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pc440
Guest
Just wondering if anyone can advise me! I'm just completing my two year fixed rate mortgage and i'm wondering am i entitled to switching to a tracker mortgage.
I checked my mortgage contract and in Part 1 ''Particulars of Offer of Mortgage loan'' it states that my loan term is 2 years fixed annuity and 33 years variable annuity. However, in Part 4 ''General terms and conditions of offer of mortgage loan'' it states the following:
At the end of any fixed interest rate period, the customer may choose between:
a) a further fixed interest rate period, or
b) conversion to a variable rate mortgage loan, or
c) conversion to a tracker interest rate mortgage loan,
at the bank's then prevailing rates appropriate to the mortgage loan. If the customer does not exercise this choice, then the mortgage loan wil automatically covert to a variable interest mortgage rate.
I spoke to a customer rep in the bank today and she said that trackers no longer exist and i have to fix or go variable. Just wondering if tracker should also be an option to me?
Thanks
pc440
I checked my mortgage contract and in Part 1 ''Particulars of Offer of Mortgage loan'' it states that my loan term is 2 years fixed annuity and 33 years variable annuity. However, in Part 4 ''General terms and conditions of offer of mortgage loan'' it states the following:
At the end of any fixed interest rate period, the customer may choose between:
a) a further fixed interest rate period, or
b) conversion to a variable rate mortgage loan, or
c) conversion to a tracker interest rate mortgage loan,
at the bank's then prevailing rates appropriate to the mortgage loan. If the customer does not exercise this choice, then the mortgage loan wil automatically covert to a variable interest mortgage rate.
I spoke to a customer rep in the bank today and she said that trackers no longer exist and i have to fix or go variable. Just wondering if tracker should also be an option to me?
Thanks
pc440