I got my mortgage through a broker 12 years ago (right after prices started to drop … but not enough in hindsight). The broker has now closed and I can’t (and can’t remember) ever having received a copy of the mortgage contract, but I was also going to travel at the time, so my mind was elsewhere.
Because of the tracker scandal, I wanted to check if this had affected me too, but to do this I (obviously) prefer not to have to ask the bank for a copy of our contract. But I guess that’s my only option?
From memory, I could not get a tracker (contract ended January 2009), but I would still like to make sure.
Mr SW, e-mail
It’s certainly worth checking out where you stand, as the scale of the on-trail mortgage scandal means that no mortgagee should rest on the assumption that their lender has treated them fairly.
It is a reputable success that will take many years for all Irish banks and offers the new generation of fintech operators the opportunity to get their foot in the door if they learn some of the fairly obvious lessons. in matters of ethics, governance and customer service. . If this happens, the old banks will have no one to blame but themselves.
But in your case, it’s not as easy as it could be, given your broker’s demise. So where does that leave you?
The easiest way would certainly be to contact the bank, which will certainly have the document on file. It does say something about how they are currently viewed that you have little confidence in them to cooperate with a simple request under circumstances where it could lead to an unfavorable outcome for them.
I spoke to Brokers Ireland which represents the sector. They tell me that brokers are required to keep records for six years after the relationship with the client ends.
In the case of a mortgage, they say, it would be after the mortgage has been used.
But that assumes it’s still in business. If the broker has gone out of business, I’m told the only requirement is that they have safely disposed of the files.
Now, if the shutdown involved the sale of the business to another broker, the paperwork would follow the sale, but I’m sure you should have been notified of such an event and had the option to opt out. .
Of course, you say that you were traveling a lot during this time, so you may have missed such a notification along the way. It might be worth checking with other brokers in the area just in case.
However, the easiest way, I imagine, would be to contact the lawyer you used at the time. They should have kept a copy of the loan offer on file as it is a legal agreement. I am grateful to Brokers Ireland for the very sound advice.
Chances are there’s nothing in it: your own memory is that you missed the mark on tracker mortgages but it’s certainly worth pursuing for peace of mind.
Please send questions to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or email [email protected] This column is a reading service and is not intended to replace professional advice. No personal correspondence will be exchanged.