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