AIB should have been offered a tracker??

bungaro

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hi,
posted this in the wrong forum originally so i think this is the place for my query.
took out a mortgage with my wife in 2008 and we are currently on a variable rate. i think we were on a fixed rate for a while and i had a quick look at the term of the mortgage there and under the heading "further fixed interest rate options/choice" it states

"at the end of any fixed interest rate period, the Customer may choose between:
(a) a further fixed interest rate period, or
(b) conversion to a variable interest rate Mortgage Loan, or
(c) conversion to a tracker interest rate Mortgage Loan
at the Bank's then prevaling rates appropriate to the mortgage loan. if the customer does not exercise this choice, then the mortgage loan will automatically convert to a variable interest rate mortgage loan."

now i can't remember being offered the option to move to a tracker when we came off our fixed rate as i know i would have jumped at the opportunity to change!! have i got a case to change?? or if i was to start a yearly fixed rate then in 12 months time should i have the choice of going onto a tracker??

thanks!
 
no. product wouldn't have available any longer when you came off the fixed. And there is probably small print that you aren't showing from fixed rate authority form.
 
Were you on a tracker at the start and then switch to a fixed rate? If so you might have a case but you need to check whether the tracker was for the lifetime of the mortgage or not. Check the original letter of offer and contract.
 
Hi Bungaro
This appears to be an AIB loan and can you check if the original loan offer was variable which it likely is but you will see in the conditions if this was at a margin as this is how AIB issued their tracker mortgages ie variable. If so you may well have a case Good Luck Padraic
 
hi padkiss,
just checked the copy of the mortgage details there and the margin is 0%. is this bad news??
 
Sorry to bear bad news but yes it seems it was standard variable from the start the clauses you mentioned above are standard conditions in all loan offers Padraic
 
Peemac,

AIB were offering tracker rates mid 2008 and they were not high
Found this - they stopped Oct 2008, but if you had an offer they would honour it.

So really depends on the date and whether loan offer had tracker in it.
 
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