# am i on a tracker



## matt1979 (5 Jul 2010)

not sure if im on a tracker, boi recently put up interest rates but my monthly repayments have not changed, afraid to contact bank incase i am wrong, i presume i must be on a tracker, am i right to presume this


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## duchalla (5 Jul 2010)

Hi Matt1979,

chances are you are on a tracker.  Why not ring the bank and ask them how much above the ECB rate is your tracker? (remember someone else suggesting that on a previous thread).


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## matt1979 (6 Jul 2010)

thanks a million


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## shortarms (17 Jul 2010)

Hi, I want to ask the same question as matt1979.

   My fixed term has just finished and I recieved a letter from the bank, stating that they were putting our interest rate at no more than 1.1% above the ECB rate. I checked our contract and it indeed says that this would happen (I always assumed we would be put on a standard variable). The only thing is it doesn't actually say "tracker mortgage" anywhere on our correspondence, but it is a tracker.....right???


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## twofor1 (17 Jul 2010)

shortarms said:


> but it is a tracker.....right???


 
Sounds like a tracker to me.

Regardless of what they do or don’t call it, the important issue here is you have a contract and a letter from them stating your rate will not be more than 1.1% above ECB, they must honour this.

Happy days I would think for you.


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## shortarms (17 Jul 2010)

thanks for the reply. sounds like i can start doing cartwheels!!!


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## fredg (18 Jul 2010)

also,if you are on tracker is it for length of 
mortgage or lightly to be 5/10 years?
as has been said already,afraid to ask in case i draw attention to
it.

F


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## shortarms (18 Jul 2010)

No specification on the time frame. Just says from the end of the fixed term the loan will not be more than 1.1% above the ECB rate.
  Confusingly, directly after saying that, it says...    "THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME(does not apply if a further fixed rate period has been chosen)"

   The only way it appears they can change the rate without contradicting themselves is to lower it, which seems unlikely, to say the least. 

  I hate banks.


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## jasonw (19 Jul 2010)

i got the same type of letter , i was sure that i would get whacked on the standard rate ? is there an easy way of confirming this?


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## PaddyW (20 Jul 2010)

Jason, put up the details of your contract. You may be able to get a tracker also.


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## jasonw (20 Jul 2010)

hi the offers are standard ecb + 1.15%

2yr fixed 4.4

3yr fixed 4.5 

3.75 variable

go for the ecb + 1.15% ?


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## PaddyW (21 Jul 2010)

If you're being offered ECB + 1.15% take it most definitely


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## jasonw (21 Jul 2010)

cheers


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