A question related to the prevailing rate mortgages.... a borrower drew down a mortgage with AIB in 2004 and the contract included the infamous Clause 3.2 with its 3 options upon the expiry of a fixed rate term. In this case, the borrower never had a tracker to begin with and was on SVR since drawdown but fixed for two separate terms on 5th Feb 2007 and subsequently 16th August 2010. He received his €1615 letter in March 2018.
Should Clause 3.2 still apply ie. should he have been offered a tracker rate and does he come within the scope of the impending decision of the FSPO??
Should Clause 3.2 still apply ie. should he have been offered a tracker rate and does he come within the scope of the impending decision of the FSPO??