# AIB Tracker (fixed)



## rodger (17 Nov 2014)

Hi

I had an original tracker which was then fixed for 3 years.

The wording is as follows:



> - Interest rate Tracker Home Mortgage Ln > 250k is 3.10% (APR 3.138%) including interest adjustment of 1.10%
> 
> ..
> ..
> You may fix your interest rate and repayment at any time during the life-time of your loan subject to a fee of €63. Details will always be available from your Branch.



This is currently with Ombudsman but I am just wondering if there is a precedent of Ombudsman ruling in favour (of what I believe is clear cut case of entitled to tracker).

The bank argued that section 3.2 says bank can return customer to "variable rate" which I believe means tracker "variable rate"


Thanks.

aside: how can I attach an "image" to this post? I don't see "manage attachments" option button(?)


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## peteb (18 Nov 2014)

A tracker wouldnt be referred to as a "variable rate".  

you'd need to show more info from the terms and conditions than just two lines.


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## Brendan Burgess (18 Nov 2014)

peteb said:


> A tracker wouldnt be referred to as a "variable rate".



HI pete

A rate is either fixed or variable. 

A tracker is not a fixed rate, it is a type of variable rate. 

I think that the Ombudsman has held in the past, that the term "variable rate" being ambiguous, should be interpreted in favour of the borrower. 

Brendan


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## peteb (18 Nov 2014)

I have to say I thought I saw something to the contrary in previous posts regarding variable rate.  I would have thought it came down to context.......which we don't have.


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## rodger (18 Nov 2014)

If I I can scan and upload the image.? Is there a way to upload attachments? 

In the document tracker is not mentioned 

Therefore when it says variable it must mean tracker 

The agreement only talks about fixed and variable. 
I don't think tracker is mentioned once! 
Except in the offer letter.    


Therefore must revert to the *tracker* variable rate. 

What I'm saying it seems clear to me the idea was to allow customer return to tracker after the fixed period. 

I'm wondering if any one has been successful in bringing this to ombudsman?


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## Brendan Burgess (18 Nov 2014)

rodger said:


> If I I can scan and upload the image.? Is there a way to upload attachments?



If you email it to me, I will upload it for you.

Did you check out this thread? 

Did you lose your tracker when fixing your mortgage or breaking out of a fixed rate?

Brendan


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