Tracker Mortgage Q: ECB+0.75% discount period ends March 8th. ECB+2.5% or SVR then?

J

jarvis

Guest
Hi all
Hope someone can help me out here:
I transferred my mortgage to a new provider in March 08. I was on a tracker mortgage of ECB+0.75%.

While on the internet the other day I noticed it said it was a discount rate. I rang the bank and they said the discount period finishes on March 8th and then I can decide between a tracker of ECB+2.5% or I could just go variable which would work out cheaper for me!

I explained to the guy that obviously they are trying to dissuade me from the tracker option so ECB rate cuts don't have to be passed on with variable accounts etc.

My question is:

I didn't spcifically ask for a discount when I bought the product last year. Surely if I got a discount, once the discount is over I should revert to the tracker rate on offer at the time?

Is this the case as I'm sure tracker mortgages were cheaper at the time and now I'm not sure if they're even still on offer from this bank to new customers.
do I have a case?

Thanks
 
Re: Tracker Mortgage Question

Check your loan offer, it will say what tracker rate you revert to once your discounted period has ended.