Fixed Rate ending - what rate now?

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mcaul

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My dear old cheap fixed rate of 3.69% is ending in October.

The original mortgage was for tracker ECB + 0.95% and then I switched to 3 year fixed.

Question is, do I revert to tracker of ECB +0.95 as per original mortgage document or will IIB move me to their new tracker rates which are higher?
 
You will more than likely be put on the current variable rate unless you advise them otherwise.
 
mcaul said:
My dear old cheap fixed rate of 3.69% is ending in October.

The original mortgage was for tracker ECB + 0.95% and then I switched to 3 year fixed.

Question is, do I revert to tracker of ECB +0.95 as per original mortgage document or will IIB move me to their new tracker rates which are higher?
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Hi MCaul.
Do you have a copy of your loan offer or agreement when you signed up to the 3 year fixed rate? If you do check this out . IIB would more than likely push you towards their tracker rates or variable rate.

Be warned that IIB have been submitting tracker rate offers that state that they can change at a months notice at their own descretion givin certain circumstance( if the euribor rate is more that 0.25% higher than the ECB for more than 30 days which would be the case) I have come across this and it has caused me serious problems. IT'S VERY MISLEADING.
It might be worth your while checking out the market place and compare rates as to what they are offering.
 
ta for the replies - wanted to save myself 6 pages of reading!! - Hoping I revert to 0.95, but may switch to NIB's 0.6 tracker if its still around.
 
We changed our mortgage from variable to traker only last month and asked the questions...
Can we make extra payments if able? Yes
Can we switch to fixed? Yes
If we switch to a fixed rate, when its term is finished can we come back to the tacker? No a tracker rate is a one time offer
Can we move our mortgage to another bank on a tracker rate? Yes but thats only if they still have them as some banks are starting to phase them out

So unfortunately I dont think you will have a choice unless you are willing to change your mortgage provider.
 
Couldn't find the details anywhere in the t&c's, so rang IIB.

Happy to say the mortgage reverts to the terms the original mortgage was taken out on = tracker of 0.95:)
 
mcaul said:
Couldn't find the details anywhere in the t&c's, so rang IIB.

Happy to say the mortgage reverts to the terms the original mortgage was taken out on = tracker of 0.95:)
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That's a great deal in today's market
 
Good of IIB to revert to 0.95% - but you still could get lower elsewhwere if you owe less than 80% of the value of the house.
 
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