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3 Yr Fixed Rate Mortgage Coming to an End with PTSB

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  • 21-07-2010 8:21am
    #1
    PaulPatrick
    Closed Accounts Posts: 13 ✭


    Hi, My 3 year Mortgage with PTSB is ending next month and i am a little confused as to what the mortgage will default to on expiry. I checked out my letter of approval last night and on the special conditions page it states 'On expiry of the fixed rate period the interest rate applicable to the loan will not be more than 0.8% over the ECB refinancing rate'.

    The reason i even checked it out was die to a friend of mine who is with another bank (think Ulster) had his mortgage defualt into a tracker at the end of his 3 year fixed rate and he has made massive savings as a result.

    Any help on this would be greatly appreciated as i dont have much of a clue and would like to know more before i ring the bank.
    Thanks


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    #2
    willemm
    Registered Users Posts: 14 ✭willemm


    It sounds to me like they can't really refuse you a tracker mortgage. 0.8% above the ecb rate is very very good...

    My 5 yr fixed mortgage is about to end and so far Ulster Bank have only offered us the standard variable rate... I'll have to dig out the original documents to see what it said.

    Any advice on changing providers, if the standard variable rate is all I can get?


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    PaulPatrick wrote: »
    Hi, My 3 year Mortgage with PTSB is ending next month and i am a little confused as to what the mortgage will default to on expiry. I checked out my letter of approval last night and on the special conditions page it states 'On expiry of the fixed rate period the interest rate applicable to the loan will not be more than 0.8% over the ECB refinancing rate'.

    The reason i even checked it out was die to a friend of mine who is with another bank (think Ulster) had his mortgage defualt into a tracker at the end of his 3 year fixed rate and he has made massive savings as a result.

    Any help on this would be greatly appreciated as i dont have much of a clue and would like to know more before i ring the bank.
    Thanks

    you will be on a tracker rate. That is really good for you. You will see a saving from that definitely. Dont let them try get you onto a fixed or variable. Keep hold of your tracker.


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