Greetings, I was reading an article about the tracker scandal stuff with AIB and it mentioned that one of the groups affected are some who were never offered a tracker option after coming off a fixed rate term.
Does anyone have any knowledge around this type of circumstance? My mortgage was taken out in 2008 with Haven and was fixed for 5 years at the start which was obviously a horrible thing given that the rates dropped a lot during that time! When the 5 years were up I was put on the standard variable rate so I'm really curious what the thinking behind the claims coming out now where customers were not offered a tracker after coming off fixed or would mine be after when the tracker rates would have been given?
You had to have had a clause in your contract (3.2) that stated you were entitled to a tracker rate at the end of any fixed period. You would have previously received a cheque for 1,615 if you were part of the impacted cohort.
Thanks for the replies. I drew down the mortgage in June 2008 and it was fixed for 5 years. I'll double check the paperwork but I'd say you are right Brendan on nothing being available from Haven around this. I was curious about the circumstance when I read the articles about those that were on fixed at the start and never offered a tracker. I was basically clueless at the time so I went to an independent broker thinking it was the right thing to do to get someone on my side and steer me in the right direction. Looking back now and being more knowledgeable, I feel now that the broker was really flippant when everything was being set up.
I think what you're missing here is that these customers where contractually entitled to be offered a tracker rate when they came off their fixed rate by the clause 3.2 in their contracts which specifically set that out, AIB believed not having a tracker for new customers when the fixed rate ended invalidated this claim or fell back to the line that these customers never had a tracker so could not expect one to defend not offering one.