AIB Tracker (fixed)

R

rodger

Guest
Hi

I had an original tracker which was then fixed for 3 years.

The wording is as follows:

- Interest rate Tracker Home Mortgage Ln > 250k is 3.10% (APR 3.138%) including interest adjustment of 1.10%

..
..
You may fix your interest rate and repayment at any time during the life-time of your loan subject to a fee of €63. Details will always be available from your Branch.
Click to expand...

This is currently with Ombudsman but I am just wondering if there is a precedent of Ombudsman ruling in favour (of what I believe is clear cut case of entitled to tracker).

The bank argued that section 3.2 says bank can return customer to "variable rate" which I believe means tracker "variable rate"


Thanks.

aside: how can I attach an "image" to this post? I don't see "manage attachments" option button(?)
 
A tracker wouldnt be referred to as a "variable rate".

you'd need to show more info from the terms and conditions than just two lines.
 
peteb said:
A tracker wouldnt be referred to as a "variable rate".
Click to expand...

HI pete

A rate is either fixed or variable.

A tracker is not a fixed rate, it is a type of variable rate.

I think that the Ombudsman has held in the past, that the term "variable rate" being ambiguous, should be interpreted in favour of the borrower.

Brendan
 
I have to say I thought I saw something to the contrary in previous posts regarding variable rate. I would have thought it came down to context.......which we don't have.
 
If I I can scan and upload the image.? Is there a way to upload attachments?

In the document tracker is not mentioned

Therefore when it says variable it must mean tracker

The agreement only talks about fixed and variable.
I don't think tracker is mentioned once!
Except in the offer letter.


Therefore must revert to the *tracker* variable rate.

What I'm saying it seems clear to me the idea was to allow customer return to tracker after the fixed period.

I'm wondering if any one has been successful in bringing this to ombudsman?
 
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