# Offered a tracker rate by BOI



## Lillybeag (7 Apr 2011)

A friend of mine was just offered a tracker rate by BOI, he was on a fixed rate of 4.9% for four years and is due to come of it soon. Is this too good to be true or is there a catch?


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## aristotle (7 Apr 2011)

He was only offered it because it must have been in the T&Cs of the mortgage. No catch I would guess, read the T&Cs of the tracker he is being offered.


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## fizzelina (7 Apr 2011)

Is it in his mortgage contract that he has to be offered a tracker when he comes off the fixed rate? If it is then that is why they offered it. Also did the contract say a tracker of ECB & X% as otherwise your friend may have been offered a tracker of say ECB & 6% or whatever which is not necessarily a good deal.


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## ngwrbc (7 Apr 2011)

Would assume it was condition of his mortgage when it was taken out that the options after fixed rate were rollover to A) Tracker  B)Variable or C) re fix.  I originally had 2 yr fixed with BOI and over a year ago when fixed up I had option of tracker.  Original morgage was taken in 2007/2008 so might have been around same year as your friend when trackers were still available.


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## Lillybeag (7 Apr 2011)

That makes sense, he was offered 5 options one of them being a tracker variable ecb + 1.25%, he is going to look for the orignal contract. I will update you later. Thank you for the the replies.


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## PaddyW (7 Apr 2011)

I recently changed over to a tracker rate after coming off a 3 year fixed rate with KBC. They were still offering trackers in 2007 so very likely it was in his T&C's


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## Meme1 (7 Apr 2011)

*Coming off fixed*

Sorry just wanted to double check here, have referred to t&c and my loan offer but cant really see tracker being mentioned (boo hoo). It does say on loan offer which we took out in 2003 after year 1 the interest rate will be variable base rate. Anywhere else it might mention tracker, just wouldnt want to lose out on it if we were entitled to it. Thanks a mil.


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## niceoneted (7 Apr 2011)

he was offered 5 options one of them being a tracker variable ecb + 1.25%


I would jump at the tracker. he will not get a better overall offer for the lifetime of the mortgage.


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## Guns N Roses (8 Apr 2011)

Meme1 said:


> Sorry just wanted to double check here, have referred to t&c and my loan offer but cant really see tracker being mentioned (boo hoo).


 
You should take the time to read the T&C's carefully. You're unlikely to see the term "tracker" used. As other posters stated it will say something like "ECB + 1.25%"

I was offered a Tracker rate after coming off a Fixed rate. The word "tracker" is not used in the T&C's.


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