I've just read an article on the Motley Fool (http://www.fool.co.uk/) that discussed the fact that some tracker mortgages in the UK have a collar or floor on the rate at which point they are no longer obliged to pass on any reductions. Even more worringly the small print says that they can re-assess the margin rate at which they track. Does anyone know if this is the case with the big mortgage lenders in Ireland? I'm with Ulster Bank.
The actual article is here
http://www.fool.co.uk/news/property-home/mortgages/2008/12/02/beware-of-this-tracker-mortgage-trick.aspx?source=uemfoleml0010038
The actual article is here
http://www.fool.co.uk/news/property-home/mortgages/2008/12/02/beware-of-this-tracker-mortgage-trick.aspx?source=uemfoleml0010038