Fixed to Tracker.... where?

Cypresstree

Hi all,
I hope Im posting in the right section! Im just wondering where about in my mortgage contract should it indicate what I will be offered at the end of my fixed term contact (5 years - ending 31/3/12)

Thank you

chris85

Cypresstree wrote: »

Hi all,
I hope Im posting in the right section! Im just wondering where about in my mortgage contract should it indicate what I will be offered at the end of my fixed term contact (5 years - ending 31/3/12)

Thank you

Your original loan agreement will say what agreement you have for your mortgage. after your fixed term you should be given option to go back onto this.

Cypresstree

thank u.. that page with the little table indicates mortgage amount, interest rate, term, and fixed rate period, and %, there is no mention of what I will revert to in March?
I thought maybe it was somewhere else hidden away... :-)

It does say:

Amount of each instalment from 27/3/07 - €1293
Amount of each instalment from 27/4/12 - €1280

but I also found this.....

"....... i further understand that any outstanding debt owning to ** Bank by me at any given time is secured on the property the subject of the tracker mortgage and must be repaid in full before the relevant title deeds can be returned or the relevant mortgage deed released"

Komeara

Do you know someone in the financial services, an accountant or adviser that you can ask? The tracker rate should be a nice bit less than your fixed interest rate so then should your repayments. the bank is obliged to tell you that you are entitled to the tracker but they won't encourage you one way or another cos the trackers are costing them money now.

Cypresstree

Hi all!

Called the bank on 30th December. Was told I would get a letter in the next fortnight - nothing yet. Was chatting a good friend today who advised that I correspond in writing! So Im sending off a letter to the local branch tomorrow! Wish me luck!!