Newstalk MoneyDoctor - Tracker Mortgages

L.T.P. · 01-12-2011 08:43PM #1

Hi all. I caught the end of the Money Doctor slot on Newstalk the other day where he was talking about Tracker Mortgages. What I thought I heard him say was that if you took out a mortgage circa 2005/2006 and were offered a Tracker Rate subsequently the bank were obliged to offer you a Tracker Rate each time your mortgage was up for review. He said some banks were caught out recently when they didn't offer the Tracker Rate.

Did anybody else hear this interview and can you clarify if this is what he actually said? I presume I'm wrong and this isn't the case!!

unclebill98 · 01-12-2011 09:06PM

No, they don't have to unless it's specially stated in your original offer letter.

So the key thing is to check your original offer letter if your coming off a fixed rate.

chris85 · 01-12-2011 09:17PM

L.T.P. wrote: »

Hi all. I caught the end of the Money Doctor slot on Newstalk the other day where he was talking about Tracker Mortgages. What I thought I heard him say was that if you took out a mortgage circa 2005/2006 and were offered a Tracker Rate subsequently the bank were obliged to offer you a Tracker Rate each time your mortgage was up for review. He said some banks were caught out recently when they didn't offer the Tracker Rate.

Did anybody else hear this interview and can you clarify if this is what he actually said? I presume I'm wrong and this isn't the case!!

Your mortgage agreement is what is to go on. You would be either standard variable or tracker at the start. If you were originally on a tracker and you went onto fixed as many did then you should be back onto a tracker following the fixed period ending.

Newstalk MoneyDoctor - Tracker Mortgages

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