# With the expiry of our fixed rate can we go onto ECB tracker + rate



## Greenfingers (11 May 2012)

All advice welcome on where we stand with the NIB on the expiry of our fixed rate mortgage and whether we can insist on going on ECB tracker + rate? 

History to this is that, we took out a mortgage with the NIB in 2007. At the time we split our mortgage (and hedge our bets) and went straight onto a loan that was split 50% fixed for 5 years 50% on an ECB tracker rate plus .5%.

The fixed rate has now expired and the NIB reverted the fixed part of the loan to a variable rate. To cut a long story short we discovered we were on the variable rate, a month before the 5 year period was up when mortgage repayment dropped. 

I have since got copy of a letter the NIB sent us on the expiry of our fixed part of the mortgage and this letter states that we had options to go 'on a variable, a new fixed rate or to revert to an ECB tracker rate (with the margins which had applied before the fixed rate period) subject to certin qualification criteria'. However we had to respond to the letter by a date which has now gone by (which we were unaware of as we did not get letter).

My question is this, given the above how strong is our position with the bank with regard to arguing with the bank that we be put onto an ECB tracker rate plus and not the variable rate they have put us on?


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## partnership (16 May 2012)

I would send them a letter looking to go on the tracker rate.  If they refuse then go to the ombudsman - you have nothing to lose as they have put in writing that you are entitled to it.  If they did not send you the letter then they cannot try to make you adhere to a timeframe.


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## Brendan Burgess (16 May 2012)

Go back and look at your mortgage contract. Does it say that you will be offered a choice and you must respond within 30 days? I doubt it. 

The Ombudsman may have to decide what is reasonable under the circumstances. 

Brendan


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