Should my lender have told me that they did trackers?

[Lancealot]

Good morning .. will someone please answer this question for me .. During the lifetime of a variable rate mortgage is the lender obliged to offer the mortgagees a lower rate product if such a product becomes part of its range?

 

[RedOnion]

There was a recent (July 2016) change to the Consumer Protection Code to cover this:

https://www.centralbank.ie/news-med...ction-measures-variable-rate-mortgage-holders

I know I get a notice with my annual statement from AIB.

 

[Lancealot]

So before July 2016 the lender was just obliged to move your rate with the market, up or down and if any other product evolved in their lending products which may have been lower for example the classic tracker the borrower had to apply to participate? Is that view correct?

 

[RedOnion]

Yep, that's pretty much it.

 

[Lancealot]

Thanks RedOnion. That’s seems to be a definitive answer and it saves me a trip to the attic, blows out of the water wive’s theory that we should have been offered a tracker and gets me the rest of the day off!

 

[Brendan Burgess]

blows out of the water wive’s theory that we should have been offered a tracker and gets me the rest of the day off!

That is brilliant.

You have your priorities right.

Get your wife to read this masterpiece

"I wasn't offered a tracker, although trackers were available..."

 

[Lancealot]

No Sir .. you are brilliant, but for all of the brilliance of your web site I would be stuck behind a flash light in temperatures that Yogi bear would find challenging for the rest of the weekend ... so thank you and your brilliance and all of your brilliant contributors....