Tracker Mortgage from Ulster Bank to AIB

I’m seeking advice, please.
Our tracker mortgage was originally with Ulster Bank, but when they exited the market, AIB took over. Recently, we received a letter from AIB informing us of a rate change due to the ECB rate, adjusting it to 4.8% as of November 1st. However, I thought the current ECB rate was 3.4% (or thereabouts). Is there any reason why the bank would not apply the current ECB rate to our mortgage? I know that when rates increased last year, they were always applied straight away to our tracker mortgage rate.

Tracker mortgages were offered at the ECB rate plus a margin. Looks like yours was ECB +1.4%? Mine was ECB +1.3%, which I took out in 2007, so it looks about right to me.

stephnyc said:

Tracker mortgages were offered at the ECB rate plus a margin. Looks like yours was ECB +1.4%? Mine was ECB +1.3%, which I took out in 2007, so it looks about right to me.

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Thank you for your response. Since posting my message this morning, I realised—silly me—that I overlooked the concept of the "margin." It turns out ours is set at 1.15, and like you, we took it out in 2007. so that answers my query, thanks again