in 2008 to build a new house. Got an offer and signed it in march 2008. Over the next 6 months I got the info together and as slow as it was between dealing with bank valuer insurance, solicitor engineer etc all looked good for draw down early september 2008. Then the lady I was dealing with went on holiday for a couple of weeks from early to mid sept and I got an automatic email (out of office) from her to contact her colleague. I went into the bank mid September to meet her colleague and I was amazed that the offer was suddenly withdrawn and I was now only offered a fixed rate mortgage. With no other option I felt under pressure to sign this new offer. It was going to be a bit more expensive. I had already started to build and needed the funds. I only found the original offer today in the filing cabinet.
It did say that I needed to satisfy the need to get all the documents together within 3 months of approving offer. However the bank continued to work with me after this time. Often it was myself waiting on the bank to get back to me and they seemed to drag their heels a bit if you know what I mean! Thought I should look into it and at least get some closure as its on my mind a bit. Maybe I don't have a case.
Can anyone recommend any good financial adviser?

Cheers.

peteb2

You don't have a case. They withdrew the product and offered you something else which you accepted. You didn't have to.

3DataModem

Despite what the poster above has said, based on what I know of the tracker redress process you may indeed have some case for redress. In your case for example you could argue that the terms of the sales offer of the tracker (3 months) were unduly short.

First thing to do is contact your bank, and ask them to include you in the tracker mortgage examination, as a tracker product was offered and then unfairly withdrawn.
(do it in writing)

If that is not successful you need to contact the FPSO to get your mortgage considered for inclusion in scope; https://www.fspo.ie/
(this process is free).

Espoo

Thanks 3D

I appreciate both replies. Yes that might be a good idea. I have asked for a data access request to have a look at the file. I'm not sure does this show the loan offer or more. Anyway it might be useful in the future. Might take a few weeks to hear back.
I've been looking at the fspo website. Do borrowers normally contact the bank making the complaint or hire some professional adviser to do this on their behalf?
An adviser has told me they will have a look at the complaint for what I thought was a relatively small fee but maybe there will be big outlays with them down the line? I guess I can make the complaint in writing even with what little experience I have in such matters. Do I contact my local branch where I took out the mortgage or mortgage centre?

Cheers

peteb2

3DataModem wrote:

Despite what the poster above has said, based on what I know of the tracker redress process you may indeed have some case for redress. In your case for example you could argue that the terms of the sales offer of the tracker (3 months) were unduly short.

The above poster speaks from experience having fought tooth and nail to get his tracker back . And having gone through the FSPO and then the redress process

peteb2

3DataModem wrote:

Despite what the poster above has said, based on what I know of the tracker redress process you may indeed have some case for redress. In your case for example you could argue that the terms of the sales offer of the tracker (3 months) were unduly short.

He or she can't argue the process was unduly short. They accepted the rate they were eventually offered. And given the time frame they are outside the period they have to make a complaint

peteb2

Espoo wrote:

I appreciate both replies. Yes that might be a good idea. I have asked for a data access request to have a look at the file. I'm not sure does this show the loan offer or more. Anyway it might be useful in the future. Might take a few weeks to hear back. I've been looking at the fspo website. Do borrowers normally contact the bank making the complaint or hire some professional adviser to do this on their behalf?

Go talk to. Padraic kissane. He'll tell you quick enough

Espoo

peteb2 wrote: »

Go talk to. Padraic kissane. He'll tell you quick enough

Thanks Pete. Padraic Kissane is who I had in mind.

Espoo

I was taken off tracker just after first stage payment was requested. That's how close I got!