Some Mortgage Advice

Hi Guys

Thanks for help in advance. I need some mortgage help and explanations.

I rushed into a mortgage a few years back, was my own fault but I didn't do all the proper research and was limited in my options anyway.

So I'm not going to cry about rates etc as just have to get on with it....but I wouldn't mind some explanations......

I fixed for four years at 5.490%. My mortgage offer then says it switches to a variable at 5.250% (assuming this was variable rate at the time).

I was recently speaking to the Bank manager and telling him that when the four years are up I am going to consider moving mortgage to get a better deal.

He said that my mortgage is some kind of mortgage that the banks don't offer any more and that its a great deal etc but to me it just looks like a standard mortgage which will switch to variable rate at end of term.

Can anyone help me out with this and try and clear it up? Is this just the bank manager trying to keep my business? I am not sure.

thanks guys

Take out the letter of offer you signed at the time - you may have the option of reverting to a tracker mortgage, but same is impossible to work out from the information you've given us.

Revert when you've clarifed the detail in your letter of offer.


pjmn

Thanks pjmn for the reply

Any idea what i should look for as letter offer is pretty vague

thanks

Look for the word tracker, or reference to European Central Bank main refinancing operations rate.

i think I will just go into bank and ask him to explain what he is talking about in simple terms

thanks guys