Offered tracker but chose fixed 2008

[Maryh]

We took out a mortgage in 2006 and had rate of 3.95%. In 2007 we fixed our mortgage at a rate of 5.35% for one year. In 2008 we were also offered a tracker which was 5.5% at the time. At the end of this 3 yr fixed rate we were not offered a tracker rate and chose a SVR of 5.9%. We are still on a variable rate which is now 4.5%. I'm just wondering if we have any entitlement to a tracker rate as we were not advised in 2008 that we may not be entitled to a tracker in the future

 

[Monbretia]

What did your original loan offer say? Did you start off on a fixed and if you did what did it say it was to revert to?

If there was a tracker in your original loan offer have you got a copy of whatever you signed in 2008 when opting for a further fixed rate.

 

[Maryh]

Thanks for reply. Have a letter from 2007 sating that rate was switching from tracker of 3.95 to fixed of 5.35. Have copy of options letter of 2008 which we signed which lists tracker rate of 5.5%, SVR of 5.69 and various fixed rates and we chose 3 yr fixed at 6.19% PTSB have confirmed that we were not offered tracker on expiry of this fixed rate in 2011

 

[Monbretia]

Get your original loan offer, what rate over ECB was your tracker guaranteed to remain at? The rate of 5.5% that you were offered in 2008 sounds very high so I wonder what if any percentage over ECB was guaranteed.

As for not advising you in 2008 that you may not get the option of a tracker that is also true of fixed rates, had you asked could you fix again in 2011 the answer would have been yes if there are fixed rates there at that time. If trackers were still there you probably would be offered one but they are not, however the important bit of a tracker is the percentage over ECB, if that is high then there is no point having one either.