AIB AIB pre 2006 tracker - got it back today

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Eamon Sweeney

Registered User
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Hi all, great news tonight...just spotted that my mtge has been restored to my original tracker rate...after 19 years!! I was one of the Clause 3.2 cohort so good luck to everyone else..no correspondence from AIB yet.
 
Eamon Sweeney said:
Hi all, great news tonight...just spotted that my mtge has been restored to my original tracker rate...after 19 years!! I was one of the Clause 3.2 cohort so good luck to everyone else..no correspondence from AIB yet.
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Congrats Eamon, great news.

We are in same boat. Rate was corrected on 31st Jan but no correspondence yet. I wonder how long we'll have to wait for a letter... It's hard to accept until you see it in writing!
 
same as that Slevin..tracker in 2004 @ 0.95% above ECB..fixed for 3 yrs in 2005..no tracker available in Dec2008..clause 3.2 used quoted..now restored to original tracker
 
Great news on the tracker rate! Will be interesting to know what explanation AIB include in their correspondence.

You mention you had clause 3.2 re options on expiry of fixed rate. Did you have 3 options under that clause i.e. fixed rate, variable rate or tracker rate at the then prevailing rate? Or just 2 options under that clause - fixed or variable?
If you had the 3 options which included tracker at prevailing rate that could be relevant for those with no margin in doc.
 
Hi Karen, the clause stated "The Bank in its sole discretion, at the end of any fixed interest rate rate period, may provide any further fixed interest rate period, but if it elects not to do so or the Bank offers the Customer a fixed interest rate choice at the end of any fixed interest rate period and the Customer fails to exercise this choice then the Mortgage Loan will convert to a variable interest rate Mortgage Loan"
 
Bit of a mouthful of a clause that! Hard to know what exactly it means and no mention of tracker. Obfuscation at its best. Congrats all.
 
Hi Eamon, just a quick question does it mention tracker anywhere on your original mortgage loan offer. I'm with BOI and 3.2 with AIB is the same as 6.b. with BOI.
 
Hi Folks

I was wondering if someone could help me? Does anyone here have examples of the documentation for an AIB customer who moved from a tracker to a fixed, but was then denied a tracker? I’m specifically interested in the letter of offer Part I and the section 3 within their terms and conditions. Even if someone could copy and paste the wordings on here that would be brilliant.

I’d also love to see a final response from AIB on one of these cases to specifically see why AIB are offering the rate they were on before they fixed. Do they give an explanation as to why they are now offering the original rate?

Cheers
 
Hi,
Similar story. 2004 tracker fixed 2007 for 10 years :(. Denied return to tracker last year with AIB quoting 3.2. Checked online at the end of January and new rate of 0.95 has been applied to the account but no letter yet.
Dunned - my clause 3.2 was exactly the same as Eamon's. Part 1 states 2.95% varying - includes margin of 0.95% over tracker rate (currently 2.00%)
 
Yes BMK..LOO stated..
Applicable Interest Rate (at Offer Date)....2.95% varying - includes margin of 0.95% over Tracker Rate (currently 2.00%) APR 2.987%
 
Hi All,

We got our Pre 2006 tracker rate back at end of Jan, no correspondence yet from AIB.

Was just on my online banking and noticed our Mortgage balance has increased! Went into the account detail and new a line called 'REFUND OF PAYMENTS' was added today and they're after taking over 12000 euros out of the account. So to be clear, they have increased our mortgage balance, not decreased it! It's obviously a mistake of some kind but was wondering if anyone else who got their pre 2006 rate back has had this happen today??

Even if it was meant to be a refund, I can't even see where they are getting 12000 from, it doesn't tally up with any figures I had calculated...

:mad::mad::mad:
 
Just checked mine after reading this. Same as yours, refund of payments. I think I read somewhere on here that someone had their balance increase then decrease the next day. So they put back whatever you paid then pay in the right amounts. I'll be keeping a close eye on it anyway. Still no correspondence either.
 
Miraculous said:
Just checked mine after reading this. Same as yours, refund of payments. I think I read somewhere on here that someone had their balance increase then decrease the next day. So they put back whatever you paid then pay in the right amounts. I'll be keeping a close eye on it anyway. Still no correspondence either.
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OK, thanks for that. Will check it tomorrow and see if anything changes...
 
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