Good evening
I am hoping someone will be able to shed some light. Here is the story:
16 months left into a fixed rate mortgage 4.99%
There is a special condition in my contract which is not very clear to me:
"without affecting the entitlement for the borrower to apply at any time to fix the rate for a further period (if available) and in varaiation of general mortgage loan approval condition 5.1, on expiry of the fixed rate period the interest rate applicable to the loan will not be more than 1.10% over the European central bank (the "ECB rate") as varied by the european central bank (the "ECB"). In the event of any variation of the ECB rate, the interest rate applicable to this loan will not be more than 1.10% over the ECB rate as varied by the ECB"
==> I know than tracker rates are no longer available to new cstomers so I phoned PTSB ans asked at the end of my 3 year fixed, does this mean I will roll onto ECB + 1.1% ? the agent on the phone said that exactly what it means.
F.