AIB Tracker Mortgages for Existing Customers (legal Rights)

[10000maniacs]

I have an AIB Tracker mortgage for the last four years.
I have heard that AIB might bump up the percentage mark-up to ECB Rate + 2.5% or even scrap the tracker mortgage for existing customers forcing them to switch to the normal variable mortgage.
How do existing Tracker mortgage customers stand from a legal point of view on this issue.

 

[WaterSprite]

Usually the tracker is guaranteed at a particular margin for the term of the loan. The headlines over the last few days mean that they will/may raise the margin for new customers to make trackers unattractive in the future. It will say on your mortgage documentation but, if it's like NIB, then the margin should be fixed for your current mortgage.

Sprite

 

[dubmick]

I'm on the new tracker rate of 5.4

I thought that was ECB + 0.75 is that correct?

 

[Sunny]

I'm on the new tracker rate of 5.4

I thought that was ECB + 0.75 is that correct?

Nope. ECB + 75bps is 5%

 

[dubmick]

thanks, must be + 1.15 then