Hi
This is a similar post to the key post on coming off the ptsb discounted tracker and being offered a different tracker rate. However, my situation is a little different.
I have been on a fixed 2 year rate with ICS of 4.79%. This is due to end on 28 August.
I called ICS yesterday and asked what options would be available to me. The Customer Service Rep stated that I would receive letter in 2 weeks which would offer me
1. The new 2yr fixed rate (currently 3.15%)
2. A 3 yr Fixed rate
3. The standard variable rate (currently 2.70)
And then she said ICS would also offer me a tracker rate of ECB + 1.1%. I was somewhat taken aback and asked was she sure as my original loan offer letter mentions the fixed rate and the standard variable rate only. She confirmed it would be offered.
So reading my contract last night I discovered the Special conditions clause, that states at the end of the fixed rate period, if the lender cannot offer you a fixed rate or a standard variable rate then the lender will offer a rate that is not more than the ECB rate +1.1%.
It seems odd that they would offer me this tracker rate, seeing as I was on a fixed rate, and have never previously been on a tracker rate. Naturally, I would like to take up the offer of the tracker rate as it will reduce my repayments significantly.
Now I know I need to wait for the letter due to arrive in two weeks, and believe it when I see it. But has anyone heard of this, coming off a fixed rate and being offered a tracker rate? Can it be true?
This is a similar post to the key post on coming off the ptsb discounted tracker and being offered a different tracker rate. However, my situation is a little different.
I have been on a fixed 2 year rate with ICS of 4.79%. This is due to end on 28 August.
I called ICS yesterday and asked what options would be available to me. The Customer Service Rep stated that I would receive letter in 2 weeks which would offer me
1. The new 2yr fixed rate (currently 3.15%)
2. A 3 yr Fixed rate
3. The standard variable rate (currently 2.70)
And then she said ICS would also offer me a tracker rate of ECB + 1.1%. I was somewhat taken aback and asked was she sure as my original loan offer letter mentions the fixed rate and the standard variable rate only. She confirmed it would be offered.
So reading my contract last night I discovered the Special conditions clause, that states at the end of the fixed rate period, if the lender cannot offer you a fixed rate or a standard variable rate then the lender will offer a rate that is not more than the ECB rate +1.1%.
It seems odd that they would offer me this tracker rate, seeing as I was on a fixed rate, and have never previously been on a tracker rate. Naturally, I would like to take up the offer of the tracker rate as it will reduce my repayments significantly.
Now I know I need to wait for the letter due to arrive in two weeks, and believe it when I see it. But has anyone heard of this, coming off a fixed rate and being offered a tracker rate? Can it be true?