Renewal of NIB Mortgage

shannon01 · 24-04-2011 07:50PM #1

Am coming off a 5 year 4.2% fixed rate next month.Got a letter from NIB saying i had the choice of the following options:
1) move to a variable rate
2) agree a new fixed rate
3) revert to an ECB tracker rate (with the margin that had been applied before your fixed rate period).
I didnt think banks were still offering ECB trackers but trying to get people off them instead.Is this a clause that i had in my contract 5 years ago? Is the tracker rate the best renewal option? Any info greatly appreciated guys,thx.

chris85 · 24-04-2011 08:14PM

the original mortgage you took out must have been a tracker 5 years ago so they are contractually obligied to have you back on this. The other options there such as variable and fixed are being thrown in to try keep you off the tracker.

Tracker is the way to go.

shannon01 · 25-04-2011 09:11AM

But the strange thing is i was with PTSB before i moved to NIB.The 5 year fixed that is now ending is my 1st mortgage type with NIB.

bailes · 26-04-2011 02:45PM

What is the tracker margin?

I know NIB used to have a .5% tracker if your Loan to value was less than 50%.

If you are being offered a tracker i wouldn't ask any questions, it must be in the loan offer you signed, get a copy from your solicitor that looked after the remortgage

hope this helps

shannon01 · 26-04-2011 08:22PM

will call my solicitors office tomorrow and see what info i can get from him.i'll be very fortunate if a tracker is available. fingers crossed,thx.

JOBSOXO · 05-10-2011 09:35AM

I went from a tracker rate to a 3 year fixed rate with NIB, when I came off it I was put on a variable rate. I queried this over a year ago but was told that they had no tracker rates available. I did not pursue it at the time as I accepted their statement & was not sure I had a strong case. I see from previous post that this was not the case & that they were available.
They also quoted the following which seems clear cut to me but should I have been offerd the option of a tracker ?
Extract from Loan Offer 29/06/2006 Page 2. "Fixed Rate- Roll Over Date 01/10/2009. The roll over dated is the start date of the standard variable interest rate at that time. The fixed rate period expires on the date preceeding this day"
Anyone else have this experience & what are my chances of success in challenging.

chris85 · 05-10-2011 10:02AM

JOBSOXO wrote: »

I went from a tracker rate to a 3 year fixed rate with NIB, when I came off it I was put on a variable rate. I queried this over a year ago but was told that they had no tracker rates available. I did not pursue it at the time as I accepted their statement & was not sure I had a strong case. I see from previous post that this was not the case & that they were available.
They also quoted the following which seems clear cut to me but should I have been offerd the option of a tracker ?
Extract from Loan Offer 29/06/2006 Page 2. "Fixed Rate- Roll Over Date 01/10/2009. The roll over dated is the start date of the standard variable interest rate at that time. The fixed rate period expires on the date preceeding this day"
Anyone else have this experience & what are my chances of success in challenging.

Follow up with them but that extract does state you would go on a variable rate following expiration of the fixed rate.

Renewal of NIB Mortgage

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