End of discounted tracker period.

A

AndyDub

Registered User
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70
Hi,
We're coming to the end of our years discounted period on our tracker mortgage. ICS have sent us out a list of rate choices, I guess trying to prompt us to move to a fixed rate. However at the very end of all the documentation, it states if we dont here from you, you'll continue with the tracker rate + .90% ( in small print) . Anyway here's the question .... they state my new tracker rate would be : ECB + 0.9% > 500k. But our mortage is 330k.... so is there a mistake in there rate calculation? For your information... here are the other choices the put to us :

Fixed to May 2009 ... 5.440%
Fixed to May 2010 ... 5.390%
Fixed to May 2011 ... 5.390%
Fixed to May 2013 .... 5.390%
Fixed to May 2018 .... 5.690
Variable Rate ... 5.440.
.... we are thinking to stay with the tracker even considering the rate may rise next month.
 
I don't think ICS have a tracker rate as low as ECB plus 0.9% anymore?
According to their website the tracker rate for your size loan is 5.4 (ecb plus 1.4).
If they are offering you 4.9% take it quickly - but I think they have made a mistake.
How much is the house worth?
 
irishlinks said:
I don't think ICS have a tracker rate as low as ECB plus 0.9% anymore?
According to their website the tracker rate for your size loan is 5.4 (ecb plus 1.4).
If they are offering you 4.9% take it quickly - but I think they have made a mistake.
How much is the house worth?
Click to expand...

It was available last year when we signed up... ECB + .7 % for a year reverting to ECB +.9% after that. Looking around its a good deal. The house is valued at 370k.
 
The only places you'd get a lower rate now would be a 2 yr fix of 4.85 at BOI or 4.89 at EBS. Hardly worth switching though because of legal fees.
Even if rates rise 0.25% next month the ICS tracker would then be 5.15 - still lower than the ICS fixed rates .
 
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