Looking for some advise on giving up my tracker option in 2009 giving the recent drop in the ECB rate.
Took out mortgage in 2006 and fixed for three years. At the end of the fixed we received a letter with options on what rate we would like to move to. They included various fixed rates, an svr and a tracker of ECB +3.25
As the SVR was cheaper than the tracker we choose SVR.
My question is were the bank obliged to advise us as customers about the consequences of not choosing the tracker option. I read somewhere that the central bank state that banks have a responsibility to do so. Our loan to offer letter just says we would be entitled to a tracker rate depending on prevailing rates and does not mention a specific rate if choosing the tracker option.
I accept we bet against the tracker and selected SVR so probably have no argument but would like to see if anyone else has had a similar experience or could share some information.
Took out mortgage in 2006 and fixed for three years. At the end of the fixed we received a letter with options on what rate we would like to move to. They included various fixed rates, an svr and a tracker of ECB +3.25
As the SVR was cheaper than the tracker we choose SVR.
My question is were the bank obliged to advise us as customers about the consequences of not choosing the tracker option. I read somewhere that the central bank state that banks have a responsibility to do so. Our loan to offer letter just says we would be entitled to a tracker rate depending on prevailing rates and does not mention a specific rate if choosing the tracker option.
I accept we bet against the tracker and selected SVR so probably have no argument but would like to see if anyone else has had a similar experience or could share some information.