Extending tracker rate

Discussion in 'Issues with tracker mortgages' started by michelle lordan, Feb 19, 2017.

  1. michelle lordan

    michelle lordan New Member

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    I am currently on a tracker mortgage. I got a 10 yr tracker in 2008/2009. I am wondering can the bank take me off this rate without notifying me or can I stay on the tracker rate.
     
  2. Monbretia

    Monbretia Frequent Poster

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    1,162
    No they can't take you off it unless something else happens. Are you looking to extend the term of the mortgage? If you are then that is kind of unlikely as they won't want to extend a tracker term but there is no reason why anything should happen it between now and the scheduled finish date of the mortgage.
     
  3. michelle lordan

    michelle lordan New Member

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    3
    I'd be afraid to be taken off tracker as I can manage the payments as they are currently and as a single parent I would really struggle to pay any more off it. The term of my mortgage is 35 years. I initially had a variable for about 3 yrs but the interest kept going up and the guy I spoke to in Ebs advised me to go tracker and I was told the tracker rate was for 10years. That was in 2008-2009.
     
  4. Freshstart

    Freshstart Frequent Poster

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    I think you really need to read your mortgage contract. Something sounds very confused here to me.
     
  5. michelle lordan

    michelle lordan New Member

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    3
    When I initially took out the mortgage in 2006 it was on a variable rate over 35yrs. About 2 -3 years later I changed to a tracker mortgage on a 10 year term as the interest rate on the variable rate was going up to 7.5%.that was why I changed to a tracker rate. i want to remain on tracker once the 10 yr term is up. But can the bank take me off it and put me back on variable rate. Do they have to notify me at the end of the 10yr term that I must go back to the variable rate or can I remain on the tracker rate?
     
  6. Monbretia

    Monbretia Frequent Poster

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    Right, I've never heard of that, I thought you meant the term of the mortgage was 10 yrs. You will need to check the paperwork around that transfer. Obviously if it was only for 10 yrs then it will expire when the term is up but you need to see exactly what was agreed.
     
    Wardy7 likes this.