But isn't that simply because that's what the contract provides will happen?No it isn't always relevant, your translation of above is exactly what I was explaining in an earlier post. Where someone started on a tracker ro a fixed option with the tracker specified as the roll on rate then they should always go back to the start. But if someone started on a bog standard variable for example and later chose a tracker when it was offered and then subsequently again fixed then they would not automatically have a right to go back a step to the tracker unless they were still being offered on maturity of fixed. They would go back to the starting type of rate on the loan offer.
I understand that's what Ulster Bank's contract provides but was that the case with the contractual terms employed by any other mortgage lender at that time?