howardieOne
Registered User
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Hi
I think I have a slightly different scenario to previously listed. I am wondering what people here think.
Interest of simplicity and am going to paraphrase where possible
Anyone familiar with my scenario?
Any comment welcome pls.
I think I have a slightly different scenario to previously listed. I am wondering what people here think.
Interest of simplicity and am going to paraphrase where possible
- I drew down home mortgage from A.I.B in November 2004
- Note this mortgage was issued before trackers rates where part of standard letter of offer. There is no mention of tracker rate in letter of offer.
- In Jan 2005 I requested & received a one year fixed rate
- In Jan 2006, at end of fixed rate term, I received offer of new fixed rate, range of svr or range of tracker rates.
- In April 2006, I accepted tracker of E.C.B + 0.95%. At this time bank set me letter indicating:
- I was now on a tracker rate
- Defined a tracker rate
- indicated "agreed margin would not change, even if the Bank subsequently introduces a different Tracker Mortgage offering", and also "this margin is guaranteed for the full term of the loan unless there is material change in the terms of the loan"
- Further, said "You may switch from Tracker Rate to Fixed Rate or to standard variable rate at any time" and "You may choose at a later date to opt for the Tracker Rate prevailing at the time".
- In March 2007, I switched to 3 year fixed rate mortgage. ( Don;t ask why)
- In Feb 2010 I was NOT offered Tracker Rate as letter from 4 would suggest.
- Offensive occurred in Feb 2010, within 6 year limit
- Due to nature of market conditions, I was offered tracker rate in 2006 to stop me moving mortgage. This would override original mortgage offer.
- While I accept 'material change' in loan, I would expect to be offered prevailing tracker.
- Letter in point 4 would suggest bank committed to offering me prevailing Tracker
- We know at this time bank still provided tracker mortgages.
- Bank did not act in my best interest at this time
Anyone familiar with my scenario?
Any comment welcome pls.