2 year fixed rate finishing, what will happen?

N

nennec

Registered User
Messages
15
Hi Folks,

I am finishing a 2yr fixed rate (5.29%) contract with EBS next month. Before I took the fixed rate I was on a tracker mortgage.

When the fixed rate term ends will the mortgage revert to the tracker or move to a standard variable rate?

Thanks,
Nennec
 
If you check your loan offer. It will say what rate you revert to after the 2 year fixed ends.

Otherwise you should get a letter from EBS stating your options in the coming days. I would cross reference this with your loan offer just in case.

www.moneybackmortgages.ie
 
Thanks NorfBank.

If I can't find a copy of the loan offer (then I'm an idiot, but) will the bank provide one for me/can I request one?
 
Im in the same boat. Just rang my bank (PTSB) & they advised that I wont be offered the tracker mortgage.. surprise,surprise!

They said that a tacker mortgage is for the duration of the mortgage & once you decide to take a fix rate,thats the end of the tracker offer.

I wish i did not fix two years ago!
 

Make sure to cross check this with your loan offer fuzzy10, it is not beyond the bounds of all possibility PTSB are trying to pull a fast one - more than likely not but..
 
I checked my original loan offer from 4 years ago.. it states that after the fixed rate i will revert to a variable rate! I cant see any other info relating to it.

2 years ago I was offered a tracker of +1.5% ecb which was fairly high at the time 5.5%,so i fixed.... which i regret every day!
 
NorfBank said:
Make sure to cross check this with your loan offer fuzzy10, it is not beyond the bounds of all possibility PTSB are trying to pull a fast one - more than likely not but..
Click to expand...

It's wrong that banks can get away with even attempting to do this. Isn't this a breach of the loan offer conditions; therefore somewhat illegal?
 
Hi Folks,

Just a quick update.

I rang the broker that handled the switch from tracker to fixed. She read through the loan offer and her understanding of it is that I will revert back to tracker (ECB + 1.35%).

Fingers crossed that the bank have the same "understanding"! I'll update the thread with the wording of the loan offer and the bank's correspondence when I get it.

Thanks,
Nennec
 

Please do..
 
Hi Folks,

Just a quick update. Apparently Haven mortgages no longer offer tracker mortgages any more

From the application:
"I/We understand that when this fixed rate period has expired the loan will convert to the applicable variable rate then prevailing. The variable interest rate will be specified in the loan offer letter issued by Haven Mortgages Limited (if the loan is approved)."

And in the loan offer:

"Interest Rate Basis: Variable ECB Base + 1.35%"

Followed by:

"Important Note on Tracker Mortgages:
... If no tracker mortgage rate is available at the time, the prevailing variable rate will apply."

Does anyone think that I'll get a tracker rate based on thses conditions?

Thanks for any further advice,
Nennec
 
Unfortunately no,, they have covered themselves.
Haven no longer offer trackers so are within their rights to offer the variable rate.
 
NorfBank said:
Unfortunately no,, they have covered themselves.
Haven no longer offer trackers so are within their rights to offer the variable rate.
Click to expand...
Yeah, that was my understanding of it too. Not sure how the mortgage broker came to the conclusion that I would be entitled to it though.

Oh well.

Thanks for all the replies.
 
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