# Approved for an AIB tracker mover product, but no mention of rate



## SamVimes (11 Sep 2014)

Hi folks
We have got to the point where we have received an offer in principal from EBS to move our mortgage and we have contracts ready to exchange on our existing property. 
In emails prior to the offer letter it was clearly set out that the amount of the existing mortgage would be at the new tracker rate and any additional money borrowed would be at the prevailing rate. All good.
However in the offer letter, there is no reference to a 'tracker' product or interest rates. I am terrified that when we come to draw down the new mortgage we will not be offered the tracker product. My solicitor has advised that I should seek written confirmation.
Has anyone gone through the tracker move process from start to finish and more importantly has anyone received a written confirmation that the tracker will be applied to their new mortgage.

Hope this makes sense

thanks in advance


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## Brendan Burgess (11 Sep 2014)

Hi Sam

That is very strange.  

Presumably the offer sets out the interest rate? What is the exact wording? 

It sounds as if they sent you the wrong letter. 

Brendan


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## SamVimes (11 Sep 2014)

Hi Brendan, 

Thanks for responding so fast.

The letter is headed: Loan approval in principle

I am pleased to advise that your application has been reviewed and a sum of xxxx has been approved in principle. This letter is for indicative purposes only and does not constitute a formal offer from ebs.

This letter is intended to give you an indication of the amount we are prepared to lend to you in the event that you comply with ebs lending requirements below.....

subject to...
Ebs being satisfied with the information provided by you...
ebs reserves the right to seek up to date confirmation of income.....
ebs conducting an up to date valuation of the proposed property...
important documentation being received and deemed satisfactory...

notwithstanding... Ebs reserves the right not to make you a formal loan offer...

there are a number of specific conditions regarding childcare costs etc

but no reference at all to tracker or interest rates. 

Bloomin terrified now

thanks again


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## Brendan Burgess (11 Sep 2014)

You don't need to be terrified at all. 

I thought that they would confirm in the letter that they are allowing porting of the tracker.  And it's better to ask them for that in writing.

But by being approved for a loan , you are being approved for the tracker mover product.  The fact that you have the exchange of emails confirming the new rate means that you will get it. 

Brendan


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## SamVimes (11 Sep 2014)

Hi Brendan

Thanks a million, it seems they were 
ironing a few things out with the tracker mover product when we applied. They're issuing a new letter setting out clearly that its the tracker product.

thanks again


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