My fixed rate is up with ICS shortly and they have offered me a tracker , my current fixed rate is 3.6% , the tracker they offer is ECB + 1.25% , is this a mistake on their part ? I assumed it was but at the end of the letter it tells me if they don't hear from me then I default to the tracker !
Offered tracker by ICS
- Thread starter SGT SCOTT
- Start date
What other offer is in the letter? What do you need to sign? Be careful what you sign, they say it will default to tracker if they don't hear from you, this is the important bit, it is automatic so make sure you don't sign and send it back relating to some other option.
Seems they are saying if you do nothing it will go to tracker, in that case that is what I would do, nothing.
Seems they are saying if you do nothing it will go to tracker, in that case that is what I would do, nothing.
Hello,
If you have a copy of the original loan agreement, read it first and see what terms and conditions are contained within (particularly with reference to a tracker rate and what the lending margin should be, over ECB).
Assuming the rate is the same as the one your now quoting and it's not a lower lending rate (i.e. margin over ECB) then I'd personally take it without thinking twice.
If you do not have a copy of the loan agreement, ask them for a copy before you can respond to their letter, so you can cross reference both.
Experience over recent years has shown, those with Tracker Rates are better off and I expect, that will continue to be the case (because variable rates are subject to the Banks in house decisions on rates and with the Banks needing to earn more profits, it's very clear whats going to happen here in the years to come).
Regards
Mr. Earl.
If you have a copy of the original loan agreement, read it first and see what terms and conditions are contained within (particularly with reference to a tracker rate and what the lending margin should be, over ECB).
Assuming the rate is the same as the one your now quoting and it's not a lower lending rate (i.e. margin over ECB) then I'd personally take it without thinking twice.
If you do not have a copy of the loan agreement, ask them for a copy before you can respond to their letter, so you can cross reference both.
Experience over recent years has shown, those with Tracker Rates are better off and I expect, that will continue to be the case (because variable rates are subject to the Banks in house decisions on rates and with the Banks needing to earn more profits, it's very clear whats going to happen here in the years to come).
Regards
Mr. Earl.