# Am I entitled to a Tracker Mortgage?



## needtodo (9 Feb 2013)

Hello
I would appreciate some guidance.
I have a mortgage with Ulster Bank. I secured this loan in 2006 on a tracker with a margin of .85%. I then fixed the mortgage for 2 years in 2007. I have the email from the mortgage advisor in Ulster Bank who said "it would be a good idea to fix as I foresee two more interest rate hikes") and a document which set out the fixed rate options which I duly selected and signed. There is no reference to the consequences of surrendering a tracker nor was I advised of same by the mortgage advisor.

There is a clause in the document I signed "At the end of the fixed period" which reads: "UB may offer alternative available products"  on the expiry of the fixed term.
When the fixed rate expired we were automatically transfered to the SVR as they were no longer offering trackers.
Do we have any come back against UB for not outlining the consequences of switching from a tracker to a fixed rate?
Many thanks


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## peteb (9 Feb 2013)

Nope.  But you may be entitled to your tracker back.  I did the exact same.  Time to dig out the small print in original offer and conditions, and disregard the fixed rate authority form.  Doesn't make a difference that trackers no longer existed, if it was in your terms and conditions they should have given it back.


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## needtodo (9 Feb 2013)

Thanks for your reply.
That clause on the form:  "At the end of the fixed period" reads, "UB may offer alternative available products" on the expiry of the fixed term. The default position if no such offer was made or accepted was “..from the day following the expiry of any option selected above <the fixed options>, the Ulster Bank Home Loan rate shall apply in accordance with General Condition 2 of the Offer of Advance originally accepted by you being the Bank’s General Conditions Relating to Advances by Ulster Bank Ireland Ltd Mortgages section, which varies the interest rate, and the said General Conditions relating to Advances shall be construed accordingly"

UB were no longer offering the tracker option when the fixed term period had expired.

Now the General Condition 2 of the Offer of Advance is titled "Monthly Payment". All this states is "the amount of the monthly payment may vary in accordance with any changes in the amount outstanding on the Loan if interest is being charged at the Banks Mortgage Rate or linked to that rate, any changes in the Banks Mortgage Rate:" 

That is exactly how it is written.

No reference to tracker....havent a clue what it means. Any ideas???


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## needtodo (9 Feb 2013)

I see a thread on the above - seems KOR was in similar position to what I describe: see thread *Tracker Mortgage reinstated by Ulster Bank but no refund of second fixed rate period. *


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## lecro (12 Mar 2013)

I was in a similar situation. Basically, I started writing letters as I was getting no where over the phone. When I fixed my mortgage initially, it stated that at the end of the fixed term I would revert to the original offer, yet when they wrote to me at the end of the fixed term, there was no offer of returning to the tracker rate. After 3 months of letters going over and back and me highlighting that part of the agreement of my original offer was to track the ECB rate, they gave me back the tracker. My repayments are now €300 less a month. So, be persistent!


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## amirk14 (2 Apr 2013)

you have to do that you received in the email, they have a good option for you.


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