# AIB now offering me tracker rate?



## CillDaraLily (4 Nov 2017)

I received a mortgage from AIB in Feb 2009. They had stopped offering tracker rates a few months prior. I've just received a letter saying they can now offer me a tracker rate of 3.67 due to my letter of offer. Why am I now offered this and does it mean that I should have had it previously?


----------



## Wardy7 (4 Nov 2017)

Yes it most likely does. The rate is a shocker though, which a lot of us are fighting.


----------



## Brendan Burgess (4 Nov 2017)

That is odd. Does the letter not say why? 

Some AIB customers who fixed their mortgage rates from the start had a clause in their contract which said that they would revert to the prevailing tracker rate on expiry of the fixed rate period. 

On expiry of the fixed rate period, AIB did not offer them trackers because "we no longer do trackers."

They have now decided that they were wrong and that they should have offered them trackers.
However, 8 years later, they are deciding retrospectively, that the prevailing rate would have been 3.67%. 

This is being challenged and you should challenge it as well. 

https://www.askaboutmoney.com/threads/aib-restoring-my-tracker-but-at-3-67.199391/

Brendan


----------



## Spike67 (4 Nov 2017)

Hi Brendan,

I am also one of those cohort of customers who started on a fixed rate in Sept 2006 until Sept 2009 but was never given the option as set out in part 4 clause 3.2 in my letter of offer to avail of a tracker rate albeit that the bank removed this product from there books as it was going to cost them money for a finish but did I not have a contractual right to be offered the option set out in my contract with that bank? Have they not acted with due diligence and mis appropriated my money costing me to pay far more since 2009. I have written to this bank since 2012 and again in 2015 only to be told the same as Balfour and Co that they stopped doing trackers in October 2008 and they are now offering me a rate of 3.67%. Strange though as in Balfours letter from the same bank they offer a €800 compo and say that an option of a prevailing tracker was available when the fixed rate expired. Do you think that the bank will look at this cohort of customers and deem them part of the review and do we all which seems quite a lot now have a case to be answered?


----------



## CillDaraLily (4 Nov 2017)

It is being offered now as I am coming out of a fixed rate. It seems that while they stopped tracker rates in October  '08, they did not change the wording in their contracts for at least a few months and my letter of offer still gave the option of switching to a tracker when coming out of a fixed rate. I'm not sure I have a case to argue the rate because as well as there being no prevailing tracker rate when I first came off fixed, there was no prevailing tracker rate at the time of offer to compare to. Surely this leaves it open for them to set it at 3.67?


----------



## CillDaraLily (4 Nov 2017)

https://www.askaboutmoney.com/threads/has-anyone-been-compensated-by-aib.205842/#post-1538702
This sounds similar to cases in this thread but has been reverted to tracker of 1.1 instead of being offered 3.67. What's the difference with this case?


----------



## Skippy1 (15 Nov 2017)

CillDaraLily said:


> https://www.askaboutmoney.com/threads/has-anyone-been-compensated-by-aib.205842/#post-1538702
> This sounds similar to cases in this thread but has been reverted to tracker of 1.1 instead of being offered 3.67. What's the difference with this case?


Different cohort for AIB as that Customer was on tracker before Oct 08. You had same contract, except case above had tracker in particulars starting out or went onto tracker after fixed period (before Oct 08). 

To my knowledge, while one year discounted tracker margins changed, and new LTV bands introduced, the rates advertised from 05 to 08 that I can find for my case (LTV>80%, >500k) were always 1.1 and no indication from AIB that "lifetime" advertised offerings would change. 

https://group.aib.ie/content/dam/ai...007) AIB drops its mortgage tracker rates.pdf


----------

