# If you had an option for a tracker after a fixed rate, but did not exercise it...



## Brendan Burgess (5 Aug 2015)

Some mortgage contracts allow a borrower the option for a tracker mortgage on expiry of the fixed rate.  If you opted for the SVR , then all is not lost.

You should read your contract carefully as it may say that you have the option of a tracker after any fixed rate period expires.

If so, then you should fix again for as short a period as possible and then opt for a tracker.

Here is an extract from a letter to a borrower from ptsb. However, I believe it may apply to other lenders as well:


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## random2011 (5 Aug 2015)

Very interesting. I think my options letter after the fixed period expired said if I selected a fixed rate then I may/may not have an option of the tracker at a later stage. However I would need to check what the original loan offer says. I also think existing PTSB are not allowed to fix at the moment which is strange..why is that I wonder ?

I guess this applies to all lenders not just PTSB which has being the focus for the past while.


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## Bronte (5 Aug 2015)

Does the second paragraph of that letter which does refer to a tracker, but not how much, mean it's the tracker of 1.10% that is available.


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## Brendan Burgess (5 Aug 2015)

random2011 said:


> I also think existing PTSB are not allowed to fix at the moment which is strange..why is that I wonder ?



Well spotted. It could well have been the reason why they had such very high fixed rates. 

The redress scheme complicated matters though. If someone fixed recently when they were getting their tracker back, it would make the whole situation very complex. 

Brendan


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## Brendan Burgess (5 Aug 2015)

Bronte said:


> Does the second paragraph of that letter which does refer to a tracker, but not how much, mean it's the tracker of 1.10% that is available.



Yes, in this case the rate is specified in the mortgage contract. 

If the rate is not specified, then it would not be worth availing of this, as they could charge what they like. 

Brendan


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## Bronte (5 Aug 2015)

Why can he not break the fix and revert to a tracker.  Might be no harm in asking right now as the bank are on the back foot.

Can you let us see condition H?

That's a very long fix.  Very unusual in an Irish context I would have thought.  Why did he fix.


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## Brendan Burgess (5 Aug 2015)

Hi Bronte

That letter, which was written  in 2012,  has been overtaken by events and she has got her original tracker back.

I published it here as it could be useful to others - not affected by the ptsb redress issue.

Brendan


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