I got an EBS tracker in 2006 and fixed in 2006 (mistake - hindsight is great).
My tracker contract states that the interest rate was:
Interest Rate Basis: Variable ECB Base + 1.25%
When I fixed the conversion form stated that:
I/We understand that when this fixed rate period has expired the loan will convert to the applicable variable rate then prevailing.
My question is does this in anyway mean the the applicable variable rate then prevailing would be the Variable ECB Base + 1.25% which is stated in my original contract.
Any opinion would be great.
My tracker contract states that the interest rate was:
Interest Rate Basis: Variable ECB Base + 1.25%
When I fixed the conversion form stated that:
I/We understand that when this fixed rate period has expired the loan will convert to the applicable variable rate then prevailing.
My question is does this in anyway mean the the applicable variable rate then prevailing would be the Variable ECB Base + 1.25% which is stated in my original contract.
Any opinion would be great.