AIB - offered tracker in 2006, but didn't take it.

Hi there, I am looking for peoples opinions to see if I have any case for my tracker mortgage.

I took out a mortgage in 2006 with AIB, when I spoke to the bank they told me it was a tracker mortgage before I signed up to it but after the one year introductory rate I got a letter to advise me that the one year introductory rate would be ending and if I did nothing my mortgage would return to a variable mortgage.

I rang the bank at that stage and they advised me it would go back to the tracker if I did nothing, they gave me the option on the letter at the time to choose another fixed period or a variable rate or the tracker, I of course did nothing and it went to a variable, I have nothing in writing to say it would go back to a tracker and I also have no letter day one when I took out a tracker that it was a tracker, have I any case, I think i dont but just seeing what people think.

I should have sent back the form after the one year requesting the tracker but I was young and stupid!!

No, you have no case.

Banks did not issue trackers for one year. You probably had a fixed rate for one year.

At the end of one year, they gave you the option of your tracker and you did not opt for it.

Tough, but you have no case.

Brendan

I too don't think you had a tracker, you had an introductory fixed rate it looks like, based on your post, then you were given various options, including a tracker, you decided not to take it, personal decision and no underhand stuff so no case.

No you were not young and stupid. Not everybody can make the right call everytime. If your current circumstances mean you are in financial trouble I suggest you do the money makeover thread for more concrete advice.

Thanks for the feedback

An oral contract is a valid contract.
Banks did indeed issue a tracker for one year - it was called a 1 year discounted tracker. You might be able to establish the date you made the call. Banks invariably recorded calls.
My advice is that Padraic Kissane would give you a view better than anybody.
Even the Central Bank listen to him

I doubt you would get recorded calls going back to 2007, when I left banking in 2010 branch calls were not recorded, the msg said they 'may' be but in reality they were not. The original loan offer should show if it was indeed a discounted tracker.

But surely the fact that fixer ignored the letter after the 1st year which offered fixed, tracker and variable and by virtue of that ignoring went onto a variable rate, means that fixer doesn't really have a legitimate chance of getting a tracker back..