Black_Adder
Registered User
- Messages
- 153
I agree with everything in the previous two posts and I don't see any inconsistency.
''Someone can have a fixed rate for two years followed by a tracker rate, with the rate to be determined at the end of the fixed rate period. And the rate would be the prevailing rate for the LTV at that time''There isn't an inconsistency. Adder apparently doesn't understand what a tracker is, so I was trying to explain it to him in simple terms.
Brendan
Obviously I've failed the exam
there should be no ambiguity if this terminology is used in any agreement. It means exactly what it says on the tin!What does 'life of a loan" or "life of a mortgage" mean, in documentation. Is that clear as Burgess B has muddied the waters.
The 'prevailing' tracker created by AIB is one such - in other words one part follows ECB and when you exit your fixed rate the margin is then set. That is what they did.
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