The first thing I would like to find out is if this is acceptable practice. If not, and I looks like I should have been on the Tracker from 2008 I’ll want questions answered and further redress. I, like many was in serious difficulty with my mortgage and had I been on the Tracker like I requested and was offered, it would have never happened.I had similar a tracker offer withdrawn in the summer of 2008 and had to reapply for our mortgage but can't find a paper trail for it now. What are you hoping for from it to go back to the tracker rate on offer in March 2008 plus additional redress if the ombudsman finds in our favour?
i wasn’t a new customer, I was upsizing and waiting on the sale of my previous house. Got mortgage approval in March with offer of Tracker as requested. Sale of old house completed end April and that’s when AIB were contacted to finalise. At that point my broker contacted the bank who told him the Tracker Mortgages were being reviewed internally and it was no longer available to me and I needed to fax them with the rate I wanted instead.AIB was never under any obligation to offer any new customer a tracker.
I don't know if they were entitled to withdraw the offer. Did you seek to draw down the mortgage within the period for which the offer was valid?
If a bank refused anyone a tracker, the customer could take their business elsewhere.
If you have a case, you should take it to the Ombudsman as it would be a separate issue from the Prevailing Rate issue.
And Emlyn, you had a broker who was working for you. What do they say now?
Brendan
Did you receive a log of correspondence as part of your data request?I have all my docs, requested through SAR with all the proof but AIB have no phone records.
My broker agrees and is willing to stand by us in any case
When you say you can't find a paper trail for it now, do you mean you have made data requests and data relating to the tracker offer is now unavailable?I had similar a tracker offer withdrawn in the summer of 2008 and had to reapply for our mortgage but can't find a paper trail for it now
Got mortgage approval in March
This is where the exact document that a borrower had becomes important. There's a difference between a loan approval and a loan offer, so people need to be clear on what exactly they had and when.If you got an offer of a tracker in March it should have been open for 6 months. Even when they officially withdrew trackers in October 2008, they honoured existing offers as long as they were withdrawn within the period of the offer.
Hi Emlyn
Sorry, I shouldn't have said "new". That is irrelevant.
You paid off one mortgage.
You took out another. You were not tied to AIB. As AIB refused you a tracker, your broker should have switched you to a different lender.
If you got an offer of a tracker in March it should have been open for 6 months. Even when they officially withdrew trackers in October 2008, they honoured existing offers as long as they were withdrawn within the period of the offer.
I haven't heard your scenario before. You have nothing in writing from AIB withdrawing the offer? All you have is that the broker told you that they had withdrawn your tracker. I have to say that it sounds a bit odd.
Brendan
Hi, the same thing happened to my husband & I, when the banker turned up at our home to sign the mortgage he had no option for a tracker for us. We had been pursed by AIB to change our business & personal loans to them. We had started retrofitting our home & agreed refinancing with AIB so we’re paying builders from our credit cards & savings that month. We were told that if we didn’t take the revised non tracker offer & wanted to go back to Bank with Ulster we would incur legal costs for a new mortgage we were stuck with 5 kids, so after arguing for a few weeks with AIB they said they’d organize a tracker for us after a year, when things “calmed down” & that we were after being offered a good rate.. our banker has a flare for the theater. We got a compensation Cheque recently but AIB said we have not lost out by not being offered a tracker after our fixed rate of 3 years was up.Hi Brendan,
So I am part of the 6000 and I mentioned to you that I had received the unsuccessful letter from BDO the day the AIB announcement happened.
I have sent a letter back rejecting the decision and when the dust settles will go to the ombudsman with it.
During the appeals, there was no consideration given to the other issue which I outlined and was when I wanted to actually draw down my mortgage in March 2008, the bank advised my broker over the phone that the Tracker was no longer being offered and that I had to fax them a letter stating that I wanted a different rate. I took this in good faith and did it, even though I had the tracker offer. AIB didn't officially discontinue until November 2008.
The response from the bank was that I had faxed what I wanted and the offer was no longer valid based on my fax, but this fax was sent on the incorrect advise of the bank themselves.
I can get a written statement from my broker if needed but do you think there is a case?
after arguing for a few weeks with AIB they said they’d organize a tracker for us after a year, when things “calmed down”
AIB said we have not lost out by not being offered a tracker after our fixed rate of 3 years was up.
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