No. Most of the banks SVR rates followed ECB increases / decreases fir a period. That did not make them trackers. At the time it also his the value of a tracker as sometimes SVR and tracker rates were the same.The letter received from EBS state: Due to increase in ECB rate your loan repayment increase by 0.25% - Therefore if is tracking ECB it is a tracker, corect?
Did it say it tracked ECB? I haven't seen any contracts, but this suggests it's a fixed margin above / below a variable rate. That doesn't mean ECB. Remember EBS only started to offer ECB trackers in the 2nd half of 2004. You need to check your loan offer / contract for the term 'ECB'.In 2004 when we got our mortgage with EBS, the Bank jargon for tracker was variabile base margin not standard variable rate
just to note this thread was later removed as case has gone legaldocuments in this thread for now
There is also an EBS “mortgage illustration” document floating around that provides more details on the “variable base rate” definition used by EBS between 2004-2008. This confirms the variable base is the ECB rate that is tracked at a particular margin e.g.1.25%.
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