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.
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.
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.
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?
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.