Hi George. I would expect to be returned to my original tracker rate. + 1.5%.While maybe I am jumping ahead here but is the next battle going to be what tracker rate they will actually apply because my understanding would be that most of the mortgage agreements were silent on the actual tracker margin to be used. When I broke out of my fixed terms the ECB lending rate was 1% and the standard variable rate about 4%, would this mean I would be offered a margin of ECB plus 3 potentially? It would be a tracker but not necessarily a bargain! I remember times when tracker mortgages were not necessarily much cheaper than variable ones!
2) Other contracts said
On expiry of the fixed rate period, and where the applicant chooses the option of a tracker mortgage interest rate, the interest rate applicable to the loan will be the tracker mortgage rate appropriate to the balance outstanding on the loan at the date of expiry of the fixed rate period.
So it really depends on when you came out of the fixed rate period.
I discussed this with Padraig Kissane, who looks at it very differently.
When you took out the mortgage, you were given documentation including an Standard Information Sheet. If that was based on a tracker margin of 1.1% for example, the Ombudsman may treat that as overruling what the actual mortgage contract says.
Brendan
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?