Switching to fixed rate.

G

Glennj

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I am looking to switch to the 7 year fixed rate of 3% on ptsb.

I am aware that once I switch I won't be offered a tracker going forward however there are some customers with PTSB that could avail of a tracker after the fixed rate ends.

Anyone know why these small % of tracker customers would be offered a tracker an the majority would not be.
 
Hi Glenn

It depends on the wording of your loan offer/mortgage contract.

Some say "Your margin is 1% over ECB and will be so for the term of the mortgage".

If ptsb makes it clear in their fixed rate agreement that you are giving up your tracker, it would be hard to persuade them to give it back.

Some other contracts say "At the end of the fixed rate period, you will be offered a tracker at the then current rates" - this is worth nothing as the then current margin will probably be 3%.

Get a copy of your mortgage contract from your solicitor or from the lender if you don't have it yourself.

Brendan
 
BUT...

Don't let this theoretical argument stop you fixing today.

BoI put up their rates today.
ptsb could put them up at any time.

You might well win an argument with ptsb but will end up paying dearly for having that argument.

Brendan
 
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