AIB AIB - where does it say "You will be on a tracker on expiry of the fixed rate"?

[David_Dublin]

Anyone know where I might find the actual text saying that when my fixed rate mortgage expired I am entitled to tracker? I don't see it in any of the documents that AIB sent me as part of my access request. Thanks.

 

[Brendan Burgess]

The people affected by this have the following clause in their letters of offer:



3.2 Further Fixed Interest Rate Options/Choice

At the end of any fixed interest rate period, the customer may choose between:

a) a further fixed interest rate period, or

b) conversion to a variable interest rate Mortgage Loan, or

c) conversion to a tracker interest rate Mortgage Loan, at the Bank’s then prevailing rates appropriate to the Mortgage Loan

If you don't have this , then you are not in this cohort.

If you don't have this and you received the €1,650, then it looks like their mistake and you were not entitled to it.

Brendan

 

[David_Dublin]

Thanks for posting this reply Brendan. I've been through my letter of offer and I don't have any such clauses. The letter offer is basically 2 pages, summary of the mortgage, then Part 1 which has a table with 2 lines with the 3 years fixed and 32 years variable, then Part 2 with special conditions. There are no clauses as such, no section 3 let alone section 3.2

I don't suppose additional information would have been sent to solicitor? I find it hard to believe that it was easier/cheaper for AIB to send a check for €1600 rather than bother to check the loan offers to ensure they were "entitled" to the money.

 

[Brendan Burgess]

Hi David

It was in Part 4 which would have been attached to your letter. I have attached a copy of it to this post.

Brendan

 

[David_Dublin]

Hi Brendan,
Thanks for posting that, I really appreciate it. I will see if the solicitor might have a copy of the loan offer, and if it includes a Part 4. you parts 1 and 2 are identical to mine so I am hopeful!
Regards,
David