Coming off fixed rate - query regarding tracker

[dri1298]

Hi

Decided to pull out my original loan offer agreement from my mortgage provider. The mortgage was with First Active and is now with Ulster Bank.

The loan was fixed for 5 years at 4.89% (although for some reason all their recent documentation say 4.95% which I will be querying).

Under the repayment details it states the following

Loan Type: Fix 4.89% Until 31/03/12 -ECB+1.15%

I was curious as to what the ECB part at the end of this means? Does it mean I have the option of moving to a tracker once the 5 year fixed is up or am I totally barking up the wrong tree?

Thanks a mil!

 

[rameire]

you will get ecb + 1.15 when the fixed rate expires.
with the difference in rate, if there was a delay in drawdown, you would have got the fixed rate that was applicable at drawdown.
so it may have changed, this would have been communicated to you.

or the difference could be, one is the apr, and one is interest rate.

or the loan offer was amended and you are reading the original one.

 

[dri1298]

Must go back through all my documents to see if I have another loan offer letter dated later in that year.

But the good news is that it does look like we will be moving to a tracker.

Thanks for your help rameire!