If I sign a mortgage with a 3 yr fixed rate of 3.5%, and then they raise the ECB rate the next day, is there any grace period before I draw down the mortgage where I will still get the 3.5% rate (even though the fixed rate would have gone up to say 3.75%)?
Normally letter of offer from banks which quote rates say something to the tune that the rates are valid for *days, which means you have a period when you can drawdown the funds at the fixed rate even if the rates increase within this period. This is what we did, got letters of offer in Dec 2005 prior to rate rise in Dec, and drew down mid Jan at the fixed rates as quoted prior to rate rise.