# RE: Possible tracker option.



## costelg (21 Mar 2012)

Hi all.
Here goes, we took out our mortage on 07 and initally fixed for 10yrs and still within this fixed period. 
From our offer letter, after the fixed peroid we go on a variable rate.
Twice in the last 2 years we have been told in the branch (when in for other things) that we have the option of going on a tracker (1.25% plus ECB).
I cannot find where this is in the offer letter it just says variable rate.
Is this tracker clause in the contract documentation?
I have requested more information from the bank as I have no written documentation on a tracker and would like to have written documentation when the time comes to come off fixed.
Please help

Rgds

G


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## thedaras (22 Mar 2012)

Hi costelg, You need to get your hands on your Tracker mortgage contract.Not the fixed rate contract, you need to see whats on your tracker contract.
For example on mine its says:entitled to revert to  tracker after every fixed rate,though this is not on my fixed rate contract nor on the offer letter.


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## costelg (23 Mar 2012)

Hi thedaras.
I reviewed the documentation again and it says:
"Notwithstanding anything else provided in this offer letter, the varied applicable interest rate shall never, in any circumstances, be less than 0.1% over one months money at the Euro inter bank offered rate (EURIBOR)."

My question: Is this written confirmation that when my fixed peroid is over I have the option of a tracker mortage?

Rgds

G


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## thedaras (23 Mar 2012)

I dont see how this applies to any mortgage contract either before or after the fixed rate you are presently on..
What does it say on the tracker mortgage contract? Do you have it?
What I would say to you is that I was on a tracker then a fixed,the fixed rate documents were irrelevant,the main thing was what the tracker contract said.
You ask: 





> Is this written confirmation that when my fixed peroid is over I have the option of a tracker mortage?


I cant see how that would be the case as it says 





> *be less than 0.1% *over one months money at the Euro inter bank offered rate (EURIBOR)."


 .Its the "Less than part that would indicate to me that its not referring to a prior tracker,usually it would say "No *more* than" say 1.1%,so I think it apply s to your current contract.
Basically you need to see what is written on your tracker rate contract..
I would caution that no matter what you are told on internet boards(By me or anyone else),that if you have had a tracker then a fixed ,you should absolutely have it checked out correctly.


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## costelg (23 Mar 2012)

Hi again.

"What does it say on the tracker mortgage contract? Do you have it?"

I have a stupid question what is the tracker contract? my offer letter has T&C's at the back and mentones the fixed and variable rates and there time periods. Do I get a new contract when I change from fixed to variable/tracker. 

George..


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