What type of Mortgage is an IIB Flexi Annuity?

[DublinMo]

howdy all....

i got a mortgage a few months back and distinctly remember the broker saying it was a tracker...

now tbh i wasnt overly bothered at the time as i was lucky & happy to get a mortgage so didnt really read the small print...

lately ive become more offay with the current financial climate...

i assumed my payments would go down automatically but theyve taken the same amount from my bank...

i rooted out my offer letter and it doesnt mention "tracker" in it anywhere

it says its a "flexi annuity"

is that another term for "tracker"???

its with IIB and my current rate is 5.64%...there has been no changes as yet with the recent ECB reduction

though my rate seems fairly good?

 

[Senna]

Not sure what flexi annuity means but annuity means your monthly repayments are made up of interest and capital. So your outstanding capital amount decreases over time. Flexi may just mean you can make extra repayments off the capital amount.

I'd say your not on a tracker, but your offer letter must state something, it probably says standard variable. 5.64% is a bit on the high side, AIB's is 5.10% at the moment.
Contact your bank and they should be able to explain all.