Can BOI force me to change from tracker?

M

minnie_m

Guest
Hi,
This is my first time posting but I've read lots of the advice given here in the past.
I've had a BOI tracker mortgage for the past 4 years. This morning I received a letter from BOI telling me that my rate (4.5%) will expire on 16/11/08. They listed the options available to me and said that if they didn't hear from me by Nov 16th, they would put me on a variable rate.
I need to go digging through the terms and conditions of my mortgage to see where I stand but I was just wondering if anyone else was in the same situation.
Thanks.
 
Are you sure you were on a tracker rate? I've never heard of a tracker rate that expires after four years. Definitely need to check back to your original loan offer.
 
LennyBriscoe said:
I dont think tracker mortgages were around in 2004? I stand corrected.
Click to expand...

Trackers existed pre 2004 alright though I don't know if BOI had such a product then.
Sounds to me like the op is coming off a fixed rate as has already been said.
 
minnie_m said:
Hi,
This is my first time posting but I've read lots of the advice given here in the past.
I've had a BOI tracker mortgage for the past 4 years. This morning I received a letter from BOI telling me that my rate (4.5%) will expire on 16/11/08. They listed the options available to me and said that if they didn't hear from me by Nov 16th, they would put me on a variable rate.
I need to go digging through the terms and conditions of my mortgage to see where I stand but I was just wondering if anyone else was in the same situation.
Thanks.
Click to expand...

Hi Minnie (I'm a BOI employee),

That doesn't sound like a tracker to me - looks like a fixed rate expiring in November - see if you can find your original letter of offer or letter relating to your rate from four years ago. Anyone that has a tracker is entitled to stay on same on the original terms and conditions. (quick check - has your rate changed during the past four years?)

Regards,

BM
 
Hi,
Sorry I'm so late in getting back to this but I just wanted to say thanks for the replies. I looked back through my paperwork and it seems that it wasn't a tracker. We had a variable rate which has now expired and they've offered me ECB +1.1% which I've accepted.
Thanks again.

M
 
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