# Tracker Mortgage Scenario - Tracker Offer not honored



## howardieOne (23 Jun 2015)

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


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.
My complaint would be

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
From what I have read, people who had tracker rate as part of their letter of offer had rock solid cases. My big question is, did my mortage become a tracker mortgage and so should I have reverted to tracker in Feb 2010.

Anyone familiar with my scenario?
Any comment welcome pls.


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## Brendan Burgess (4 Jul 2015)

Hi Howard 

I have just seen this now. 

Brilliantly laid out - well done. 

The matter which will determine this is what did you agree when you fixed the mortgage rate in March 2007. What did that document say?  If it made it clear that you would lose your tracker, then I don't think you have much of a case. 

If it was vague, you have a case. 

As the amount of money is so large, I would always recommend using Padraic Kissane for pursuing your complaint.  You pay a fee, but it's well worth it. He will have come across this exact scenario before and will no how AIB responds to such complaints.

Brendan


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## rodger (4 Jul 2015)

Hi

I think you have a good case. Full term of loan with option to fix.

You need to get your complaint to ombudsman before feb 2016 because of the 6 year rule.

I would repeat Brendan's suggestion to get onto Padraic Kissane.

What is amazing is each individual has to separately make a case to ombudsman and banks ignore similar cases until forced to. 

I just can't understand how the banks are allowed to get away with it. Banks are being dishonest and they should be penalised.


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