Tracker + .75% for the term

J

JEMOL

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Can anyone tell me what 'for the term' means?
We are currently coming out of a fixed term and want to change to a tracker as we have been offered a lower rate but it says 'for the term'.
Does this mean that it applies for the remaining 15 years of our mortgage and that we can't change to another rate in a few years time or even pay off our mortgage early?

Thanks,
 
JEMOL said:
Can anyone tell me what 'for the term' means?
We are currently coming out of a fixed term and want to change to a tracker as we have been offered a lower rate but it says 'for the term'.
Does this mean that it applies for the remaining 15 years of our mortgage and that we can't change to another rate in a few years time or even pay off our mortgage early?

Thanks,
Click to expand...

No you can change or repay whenever you want. It just means the margin of 75bp won't change for the mortgage term
 
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