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ICS withdraw all tracker rates

thesteve · 2008-09-10 07:46:39

So at the final stages of buying a house, notice the mortgage contract sent out had my rate changed from 2 year fixed, rolling to Variable instead of the tracker rate I chose... Called them up and they've removed the tracker rate for all new business! Thanks for informing me like! Where's the logic in this?

10-09-2008 7:46am

#1

thesteve

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So at the final stages of buying a house, notice the mortgage contract sent out had my rate changed from 2 year fixed, rolling to Variable instead of the tracker rate I chose... Called them up and they've removed the tracker rate for all new business! Thanks for informing me like!

Where's the logic in this?

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Comments

#2 10-09-2008 2:29pm

astrofool

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Trackers are more expensive for them to provide due to the high euribor rate. With a variable they can guarantee themselves to make money, but not with a tracker locked at ECB +1.1 for example.

They'll start to come back once there's some competition in the mortgage market.

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