I came across the following statement from the CCPCs website on another post; I’ve highlighted in bold the phrase that is particularly relevant to our cases - so why are we still waiting to get our trackers back from Ulster Bank??!!
“At the end of a fixed rate term, your lender will write to you and outline your options, which may include:
“At the end of a fixed rate term, your lender will write to you and outline your options, which may include:
- moving to a standard variable rate
- fixing for another term, perhaps one, three or five years
- moving to a tracker rate – but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends. If a tracker mortgage was one of the options, then your lender must offer you the tracker rate, even if they are no longer widely available. If you do not have the documentation, contact your lender and ask for a copyIf you are unhappy with the options your lender is offering you when your fixed rate term ends or you feel that your options were not explained fully, you can make a complaint.”