...I'm in a slightly different cohort. Fixed in late 06 for year. Our letter sent by AIB to different address (old address) rather than actual house in '07 (despite contract saying notice to be served to mortgaged house address or not served).
Got letter from old address month later at which time had defaulted to SVR and we would have been 0.25% better off with tracker.....we were up literally up the walls at time renovating the house and kicking ourselves when saw letter. Thought not an issue as there for next time came off fixed rate. Didn't fix again until after '08 though.
I believe the Responsibility is with lender, in accordance with Consumer Protection Code to:
- clearly highlight any hidden extras at time of contract, like AIB being allowed to make up tracker margins in future
- offer best options available to Customer, not AIB
Removing tracker as option is a breach of contract as not agreed with customers.
3.2.1 of CB review calls for:
"where the underlying mortgage agreements provided for contractual rights to or options for Tracker Interest Rates at any stage during the term of the agreements."
My understanding is that everyone with option of tracker in contract throughout mortgage term should be assessed. Not just those who happened to be on trackers before they were pulled.
@Spike67 you should PM
@bungaro
I'm fearing there is a Goldilocks zone, where banks made hurt and CB satisfied. I may be sleeping on the ground myself with no porridge