Fixed Rate Term now over - but Ive been moved to a tracker?

M

mucker

Guest
Hi,

I was under the impression that once you came off a fixed rate you were auto moved to a standard variable rate if you do not refix.

However I have just received a letter advised I have "reverted to our Standard Tracker Variable Rate" which is ECB + 1.15%!

Is this too good to be true??? :)
 
Party in your house tonight !!! :D

Especially considering that the banks are reserving their position on further interest rate reductions.
 
I am just wondering if they can turn around later and say it was a mistake and I should be on a standard variable or something... and try to move me to that.
 
Don't wait 'till later! Go down first thing monday and sign on the dotted line. I was with my bank this week and they assured me that trackers are a thing of the past. Don't forget my invite!!
 
mucker said:
I was under the impression that once you came off a fixed rate you were auto moved to a standard variable rate if you do not refix.

However I have just received a letter advised I have "reverted to our Standard Tracker Variable Rate" which is ECB + 1.15%!

Is this too good to be true??? :)
Click to expand...
It all depends on what the original terms and conditions of the fixed rate mortgage are/were.

It's the first time I've come across someone saying it reverts to a tracker, but great news if it's right. I'd check if you have the original T's and C's knocking around, if it's detailed in there then nothing the bank can do to change it.
 
I don't appear to even need to sign anything:

"We are writing to confirm that your above noted mortgage account has reverted to our Standard Tracker Variable Rate"

So it looks like I have already been moved to it... :)
 
Like Satanta said - depends on the terms of the original loan offer you signed. Mine was like that (AIB), which reverted to tracker after 1 year fixed - isn't it great;)
 
juke said:
Like Satanta said - depends on the terms of the original loan offer you signed. Mine was like that (AIB), which reverted to tracker after 1 year fixed - isn't it great;)
Click to expand...


Now it makes sense.......it's in the contract.
 
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