An explanation of a tracker mortgage from the AIB web site in Sept 2006
"Your Tracker rate is set at a margin (percentage) above the European Central Bank (ECB) rate at the beginning of your mortgage term and ‘tracks’ changes in the ECB rate for the life of the loan. So, while your rate will move up or down in line with the ECB rate, you have the certainty of knowing your margin above the ECB rate will remain the same."
If you were never on a tracker rate but were entitled to one, should the prevailing rate be taken from the "beginning of your mortgage"?
"Your Tracker rate is set at a margin (percentage) above the European Central Bank (ECB) rate at the beginning of your mortgage term and ‘tracks’ changes in the ECB rate for the life of the loan. So, while your rate will move up or down in line with the ECB rate, you have the certainty of knowing your margin above the ECB rate will remain the same."
If you were never on a tracker rate but were entitled to one, should the prevailing rate be taken from the "beginning of your mortgage"?