Tracker likely??

CJ1

We took out AIB mortgage in 2005. We had an initial one year fixed, then we were on a variable rate for a while and then we fixed it nearly three years ago, the fixed rate of 3.19 %will end next august. I asked the bank recently are we entitled to a tracker, they said check original documents but for the life of me I can not find them. Is there anything I can do or is a tracker really just wishful thinking on my part?
Any advice very much appreciated.

chris85

CJ1 wrote: »

We took out AIB mortgage in 2005. We had an initial one year fixed, then we were on a variable rate for a while and then we fixed it nearly three years ago, the fixed rate of 3.19 %will end next august. I asked the bank recently are we entitled to a tracker, they said check original documents but for the life of me I can not find them. Is there anything I can do or is a tracker really just wishful thinking on my part?
Any advice very much appreciated.

If you went onto variable after the fixed most likely you werent on tracker. You will need to check original agreement to be sure.

amdublin

Ask them to send you a copy of the original docs.

themoneyguy

I would say no
If you never had a tracker rate in the first place I feel it will be impossible to prove an "entitlement" to it.

But best of luck

amdublin

themoneyguy wrote: »

I would say no
If you never had a tracker rate in the first place I feel it will be impossible to prove an "entitlement" to it.

But best of luck

This is not correct.

You need to check your loan offer docs ie what you were offered at the beginning.

You would have been offered a fixed rate for a period and it would state what the loan would move to after this period eg. a variable rate, or a tracker rate, or another fixed rate.

Ask the bank for a copy of your docs to check.

Tow

amdublin wrote: »

You would have been offered a fixed rate for a period and it would state what the loan would move to after this period eg. a variable rate, or a tracker rate, or another fixed rate.

Am Dublin is correct, you need to look back the origional documents.

Back in 2005, if you took out a new (tracker) mortgage with AIB you were put on an even lower (first time buyer?) fixed rate for the first year. There was no option to go straight on to the tracker. After the first year you were sent a letter with tick boxes for a standard variable and a number of fixed rate options, with instructions to select an option, sign on the bottom and return the letter to them. The tracker rate was not given as an option on the letter. You had to contact them and request it.

BTW Around that time they were offering ECB + .8%, and it then dropped to ECB + .6% depending on the outstanding mortgage vs the (then) current market value of the property.