Our Tracker Mortgage is ECB + 1.15%. I think we should have been given ECB + 0.90%

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loulou123

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Our loan offer letter from First Active is dated 29th May 2007. It gives the rate of fixed 4.68% until 30/06/08, - ECB + 1.15%.

We took out the mortgage in early September 2007. There was no other loan offer letter given between May and when we took out the mortgage in September 2007. We paid the fixed rate for the 1st year and then went on the tracker rate of 1.15%.

Last night I was browsing through some posts on this website. There is a post from May 2019 where someone was looking for a copy of the booklet with terms and conditions of First Active's tracker mortgage in 2006. Someone replied in July 2020 with a link to the First Active archived webpage from February 2007. This gives the standard tracker rate of 1.15%, with lower rates based on the amount borrowed and the loan to value. We borrowed €289,800 and the loan to value was 90%.

https://web.archive.org/web/20070209010432/http://www.firstactive.ie/mort_tracker_intro.asp

Based on that, I thought we should have been given ECB +1.10%. Then I stayed on that webpage and looked at some months later in 2007.

June 2007 is the first month where I found the layout of the website has changed. According to this, it looks like we should have been given ECB + 0.90%. https://web.archive.org/web/20070616104907/http://www.firstactive.ie:80/mortgages/tracker/index.aspx

Here are the links from July 2007 and September 2007 and it gives a rate of ECB+0.90% for a loan to value mortgage of greater than 80% and less than or equal to 100%
https://web.archive.org/web/20070717131832/http://www.firstactive.ie:80/mortgages/tracker/index.aspx

https://web.archive.org/web/20070917052038/http://www.firstactive.ie:80/mortgages/tracker/index.aspx


Thanks in advance for all advice given.
 
PebbleBeach2020 said:
you go by the rate on your loan offer.
Click to expand...
Yes that's what I was thinking. It was bad timing. If the loan offer letter was printed around 2-3 weeks later, we would have been given a slightly higher fixed rate for the 1st year and then the ECB + 0.90% tracker. Anyway,it was great that we got the tracker as it saved us a fortune over the years. We had no idea what a tracker mortgage was at the time and we were delighted when after the 1 year fixed, we went on to the ECB + 1.15% rate.
 
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