We took out a split rate mortgage in May 2006. We did 20% 5 year fixed and 80% 1 year fixed.
On expiry of 1 yr fixed rate, I selected the tracker rate <80%. They wrote back to say that I needed to provide a valuation report. I received this letter the week my 1st child was due. There was little difference in the rates at that time and I'm not sure we would have made <80% at that time. I believe they said I was put on SVR. I have often bemoaned this decision in the intervening years!
I was looking through old paperwork yesterday and saw a letter from AIB in 2011. It said that the 20% was on a SVR on 3.25% and the 80% on a SVR tracker rate of 3.25%. This looks like a margin of 2.25%. Both parts of the mortgage are currently on SVR of 3.4%. I have just last week sent in a valuation report to move both to <50% LTV due to go to 2.75%.
What should I do now? Wait and see what AIB do? Send in a copy of this letter and ask them to review? Ask them what the difference between SVR and SVR tracker rate means? I probably have more paperwork that I can root out if someone can guide me as to what would strengthen my case. Were people ever worse off on tracker even at 2.25% margin?
Thanks
Tommygirl
On expiry of 1 yr fixed rate, I selected the tracker rate <80%. They wrote back to say that I needed to provide a valuation report. I received this letter the week my 1st child was due. There was little difference in the rates at that time and I'm not sure we would have made <80% at that time. I believe they said I was put on SVR. I have often bemoaned this decision in the intervening years!
I was looking through old paperwork yesterday and saw a letter from AIB in 2011. It said that the 20% was on a SVR on 3.25% and the 80% on a SVR tracker rate of 3.25%. This looks like a margin of 2.25%. Both parts of the mortgage are currently on SVR of 3.4%. I have just last week sent in a valuation report to move both to <50% LTV due to go to 2.75%.
What should I do now? Wait and see what AIB do? Send in a copy of this letter and ask them to review? Ask them what the difference between SVR and SVR tracker rate means? I probably have more paperwork that I can root out if someone can guide me as to what would strengthen my case. Were people ever worse off on tracker even at 2.25% margin?
Thanks
Tommygirl