AIB Fixed Rate Expired Contract says I can change to Tracker

[nfreyne]

I am currently paying a 3 year fixed Mortgage rate of 5.55%. THis is due to expire soon and according to my contract I have 3 options after the fixed rate expires.

1. New Fixed Rate
2. Variable Rate
3. Tracker

I want to change to the tracker option but I am just wondering if the banks can stop me doing this or if they can adjust the rate to suit themselves.

I would greatly appreciate your opinion on this before I contact the bank.

 

[millieforbes]

If its in your contract then they have to offer you a tracker. Does it say what tracker rate they should offer? If it doesn't state the margin over ECB they could offer a very high margin that won't work out any better than the SVR

 

[twofor1]

I want to change to the tracker option but I am just wondering if the banks can stop me doing this or if they can adjust the rate to suit themselves.

When your fixed rate ends, what does your contract say regarding the tracker option ?

Does it specify ECB + x % .
or
Our then tracker rate for your LTV.
or
Does it simply say a tracker rate.
or
Something different to the above, if so what exactly.

When you originally took this mortgage was it a variable, fixed or tracker rate ? if a tracker rate what was the original margin ?