Are AIB pulling a fast one?

[Jonner]

I took out a mortgage with AIB in June 06. I had agreed a fixed rate of 3.19% for one year and the letter of offer was issued in April 06. I got all the paper work back to them promptly as I knew further interest rate rises were coming. I drewdown the mortgage June 06 which was 81 days after the offer was issued.

There is a clause in their offer that they guarentee the rate for 45 days. They also state that if a different rate prevails at drawdown the customer may accept this rate or opt for the variable prevailing rate at the time.

AIB never offered me any alternative rates pre-drawdown, however, they put me on their 1yr fixed rate that was current at the time. In all it means im €700 euro worse off over the year.

My argument with AIB was that they should have kept me informed of their rate changes pre-drawdown. This would have given me the option of shopping around.

I feel they should honour their rate offer on 3.19% as no alternative rate was agreed pre-drawdown.

Any comments / views welcomed

Thanks

Jonner

 

[redo]

This agreement to hold the quoted rates for 45 days applies to the mortgage drawdown, not when you return the forms.

I'm afraid it's really up to you to find out what the interest rate is after the elapsed period. They agreed to keep the quoted rate for 45 days, which is fair enough. After that rates can (and did) change.