Hi, I am hoping someone can help shed some light on this for me. My husband & I took out a mortgage with IIB Homeloans in late 2006 via One Life Brokers ( no longer in existence). The contract was fixed for 36 months and the product was ‘ Flexi Annuity’. It states on the loan that after the end of the fixed term ‘ the prevailing variable rate’ will apply. First off I can’t find any policy booklet for this year outlining the product ‘ flexi annuity’ and no where can I find the definition of a ‘prevailing rate’ at this time. In addition it states ’loans at variable rates will experience fluctuation reflecting interest rate changes’ , to me this quote reads as a tracker.
There is also a point in the agreement stating ‘if during the fixed rate period the applicant fully or partially redeem the advance or convert it to variable interest rate or another fixed rate loan, a break funding fee will apply’
This also reads to me that the prevailing rate is deemed a tracker,
Do you think I have any case here?
There is also a point in the agreement stating ‘if during the fixed rate period the applicant fully or partially redeem the advance or convert it to variable interest rate or another fixed rate loan, a break funding fee will apply’
This also reads to me that the prevailing rate is deemed a tracker,
Do you think I have any case here?