Clint Westwood I am thinking the same since yesterday. I have been mulling over what "with options" means. As you said cut and dry - refund us overpayment for the past five years and reinstate our tracker at the correct rate. My Letter of Loan Offer states I should be on 1.10% above ECB rate. That's what I am hoping for but no doubt they will try and pull some fast one and increase the rates!!!