hi there
Background to my situation
Took out mortgage with AIB in April 2006. My offer of mortgage loan under the heading 'applicable interest rate' stated the following ....
2.9% fixed for 1 year after which the rate will revert to the banks variable interest rate, unless borrowers avail of another interest rate then on offer by the bank. (Rates include margin of 0.00%)
Further in on section 3.2 it states that at the end of any fixed rate period, the customer may choose between 3 options.
Option C is conversion to a tracker interest rate mortgage.
So we were on a fixed rate from the start - April 2006 up to April 2007 at which point we were sent options. I have a copy of this letter and the options included a tracker rate and a fixed rate. We decided to fix again for a 5 year period.
In 2012 when our fixed rate period ended we were sent another letter with our options. This time the option of a tracker was not included.
Can anyone advise if I am right in saying that we should have been offered a tracker rate at the end of the fixed period in 2012?
I have emailed AIB and asked them if my mortgage is included in the current review and await a response from them.
Any advice is appreciated.
I tried to attach images of the wording but Unable for some reason.
Background to my situation
Took out mortgage with AIB in April 2006. My offer of mortgage loan under the heading 'applicable interest rate' stated the following ....
2.9% fixed for 1 year after which the rate will revert to the banks variable interest rate, unless borrowers avail of another interest rate then on offer by the bank. (Rates include margin of 0.00%)
Further in on section 3.2 it states that at the end of any fixed rate period, the customer may choose between 3 options.
Option C is conversion to a tracker interest rate mortgage.
So we were on a fixed rate from the start - April 2006 up to April 2007 at which point we were sent options. I have a copy of this letter and the options included a tracker rate and a fixed rate. We decided to fix again for a 5 year period.
In 2012 when our fixed rate period ended we were sent another letter with our options. This time the option of a tracker was not included.
Can anyone advise if I am right in saying that we should have been offered a tracker rate at the end of the fixed period in 2012?
I have emailed AIB and asked them if my mortgage is included in the current review and await a response from them.
Any advice is appreciated.
I tried to attach images of the wording but Unable for some reason.
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