# PTSB Tracker Special Conditions



## househunter1 (6 Aug 2014)

Hi,
I have a question regarding my tracker rate from PTSB. 

On our letter of approval (Feb 2007) our special conditions state the following:
`on expiry of the fixed rate period, and where the applicant chooses the option of a tracker mortgage interest rate, the interest rate applicable to the loan will be the tracker mortgage rate appropriate to the balance outstanding on the loan at the date of expiry of the fixed rate period.
In absence of instructions from the applicant at the expiry of the fixed rate period, the interest rate for the loan will be the tracker mortgage rate applicable to the balance outstanding on the loan, at the date of expiry of the fixed rate period and as may be varied in accordance with variations to the European Central Bank refinancing rate'.

We had initially been offered a 2 yr new bus tracker rate of 4.49% (ECB +0.99%), this is detailed in an email from our broker. . However we chose the 2 yr fixed rate.

When our fixed rate ended we were offered a tracker of ECB +2.25% which we accepted.

Should we have been entitled to the original tracker of ECB +0.99%??

Apologies in advance if this has been asked before, I am just unsure due to the wording of the special conditions! 

Thanks


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## Brendan Burgess (6 Aug 2014)

It seems to me that the condition is very clear. 

You chose a fixed rate initially.
"at the expiry of the fixed rate period, the interest rate for the loan  will be the tracker mortgage rate applicable to the balance outstanding  on the loan, at the date of expiry of the fixed rate period..."

Presumably that was ECB + 2.25%? 

So you are on the correct rate.


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## househunter1 (6 Aug 2014)

I recently spoke to a broker who thought we may have been entitled to the Ecb +0.99% rate.
Thanks for your reply Brendan.


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## Brendan Burgess (6 Aug 2014)

househunter1 said:


> I recently spoke to a broker who thought we may have been entitled to the Ecb +0.99% rate.
> .



Did he read that wording? On what grounds?


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## househunter1 (6 Aug 2014)

No he hadnt seen the wording but I told him we had initially been offered the 0.99% via an email so he said to check the conditions on the original offer.


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