Hi Brendan and all.
Thank you, Brendan, for all your work for all the mortgage holders all over Ireland.
We took a complaint to AIB circa 2011 that due to the "tracker" and "prevailing rate" conditions in our mortgages that we were entitled to a tracker mortgage after coming off a fixed rate (fixed from the start of our mortgages). We failed with AIB and the FO at the time. Subsequently received standard compensation but no tracker rate. They had argued initially in 2011 that there was no market tracker rate available when we fell off fixed rate and that all they could offer was a variable rate to us. We were subsequently offered various tracker rates at higher rates than what we expected we deserved. Our argument was that there was a market "prevailing rate" (albeit with internal customers), [anticipating their climbdown]. Surely our rate should have been either an average of the rates that they put other fixed mortgage holders who went back on trackers on the day our fixed rate ended or either the lower or higher end of that scale on that day? We were subsequently offered the standard compensation as I said earlier. Do you think there is anything further we can achieve? We still feel hard done by since we know if we had been on trackers since the end of the fixed period that our loan balances would not be as high as they are today and we would have had much more disposable income to spend on our children. Also I feel aggrieved that the FO did not rule in our favour at the time, even despite the fact we were willing to go to mediation (refused by AIB). We also had significant structural problems with our house (which AIB was aware of) and fought a High Court Case to stay in our house that had to be renovated. Any help appreciated...
Thank you, Brendan, for all your work for all the mortgage holders all over Ireland.
We took a complaint to AIB circa 2011 that due to the "tracker" and "prevailing rate" conditions in our mortgages that we were entitled to a tracker mortgage after coming off a fixed rate (fixed from the start of our mortgages). We failed with AIB and the FO at the time. Subsequently received standard compensation but no tracker rate. They had argued initially in 2011 that there was no market tracker rate available when we fell off fixed rate and that all they could offer was a variable rate to us. We were subsequently offered various tracker rates at higher rates than what we expected we deserved. Our argument was that there was a market "prevailing rate" (albeit with internal customers), [anticipating their climbdown]. Surely our rate should have been either an average of the rates that they put other fixed mortgage holders who went back on trackers on the day our fixed rate ended or either the lower or higher end of that scale on that day? We were subsequently offered the standard compensation as I said earlier. Do you think there is anything further we can achieve? We still feel hard done by since we know if we had been on trackers since the end of the fixed period that our loan balances would not be as high as they are today and we would have had much more disposable income to spend on our children. Also I feel aggrieved that the FO did not rule in our favour at the time, even despite the fact we were willing to go to mediation (refused by AIB). We also had significant structural problems with our house (which AIB was aware of) and fought a High Court Case to stay in our house that had to be renovated. Any help appreciated...
