Trackscandal
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People are also entitled to have been offered a Tracker under Clause 3.1 (b) of AIB contracts. I suggest that Balfours Group also establish if this Clause applied to some of their cohort. I'm convinced that some of the 4,000 Clause 3.2 cohort would qualify to be offered a Tracker under Clause 3.1 (b) and AIB would have had a Prevailing Tracker Rate then because it referes to the date of Drawdown. Past issues of the property Section of the Irish Times published a Table of Rates each week so that is a good place to establish if the rates changed between loan offer and drawdown and hence if clause applied to you.
3.1 RATES NOT GUARANTEED TO DRAWDOWN
"Due to fluctuations in interest rates, the Bank does not warrant or guarantee that the rate specified in the Particulars will apply on drawdown:
3.1 RATES NOT GUARANTEED TO DRAWDOWN
"Due to fluctuations in interest rates, the Bank does not warrant or guarantee that the rate specified in the Particulars will apply on drawdown:
- In the case of an offer at a variable rate or tracker rate, the initial rate which will apply to the Supplemental Mortgage Loan will be the rate prevailing at date of drawdown.
- In the case of an offer at a fixed interest rate, the appropriate fixed rate which prevails at date of drawdown will apply to the Supplemental Mortgage Loan if this is different from the rate specified in the Particulars. The Customer may accept this rate or, within 21 days of drawdown, opt to switch to the variable or tracker rates prevailing at the time without incurring any early breakage cost under Clause 3.3."