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Should I be offered a tracker

  • 09-10-2016 6:11pm
    #1
    Ants Murray
    Registered Users Posts: 108 ✭✭


    Just looking for some advice. Fixed back in Oct 2006 for 10 years @ 4.99% (I know, I know).

    We hadn't received any communication from our bank (BOI ... initially ICS mortgage), up till last week when I put in a call to see what our options were and quoted our original letter of agreement and the rates. Following this we received a letter stating that due to the Tracking Mortgage Examination they will write to all affected customers to explain the outcome and any changes to our account in 2017!

    I found the original letter which we signed which offered ECB Variable + 1.25% and a selection of fixed rates. No other variable rates were available. I note the following from CCPC:

    moving to a tracker rate - but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends.


    2 Questions:

    Am I entitled to a tracker?
    It it's under an "examination" what happens when my fixed rate expires this month?

    Thanks in advance.


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