# Tracker Terminology



## walshey (25 May 2010)

Hi There, 

I recently came off a two year fixed (5.2%) back to a tracker, which is ecb+.8%, so I am well pelased with the savings. 

I had to ring the bank about going back onto the tracker rate, initally they were trying to tell me that there must be some mistake that I could not go on tracker, but I told them I had it in black in white that the special terms and conditions stated I could go to tracker +.8% above ECB, in tthe end I got the tracker, but I have a qestion about the following, can someone please explain what this means 

Home Loan - Tracker <80% <500K ECB+0.80%

I understand the ECB+0.80% part, but can someone explain to me what Tracker <80% <500K  means


Thanks 

Walshey


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## NorfBank (25 May 2010)

Tracker <80% <500K  means:

- the mortgage outstanding is less than 80% of the current value of your home (<80%)
and
- that the mortgage amount is less than 500k (<500k) (edited)

[broken link removed]


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## walshey (25 May 2010)

Thanks, 

So say for example, my current mortgage is 310k, does this mean that as long as the house is valued between 385k and 500k, I am keeping within the terms and conditions of the Tracker <80% <500K. 

Also What would happen if the house was valued over 500k


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## Quest (25 May 2010)

I would reckon that the  <500k relates to the loan amount being less than €500k.

This would probably have been the original qualifying criteria for that particular tracker rate.


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## NorfBank (25 May 2010)

Quest said:


> I would reckon that the  <500k relates to the loan amount being less than €500k.
> 
> This would probably have been the original qualifying criteria for that particular tracker rate.



Totally correct Quest, just back from holidays, brain not working properly yet.


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## Paulk (25 May 2010)

walshey said:


> Hi There,
> 
> 
> I had to ring the bank about going back onto the tracker rate, initally they were trying to tell me that there must be some mistake that I could not go on tracker, but I told them I had it in black in white that the special terms and conditions stated I could go to tracker +.8% above ECB
> ...



Hi Walshey,

Which bank are you with? I had a similar experience.


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## walshey (25 May 2010)

So to clarify, as long as my mortgage is 80% or less of the current value of my home, then I am within the guidelines for the tracker yes ??

I am with PTSB Paulk, the tracker was written in the terms and conditions


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## Quest (25 May 2010)

Norfbank, hope it was a good holiday!! 

Walshey, I would think that this criteria is only relevant when you are initially drawing down your mortgage to qualify for the tracker. It is very unlikely that they would review your Loan to Value etc, only possibly if you were looking to release equity/top up.


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## walshey (25 May 2010)

Thanks Guys, for all  your feedback 

I hear alot of speculitive talk around Trackers at the moment, so I just wanted to be sure about the terminology around my own tracker. 


Thanks again 

Walshey


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