# Finally switched to tracker but additional months have been added



## Paulk (9 Aug 2010)

After been stung with a fixed rate of 5.49% for the past 3 years, I finally got a letter from the bank confirming that I will switch to a tracker next month.

However, I noticed that two additional months have been added to the lifetime of the mortgage.

I know that in the greater scheme of things two months isn't a significant amount given that I'll be on a tracker. Nevertheless, I don't like those bankers receiving an extra cent which shouldn't be theirs.

Has anyone else encountered this i.e. extra time been added on?

I might call the bank but obviously I don't want to do a single thing that might jeopardize my tracker.


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## Brendan Burgess (10 Aug 2010)

You are on a tracker because you have a legal right to be on a tracker.  You can't jeopardise this by asking for an explanation. 

Were you on interest only for a while? 
Did you miss some payments? 

Coming off a fixed rate to a tracker rate should not on its own affect the term of the mortgage.


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## Paulk (10 Aug 2010)

Thanks Brendan,

Yes I was on interest only for the past 3 years. However, I did not miss a single repayment. I will call the bank later.


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## Brendan Burgess (10 Aug 2010)

Hi Paul

If you were on interst-only from the start, it shouldn't matter. 

But if you changed to interest-only since the start, then the loan term would be longer. 

Brendan


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