We were part of the wider Tracker scandal (tracker was returned to us, compensation etc). Since we have been enjoying, like a lot of people, the low rates being back on a tracker has afforded us. But as rates rise we are assessing our options - stick with the tracker or fix.
In our contract we have clause 3.2, giving us the option to return to a tracker rate after a fixed rate period. The catch is that rate is referred to as ‘the bank’s then prevailing rate (appropriate to the Mortgage Loan)’
Firstly, does anyone know what tracker rate AIB would offer us after a fixed rate if we decided to go that route?
And secondly, seeing as the clause refers to the prevailing rate as ‘appropriate to the mortgage loan’ and the mortgage loan itself was found to be flawed/illegal etc, (however it should be referred to vis-a-vis the tracker scandal.) what impact might that have?
Has anyone have recent experience of similar?
Thanks
In our contract we have clause 3.2, giving us the option to return to a tracker rate after a fixed rate period. The catch is that rate is referred to as ‘the bank’s then prevailing rate (appropriate to the Mortgage Loan)’
Firstly, does anyone know what tracker rate AIB would offer us after a fixed rate if we decided to go that route?
And secondly, seeing as the clause refers to the prevailing rate as ‘appropriate to the mortgage loan’ and the mortgage loan itself was found to be flawed/illegal etc, (however it should be referred to vis-a-vis the tracker scandal.) what impact might that have?
Has anyone have recent experience of similar?
Thanks