Just realised I read it wrong - if document clearly says "at end of ANY fixed rate period, three options will be given" then a tracker must be offered but in absence of anything with a specific rate, its doubtful a rate under 3.67 will be offered.Peemac, definetly not the case. Option for tracker is in the letter of offer, if at any stage customer is prevented from exercising that offer then their contractual rights are not being honoured. The scenario you gave is just one of the scenarios, albeit probably the first and most well known, there are plenty of other scenarios where customers were effected. OP should not accept anything less their contractual rights
Op takes mortgage at one year fixed rate with three options offered at end of fixed rate in 2007.
Op takes 5 year fixed rate.
Its this document that may prove most important - did it give a specific tracker rate?
If not, then Aib are possibly fine saying "ok, we'll give you option of tracker, rate is 3.67% above ecb"
Issue for op is if no margin over ecb for the tracker option is ever stated in any documents it will be nigh on impossible to argue.
AIB are saying that tracker rate in 2012 was 3.67, so unfortunately that probably stands.
I'd forget ombudsman - they backed the banks on many of the now returned trackers.
Talk to Padraic Kissane - Kissane financial advisors for an informed and independent view.
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