Fixed part of my mortgage and lost tracker

B

Brian 2850

Guest
Hi,
I have read the links to other posts at the start but cant seem to find one that mirrors my situation.

I fixed a portion of my tracker mortgage in 2006 for 3 years. The mortgage is with AIB. The loan documents state "If you subsequently switch to a fixed rate and on the expirey of the fixed rate, fail to select a new interest rate option (the then prevailing Tracker Rate, Fixed Rate or Standard Variable Rate), the mortgage loan will automaticall convert to the Standard Variable Rate."

"You will be advised on your interest rate options before 30/11/2009 and interest instruction will be required prior to that date"

I was not asked for my instriction (the bank have accepted this) and the rate was reverted to the standard variable rate. The bank have already said to me that they stopped issuing trackers before the expirey date so Tracker is not an option.

Is this correct?
 
Probably worth having a read of this

http://www.itsyourmoney.ie/iym/interestrateoptions

Specifially the paragraph:

moving to a tracker rate - but only if this was offered to you at the time you signed up for the fixed rate. Look at the documentation your lender sent you when you signed up to a fixed rate, as this will detail what your interest rate will revert to after the fixed rate term ends. If a tracker mortgage was one of the options, then your lender must offer you the tracker rate, even if they are no longer widely available. If you do not have the documentation, contact your lender and ask for a copy.
Click to expand...

You'll likely have to fight for it. There's a number on website above for queries.
 
you may have a problem with "the then prevailing Tracker Rate", if they don't have a current prevailing tracker rate then they can probably make one up and I would doubt it'd be a nice small one.
 
Thanks very much guys. Very useful info. Will post the outcome in due course.
 
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