O
oliver1975
Guest
This is my first post.
I have a Permament TSB mortgage which I started with them this year (but got approval last year). it was for a self build house on land that i already owned so the LTV is about 40%.
I have a discounted tracker of ECB +.6%. All of the talk of recession, ECB rates etc has had me more focussed on my mortgage than previously so I just read the fine print about what happens after the discount period ends (April 2009). It says that at the end of the discount period the rate will be the "then current permanent tsb tracker mortgage rate appropriate to the loan".
Looking back now I realise that I should have argued for a specific tracker percentage for when the discount period ends, but back when I was organising the mortgage I was more focussed on negotiating a building contract and took my eye off that ball. Additionally i trusted the mortgage broker to spot all of these things because he was an acquaintance but I had too much faith in him.
Does anyone have any advice on what I should do in this situation?
Should I just wait and see or should I contact the bank to negotiate to should I look at switching to another mortgage provider that might have a more competitive tracker rate?
I have a Permament TSB mortgage which I started with them this year (but got approval last year). it was for a self build house on land that i already owned so the LTV is about 40%.
I have a discounted tracker of ECB +.6%. All of the talk of recession, ECB rates etc has had me more focussed on my mortgage than previously so I just read the fine print about what happens after the discount period ends (April 2009). It says that at the end of the discount period the rate will be the "then current permanent tsb tracker mortgage rate appropriate to the loan".
Looking back now I realise that I should have argued for a specific tracker percentage for when the discount period ends, but back when I was organising the mortgage I was more focussed on negotiating a building contract and took my eye off that ball. Additionally i trusted the mortgage broker to spot all of these things because he was an acquaintance but I had too much faith in him.
Does anyone have any advice on what I should do in this situation?
Should I just wait and see or should I contact the bank to negotiate to should I look at switching to another mortgage provider that might have a more competitive tracker rate?