We were refused a tracker. If it transpired that they were still giving out tracker mortgages after we began our variable, I would be very interested in looking at the legality of this.
AIB today announces that it will no longer offer Tracker Mortgages for new mortgage applicants, effective from close of business today, Friday 10th October 2008.
For some time now the Tracker Mortgage product has been under review because of the continuing high cost of funds in the market. Tracker Mortgages are priced off the ECB rate, but funded at money market rates, which, given current market conditions, is unsustainable going forward.
Existing customers with Tracker Mortgages are not affected. Customers who currently have an offer of a Tracker Mortgage, but which is not yet drawn, will still be able to avail of the Tracker Mortgage within the terms of their loan agreement.
What were the other banks offering you at the time?Three years after we were refused.
I know that at the time we took out our AIB mortgage (in 2004) we only qualified for the tracker as our LTV was lower then a certain amount.
I vaguely remember there being a more attractive tracker for LTV <50% and a slightly higher one for LTV <80% but don't remember a tracker being offered if you were taking a full mortgage (ie minimum deposit)
So all though AIB may still have offered trackers up to 2008, there were conditions to them being offered
Surely if this was allowed, then any stockbroker who didn't recommend google stock or apple stock could then be sued? After all, they did have access to the shares at the time.....
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