# Coming to end of PTSB 5 year fixed - No tracker offered



## digweed (12 Feb 2013)

Hi All,
Here's the scenario: -
2006 - Drew down mortgage for 2 year fixed
2008 - Received options at end of 2 year fixed. Tracker, fixed and variable options were offered. I took the 5 year fixed (fixed at 5.1%, god help me)
2013 - Received options at end of 5 year fixed. Here are the options:

SVR @ 4.34%
2 Year fixed @ 7.25%
5 Year fixed @ *8.75%* (Thanks PTSB!)

Low and behold, there's no tracker offered.

I've yet to look into the mortgage details and I've yet to call PTSB, but I just wanted to see what the initial thoughts are here i.e. is it the case that generally, you only get the tracker offer after you come off your first fixed term or something like that?

Thanks,

digweed


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## peteb (12 Feb 2013)

Trackers ceased to existing from mid 2008 so you're only chance was to have taken it back then.  You didnt.  They aren't available anymore.  Hence no offer of it.


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## digweed (12 Feb 2013)

peteb said:


> Trackers ceased to existing from mid 2008 so you're only chance was to have taken it back then.  You didnt.  They aren't available anymore.  Hence no offer of it.



A friend of mine was in a similar situation last year (same bank). He came off the 5 year fixed and was offered a tracker as part of his renewal. I believe it was ECB + 3.25%. 

digweed


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## fuzzy10 (12 Feb 2013)

I was in a similar position. Fixed for 5yrs at 5.75% last year. Lifetime of regret lays ahead.


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## wbbs (12 Feb 2013)

Usually you only get a tracker option if your original loan offer was based on a tracker initially or was a fixed for a period and reverting to a tracker. 

If there was no mention in your loan offer of reverting to tracker after the fixed rate, usually would say something like '3 yrs @ 4% ECB+1.25% thereafter' or some such words to that effect then there is no reason why anyone would be offered a tracker now.  

A bank in 2008 may have offered a tracker option to anyone regardless of initial loan offer because trackers still existed for new customers for at least the first half of 2008 but once they were gone then the only people who got them back were where the initial loan offer specified it.

So in other words check your loan offer and if there is no mention of a tracker rate after the fixed period then unlikely you have that option.


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## STEINER (12 Feb 2013)

digweed said:


> Hi All,
> Here's the scenario: -
> 2006 - Drew down mortgage for 2 year fixed
> 2008 - Received options at end of 2 year fixed. Tracker, fixed and variable options were offered. I took the 5 year fixed (fixed at 5.1%, god help me)
> ...



Dig out your original documents and the paperwork relating to options after the 2 year fixed and 5 year fixed periods.  I think you lost your chance though when you fixed for the 5 years.  Your PTSB timeline matches mine, drawdown 2006, 2 year fixed, but I choose the tracker option after the 2 years and remain on it.


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## Bronte (12 Feb 2013)

fuzzy10 said:


> I was in a similar position. Fixed for 5yrs at 5.75% last year. Lifetime of regret lays ahead.


 
5 years is not a lifetime. How did you come to the decision to fix?

Digweed, unless your original loan documentation says you're entitled to a tracker then your bank has not done anything wrong. 

Those fixed rates are exceedingly high (for peace of mind) so in your case based on what current thoughts are on the ECB rates the SVR looks fine. In addition there was nothing wrong with you fixing for 5.1% if that was what you decided was the best course of action at the time. As you've been able to handle 5.1% and if you go down to the SVR you ought to consider overpaying which will reduce your overall costs of mortgage.


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## digweed (12 Feb 2013)

Thanks all for the responses.



Bronte said:


> Digweed, unless your original loan documentation says you're entitled to a tracker then your bank has not done anything wrong.



This is fine. A few people had mentioned to me in the past that if you are offered a tracker when you take out the mortgage then you should be offered it when you come off any fixed term. I was dubious about this anyway, but no harm in asking. 



Bronte said:


> In addition there was nothing wrong with you fixing for 5.1% if that was what you decided was the best course of action at the time.


Up until the time I fixed, rates had been rising aggressively. As soon as I fixed, they fell and have continued to do so. The perfect storm 



Bronte said:


> As you've been able to handle 5.1% and if you go down to the SVR you ought to consider overpaying which will reduce your overall costs of mortgage.



5.1% was a struggle all the way. It would be nice to pay off the extra bit, but my First Time Buyers interest relief has just finished and my mortgage has just shot up by over €250 anyway. Now there's a tiny ceiling (€3000 instead of €10000 I believe). Funny to think back when I took out the mortgage, "in 7 years time I should hopefully be in a better financial position and would be able to pay without that interest relief"
We live and learn!

digweed


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## fuzzy10 (12 Feb 2013)

Bronte said:


> 5 years is not a lifetime. How did you come to the decision to fix?
> .




The regret was caused by fixing rather than staying on my tracker in '08. 
Costly mistake.


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