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Mortgage Query

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  • 12-06-2014 10:18pm
    #1
    flynny50
    Registered Users Posts: 73 ✭✭


    Have been reading some threads on Mortgages & saw a few that made me question ours.
    Bought in 2006 half fixed/half tracker.
    When the 5 years fixed was up AIB switched us over to Variable.

    Reading our particulars it says
    '' after 5 years rate will revert to banks variable rate,unless borrower avails of another interest rate option then on offer by the bank,rates include margin of 0.00% APR 4.087% ''

    Terms say
    “At the end of any fixed interest rate period, the Customer may choose between:(a) a further fixed interest rate period, or(b) conversion to a variable interest rate Mortgage Loan, or(c) conversion to a tracker interest rate Mortgage Loan,at the Bank’s then prevailing rates appropriate to the Mortgage Loan. If the Customer does not exercise this choice, the Mortgage Loan will automatically convert to a variable interest rate Mortgage Loan”

    My question is should we have been offered a tracker?
    Hope this makes sense,any help much appreciated


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    flynny50 wrote: »
    Have been reading some threads on Mortgages & saw a few that made me question ours.
    Bought in 2006 half fixed/half tracker.
    When the 5 years fixed was up AIB switched us over to Variable.

    Reading our particulars it says
    '' after 5 years rate will revert to banks variable rate,unless borrower avails of another interest rate option then on offer by the bank,rates include margin of 0.00% APR 4.087% ''

    Terms say
    “At the end of any fixed interest rate period, the Customer may choose between:(a) a further fixed interest rate period, or(b) conversion to a variable interest rate Mortgage Loan, or(c) conversion to a tracker interest rate Mortgage Loan,at the Bank’s then prevailing rates appropriate to the Mortgage Loan. If the Customer does not exercise this choice, the Mortgage Loan will automatically convert to a variable interest rate Mortgage Loan”

    My question is should we have been offered a tracker?
    Hope this makes sense,any help much appreciated

    Best question here is what were you offered in 2011?


  • Options
    #3
    flynny50
    Registered Users Posts: 73 ✭✭flynny50


    Only Fixed or variable in 2011.
    Told Tracker was no longer available


  • Options
    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    flynny50 wrote: »
    Only Fixed or variable in 2011.
    Told Tracker was no longer available

    Well by that wording you should have been offered a tracker. The problem here being it states a tracker based on the bank's prevailing rate but the bank dont have tracker products being provided so there is no prevailing rate. I am sure others have experienced this so may get more response from people with direct experience with this situation.


  • Options
    #5
    flynny50
    Registered Users Posts: 73 ✭✭flynny50


    chris85 wrote: »
    Well by that wording you should have been offered a tracker. The problem here being it states a tracker based on the bank's prevailing rate but the bank dont have tracker products being provided so there is no prevailing rate. I am sure others have experienced this so may get more response from people with direct experience with this situation.

    So they should have offered a tracker but it could be at whatever rate they want?


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