Trackers ceased to existing from mid 2008 so you're only chance was to have taken it back then. You didnt. They aren't available anymore. Hence no offer of it.
Hi All,
Here's the scenario: -
2006 - Drew down mortgage for 2 year fixed
2008 - Received options at end of 2 year fixed. Tracker, fixed and variable options were offered. I took the 5 year fixed (fixed at 5.1%, god help me)
2013 - Received options at end of 5 year fixed. Here are the options:
SVR @ 4.34%
2 Year fixed @ 7.25%
5 Year fixed @ 8.75% (Thanks PTSB!)
Low and behold, there's no tracker offered.
I've yet to look into the mortgage details and I've yet to call PTSB, but I just wanted to see what the initial thoughts are here i.e. is it the case that generally, you only get the tracker offer after you come off your first fixed term or something like that?
Thanks,
digweed
I was in a similar position. Fixed for 5yrs at 5.75% last year. Lifetime of regret lays ahead.
Digweed, unless your original loan documentation says you're entitled to a tracker then your bank has not done anything wrong.
Up until the time I fixed, rates had been rising aggressively. As soon as I fixed, they fell and have continued to do so. The perfect stormIn addition there was nothing wrong with you fixing for 5.1% if that was what you decided was the best course of action at the time.
As you've been able to handle 5.1% and if you go down to the SVR you ought to consider overpaying which will reduce your overall costs of mortgage.
5 years is not a lifetime. How did you come to the decision to fix?
.
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