Firstly, thank you to everyone who has contributed to this area of the forum and particularly Brendan, on some enlightening reading and informative discussion.
We received a welcome letter from Ulster Bank this morning stating that they are moving our 2 mortgage accounts from SVR 4.3% to a Tracker Rate of 0.85% which is of course good news.
Back in 2006 we moved from a SVR mortgage to a 5 year fixed rate mortgage of 5% from 2006-2011, reverting to 4.95% SVR rate in 2011 to the present day. At the time of choosing the fixed rate I was never offered a tracker rate and felt best to lock in and secure our monthly payments for 5 years.
I understand that we should be due a refund on our SVR from 2011 to present but my question, and apologies if it has been answered elsewhere (I couldn't find any advice from searching) is should we also be due a refund for the 5 years at 5% fixed rate, when in theory, we should have been on a much lower tracker rate?
Any advice would be much appreciated thank you
We received a welcome letter from Ulster Bank this morning stating that they are moving our 2 mortgage accounts from SVR 4.3% to a Tracker Rate of 0.85% which is of course good news.
Back in 2006 we moved from a SVR mortgage to a 5 year fixed rate mortgage of 5% from 2006-2011, reverting to 4.95% SVR rate in 2011 to the present day. At the time of choosing the fixed rate I was never offered a tracker rate and felt best to lock in and secure our monthly payments for 5 years.
I understand that we should be due a refund on our SVR from 2011 to present but my question, and apologies if it has been answered elsewhere (I couldn't find any advice from searching) is should we also be due a refund for the 5 years at 5% fixed rate, when in theory, we should have been on a much lower tracker rate?
Any advice would be much appreciated thank you