Brendan,
I have completed the appeals process on one of these products all the way past the BDO AIB Tracker Mortgage appeals panel.
Summary is: a 2 year fixed rate AIB mortgage taken out 2007 by my wife. She had a clear option to switch to a Tracker at the end of the fixed period. No options all were offered at the time of the end of the fixed rate period (AIB say there was but no letter can be produced). The mortgage was automatically put on to variable. This was 2.25% which looked an attractive rate. AIB then proceeds to up the rate over next few years to 4.4% at one point. They are using our money to repair their balance sheet which was destroyed by their own reckless behaviour by years of high risk lending. By the way we have never missed a beat on paying this mortgage, even as they racked up the rates.
So we complained at the end of 2017 and got the offer of €1600. We then went to the BDO AIB Tracker appeals board. They do not in my opinion appear to have taken the matter seriously and after about 9 months of back and forward basically rejected the appeal at the end of last year. I am not sure they meet the definition of independent or objective.
There is one twist in the tale though. AIB did offer us a tracker on ANOTHER, seperate mortgage in October 2010. The background was where we were adding my wife to the deeds of our house after we got married and she also therefore needed to go onto the mortgage. Initially they said we would need to come off the tracker but then came back and agreed to give it to us. This was then set up as a new mortgage at a rate of ECB+ 0.75%. So, the bank were offering tracker mortgages at a rate of ECB + 0.75% as late as Q4 2010.
I didn't realise that there is a prohibition on a High Court action if we go to the FSPO so we made a submission to them last week. I am wondering if we should at this stage withdraw that and just initiate High Court action. I am obviously concerned about a) the cost of the action to us and b) if we lose we get hit with their costs also.
Any views? Maybe it's worth getting counsels opinion on this as a test case.
Thanks
I have completed the appeals process on one of these products all the way past the BDO AIB Tracker Mortgage appeals panel.
Summary is: a 2 year fixed rate AIB mortgage taken out 2007 by my wife. She had a clear option to switch to a Tracker at the end of the fixed period. No options all were offered at the time of the end of the fixed rate period (AIB say there was but no letter can be produced). The mortgage was automatically put on to variable. This was 2.25% which looked an attractive rate. AIB then proceeds to up the rate over next few years to 4.4% at one point. They are using our money to repair their balance sheet which was destroyed by their own reckless behaviour by years of high risk lending. By the way we have never missed a beat on paying this mortgage, even as they racked up the rates.
So we complained at the end of 2017 and got the offer of €1600. We then went to the BDO AIB Tracker appeals board. They do not in my opinion appear to have taken the matter seriously and after about 9 months of back and forward basically rejected the appeal at the end of last year. I am not sure they meet the definition of independent or objective.
There is one twist in the tale though. AIB did offer us a tracker on ANOTHER, seperate mortgage in October 2010. The background was where we were adding my wife to the deeds of our house after we got married and she also therefore needed to go onto the mortgage. Initially they said we would need to come off the tracker but then came back and agreed to give it to us. This was then set up as a new mortgage at a rate of ECB+ 0.75%. So, the bank were offering tracker mortgages at a rate of ECB + 0.75% as late as Q4 2010.
I didn't realise that there is a prohibition on a High Court action if we go to the FSPO so we made a submission to them last week. I am wondering if we should at this stage withdraw that and just initiate High Court action. I am obviously concerned about a) the cost of the action to us and b) if we lose we get hit with their costs also.
Any views? Maybe it's worth getting counsels opinion on this as a test case.
Thanks