Unless you have the word "tracker" or xx% above european Refi rate written in your main contract, then I can't see any case. For me and others, the mortgage was taken out as a tracker. It was written in black and white in the contract. and at the time when we went onto fixed and told that it would revert to the homeloan variable rate, we assumed (rightly so imo) that it would revert to the variable rate that we had signed up to and which was written in our contract - "xx% above ECB refi rate".
What most people are fight for is the return to the contracted rate in the original mortgage document that is very clearly stated that it is a variable rate at xx% above the ecb refi rate "for the life of the mortgage". The three year fixed instruction should only have amended he document for the three years.
Hi Peemac,
Am with KBC too. Tracker was written in special conditions of my mortgage contract. On the mortgage fixed rate form I signed ( which was very poor quality and barely legible) it stated that fixed term effective from 1st Aug 2006, thereafter reverting to "company's standard variable rate." Revert means to "return to" so I assumed go back to my tracker rate after fixed period finished.The word variable was always used throughout my contract and it was told to me by broker that it was a tracker as in special conditions it states how it would follow ecb rates for life of loan. Padraic in his citywest talk stated that KBC didn't even have a SVR at that time so what does exactly does "company" mean here?
peemac, their 'Prevailing Variable Rate' was another term for a tracker, was it not?? If someone could confirm this for me, that would be great.
The word "revert" and the fact that your (and my) original and main mortagge document clearly stated what the variable rate was - xx% above the ECB refi rate. It is this document that your would revert to in absense of any glossary of terms (there was none).
It didn't always state the rate in the contract because the flyer was the rate!!
However Sanparom predates the flyer (see earlier notes above ) so not sore if he has a case.
Reading all the above posts sure it's no wonder people were confused then never mind now.
Suggest you contact Padraic !
There was no tracker mortgage available to new customers in November 2008. So you are not impacted.We drew down our mortgage in Nov 2008, we fixed for 3 years. My letter of offer has the wording after the fixed rate term we roll onto "the lenders prevailing interest rate." No mention of ecb.
I rang KBC this morning and they told me I was NOT included in the review.
Where do I stand?
(Posted in other section also but this one seems more recent)
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