# Tracker Variable ECB + 1.25% (is this good for me ?)



## HeavenlyD (28 Apr 2013)

Hi,

Im coming off my 3 year fixed rate at 4.15% with ICS in May
They have giving me an option of 
Tracker Variable ECB +1.25 %     2.00%
Exisiting variable LTV Rate PDH 4.55%
2 Yr Fixed PDH 4.99%
3 Yr fixed PDH  5.19%
5 Yr Fixed PDH 5.59 %
10 Yr Fixed PDh 6.49 %

There saying if i choose a standard variable rate or fixed rate, our tracker commitment to you is deemed to be at and end, and i lose the ability to avail of a tracker in the future. But if i dont get back to them by May 17th, i automatically go onto the tracker rate...

Is going onto this tracker any use, or is it a track by the banks to bleed me dry...Im totally confused, and any help would be much appreciated.. Thank god for this forum, you guys seem to be helping a lot or people...Fair Play


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## Mrmr (28 Apr 2013)

The tracker rate of 2% is hugely advantageous to you. Grab it with both hands and don't let go!

Compared to your 4.15% you will save a huge amount of money. Should the ECB rate go upwards at a rate more than normal irish banking conditions in the future, you can always change then.


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## Luternau (28 Apr 2013)

HeavenlyD said:


> Is going onto this tracker any use, or is it a track by the banks to bleed me dry...Im totally confused, and any help would be much appreciated.



You must be one of the only people that don't know the huge advantage to having a tracker.  The bank will in all likelihood loose money on this in the short term at least.
Bite their arm off and take the tracker!


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## HeavenlyD (28 Apr 2013)

Cheers for getting back to me  guys.
I do realise the advantage of a tracker, thats why im confused...
Why would they offer me a the chance to take a tracker , and actually save Money.
I thought the amount of tracker mortgages were crippling the banks, and were not offering any T mortgages to anybody.


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## Luternau (28 Apr 2013)

It must be in the original terms of the loan agreement-you should have a copy of this and be familiar with it's contents-not knowing it, could  have cost you 1,000's if the bank had not honoured the terms ( which they seem to be doing here)
Trust me, they would prefer not to offer this, but are contractually obliged to do so. Many people have had to go to ombudsman to get tracker reinstated after an initial or a period on fixed.


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## twofor1 (29 Apr 2013)

HeavenlyD said:


> Tracker Variable ECB +1.25 % 2.00%


 

No question, this is by far your best option, from what’s been offered.

I doubt if a bank would try anything underhand , but it would be worth looking at your original T&c’s as some trackers were as low as ECB + 0.50%.

Just in case.


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## mark1 (29 Apr 2013)

They are chancing their arm, hoping you will take one of their variable rates, they will then have your signature on a piece of paper to say you gave up your tracker when you come off your next fixed rate. Take the tracker it's a win win for you.


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## Bronte (29 Apr 2013)

HeavenlyD said:


> Is going onto this tracker any use, or is it a trick by the banks to bleed me dry...Im totally confused, and any help would be much appreciated..


 
Your name is apt because that's a dream deal for you with a tracker like that.


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## Guns N Roses (29 Apr 2013)

Your Bank is offering you the Tracker Rate as it's obviously in your original Terms & Conditions. If you decline the offer of a Tracker Rate, you *will not* be offered it again.

Bear in mind the ECB rate is rumoured to be dropping again in the Summer so you will save even more money with the Tracker Rate.

Take the Tracker Rate and don't let it go!


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