Should I be included in the AIB Tracker Review Process

Eamon Sweeney

Registered User
Hi, I took out a mortgage with AIB in Dec 2004 and the interest rate applicable was a Tracker rate of 2.95% (ECB + 0.95%) as stated in my Letter of Offer.

In Dec 2005 I fixed the rate on my mortgage for 3 years.

In Nov 2008 I received a letter from AIB stating that the fixed rate was due to expire and they outlined a list of sample interest rates that were on offer. (Tracker rate not mentioned)

I subsequently switched between variable and fixed rates until the present date.

I enquired with AIB if my mortgage was to be included in the tracker review process however they responded by saying that as Tracker Rates were not being offered by AIB in Dec 2008 (discontinued in Oct 2008), they could not offer me a Tracker Rate when my fixed rate term ended therefore they would not be returning my mortgage to the original Tracker rate.

They quote the original Terms & Conditions in my Letter of Offer.."The Bank in its sole discretion, at the end of any fixed rate period, may provide any further fixed interest rate period, but if it elects not to do so or the Bank offers the customer a fixed interest rate choice at the end of any fixed interest period and the customer fails to exercise this choice then the Mortgage Loan will convert to a variable interest rate Mortgage Loan"

I thought that my case was a typical example of the exact reason why the Central Bank initiated this Tracker Review process in the first instance. I have been told by AIB that I can appeal their decision to the FSO.