Please help I need some advice....We took out a mortgage with KBC homeloans in 2005 and the loan offer states under special conditions that " The interest rate applicable to the loan identified on page 1 (3.25%) of the letter of offer is a variable interest rate and may vary upwards or downwards. The interest rate shall be no more than 1.25% above the prevailing European Central bank Main Refinancing Operations Minimum Bid rate ("REFI rate") for the Term of the Loan. variation in interest rate shall be implemented by the lender not later than close of business on the 30th day following the change in the REFI rate. Notification shall be given to the borrower of any variation in interest rate either by notice in writing served on the borrower, or by advertisement published in a paper. In the event that, or at any time, the REFI rate is certified by the lender to be unavailable for any reason the interest rate applicable to the loan shall be the prevailing loan variable rate"
What does this mean? When we took out the mortgage did we have a tracker? We later fixed in 2006 until 2008 and then until 2010. We are currently on variable. There was never a mention of the word TRACKER on the loan offer or on any of the fixed rate instruction received or anywhere since. Do I have a case where the tracker mortgage should be returned to us?
Many thanks for your replies.
What does this mean? When we took out the mortgage did we have a tracker? We later fixed in 2006 until 2008 and then until 2010. We are currently on variable. There was never a mention of the word TRACKER on the loan offer or on any of the fixed rate instruction received or anywhere since. Do I have a case where the tracker mortgage should be returned to us?
Many thanks for your replies.