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How to know if you are eligible to return to tracker

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  • 11-01-2012 5:29pm
    #1
    eimearnid
    Registered Users Posts: 50 ✭✭


    I have 2 mortgages on my home. The main mortgage we fixed in 2008 for 5 yrs (mortgage drawn down in 2005). The 2nd mortgage was drawn down in 2008, fixed for 2 years. In 2010 we received a letter it was going to return to std variable option which we selected. 4 months later we got a letter from the bank saying we should have been offered the tracker rate when we came off the fixed rate in 2010 which we snapped up.
    We are due to come off fixed on 1st mortgage in 2013 and bank have again told us it will return to std variable.
    There seems to be no difference on the paperwork for both mortgages as they both said std variable would be returned to.
    How do I query the bank? How to know for sure? The 1st mortgage is for a lot more than the 2nd mortgage so would be lovely to get tracker.
    I am wondering did tracker mortgages exist in 2005?


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    eimearnid wrote: »
    I have 2 mortgages on my home. The main mortgage we fixed in 2008 for 5 yrs (mortgage drawn down in 2005). The 2nd mortgage was drawn down in 2008, fixed for 2 years. In 2010 we received a letter it was going to return to std variable option which we selected. 4 months later we got a letter from the bank saying we should have been offered the tracker rate when we came off the fixed rate in 2010 which we snapped up.
    We are due to come off fixed on 1st mortgage in 2013 and bank have again told us it will return to std variable.
    There seems to be no difference on the paperwork for both mortgages as they both said std variable would be returned to.
    How do I query the bank? How to know for sure? The 1st mortgage is for a lot more than the 2nd mortgage so would be lovely to get tracker.
    I am wondering did tracker mortgages exist in 2005?

    Its really what is on your original mortgage agreement. Your original mortgage will have either standard variable or tracker and this is what you are entitled to be on. You say your agreements both say standard variable on the agreement then i guess you should be on standard variable and unsure why you were put on a tracker.


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