today out of teh blue we got a letter from AIB in relation to a fixed rate coming up, offering a tracker rate. We fixed in 2006, then again in 2009 and 2012, but never offered a tracker during these fixes.
The wording of teh letter goes
"in addition to the rates previously advised to you (got letter yesterday with new STD variable, fixed rates etc.) you may alternatively selct a prevailing tracker rate due to the terms and conditions of yur letter of offer"
great you may say, but the next sentence is
"this commercially priced prevailing tracker rate of 5.16% is calculated at ECB currently 0.25% plus a margin of 4.91%"
if this is the case surely we should have been offered tracker rates at previous fixing dates, and also either at the margin that prevailed at original drawdown or at least our first fix, as where does AIB have trackers at a margin of 4.91%.
Am going to ring AIB to get all our mortgage documentation, to see where exactly it is stated, and also query why not before now were we not offered the tracker option, but it looks like they have found out something on reviewing loan documentation and trying to rectify, but surely the margin is way off, as they no longer offer tracker mortgages.
Anyone else receive a similar letter and what have you done, or any outcomes
The wording of teh letter goes
"in addition to the rates previously advised to you (got letter yesterday with new STD variable, fixed rates etc.) you may alternatively selct a prevailing tracker rate due to the terms and conditions of yur letter of offer"
great you may say, but the next sentence is
"this commercially priced prevailing tracker rate of 5.16% is calculated at ECB currently 0.25% plus a margin of 4.91%"
if this is the case surely we should have been offered tracker rates at previous fixing dates, and also either at the margin that prevailed at original drawdown or at least our first fix, as where does AIB have trackers at a margin of 4.91%.
Am going to ring AIB to get all our mortgage documentation, to see where exactly it is stated, and also query why not before now were we not offered the tracker option, but it looks like they have found out something on reviewing loan documentation and trying to rectify, but surely the margin is way off, as they no longer offer tracker mortgages.
Anyone else receive a similar letter and what have you done, or any outcomes