Hi ppThe definition of tracker mortage loan under the consumer credit act 1995 clearly states the amount of the percentage over the ecb rate will depend on the amount of the loan and that percentage will not be exceeded during the term of the loan.I'm not an expert by any standards but to me this seems to suggest that you margin should be what it was when the term of the mortgage began until the end .anyone else any thoughts?
There is no mention of trackers in the Consumer Credit Act.
These notes simply refer to Housing Loans as defined by the Consumer Credit Act. And maybe they contain the information which is required to be disclosed by the Consumer Credit Act.
But this note is interesting. "The amount of the percentage over the ECB rate...will not be exceeded during the term of the loan". I wonder if that note is on the back of the mortgages which do not have a rate specified.