Just to clarify:
1. Your contract provides for the option of a tracker at the end of the fixed rate period
2. At the end of the fixed rate period they wrote to you setting out your rate options from there on
3. Did these include the tracker option?
4. You chose the tracker option or at least wrote on the form that you wanted to go onto a tracker?
5. They put you on standard variable rate regardless
6. They now say that they no longer offer trackers but they have not said anything specifically about why you were not offered one or why they ignored your request for one?
Were you on a tracker before you fixed? If so then I would say you have a good case, if not then I think the wording implies you will go on to a tracker at the banks prevailing rate, as they have stopped doing trackers they dont have a prevailing rate for them but if they have to offer you one then they I presume will be able to pick the margin over ECB and I doubt they will pick one that suits you.
Would be very interested as to the response you get from AIB. We are in identical situation, 3 year old mortgage with an initial fixed rate which expired this month. Met with the bank today end explained that we were expecting to be offered a tracker and would still hope to avail of this although it is discontinued for new customers. Was told the query will be passed to home mortgages dept. upstairs but not to expect a positive response. Please let me know what action you decide to take as I also feel we are entitled to a tracker as it was outlined in our initial loan agreement.
Mortgage contract that we got at start of fixed states that
[FONT="]“At the end of any fixed interest rate period, the Customer may choose between:[/FONT][FONT="](a) [/FONT][FONT="]a further fixed interest rate period, or[/FONT][FONT="](b) [/FONT][FONT="]conversion to a variable interest rate Mortgage Loan, or[/FONT][FONT="](c) [/FONT][FONT="]conversion to a tracker interest rate Mortgage Loan,[/FONT][FONT="]at the Bank’s then prevailing rates appropriate to the Mortgage Loan. If the Customer does not exercise this choice, the Mortgage Loan will automatically convert to a variable interest rate Mortgage Loan"
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