Key Post The 300 Cohort - 1.55% or 1.74%?

Brendan Burgess

Founder
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42,198
I checked with AIB and the 1.55% is for LTVs of 50% to 80%

And the 1.74% is greater than 80% LTV.

And the valuation they use is the most recent valuation before the fixed rate ended and not the original valuation.

Brendan
 
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Balfour

Frequent Poster
Messages
181
I checked with AIB and the 1.55% is for LTVs of 50% to 80%

And the 1.74% is greater than 80% LTV.

Brendan
I believe that the people in the 300 Cohort that got a tracker rate of 1.55% should have actually received a rate of 1.15%

And people who got a tracker of 1.74%, should have received a tracker rate of 1.50%.

I would advise people to sent in a official complaint in writing.
 
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rustbucket

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417
I believe that the people in the 300 Cohort that got a tracker rate of 1.55% should have actually received a rate of 1.15%

And people who got a tracker of 1.74%, should have received a tracker rate of 1.50%.

I would advise people to sent in a official complaint in writing.
could you elaborate why? Would be happy to send in a complaint but would want to arm myself with info first
 

Balfour

Frequent Poster
Messages
181
When AIB stopped providing tracker rates in Oct 2008, their LTV tracker rate for < 80% was 1.15% and their tracker rate for LTV > 80% was 1.50%. We were told by the CB that it takes approx 12 weeks to introduce new tracker rates (the reason we were given tracker rates was because AIB was introducing new rates).
In my opinion, the new rates should not come in to effect until after mid Jan 2009. Therefore, we should have being offered the rates as of Oct 2008 and not the new rates.
 

Megafan

Registered User
Messages
126
When AIB stopped providing tracker rates in Oct 2008, their LTV tracker rate for < 80% was 1.15% and their tracker rate for LTV > 80% was 1.50%. We were told by the CB that it takes approx 12 weeks to introduce new tracker rates (the reason we were given tracker rates was because AIB was introducing new rates).
In my opinion, the new rates should not come in to effect until after mid Jan 2009. Therefore, we should have being offered the rates as of Oct 2008 and not the new rates.
I still can't get my head around the CBI intervention to be honest just because they entered the realm of the hypothetical. They said to AIB well, this is what you would have done or should have done with the benefit of hindsight 12 years later, and this is the rate should have been 12 years earlier.

Maybe there is precedence for this but for completeness, should the CBI not then have continued to set the margin rate for the intervening period between January 2009 and December 2013 when AIB re-introduced trackers (and told no-one)? Both the CBI and FSPO re-enforced the right to a tracker in different ways, the 2nd intervention by the CBI complementing the 1st judgement by the FSPO.

Maybe someone from the 5,600 may take something like that the FSPO. The FSPO judgement prompted the CBI response, the CBI response might prompt a further update from the FSPO since the FSPO made their judgement without the CBI confirming the rates into 2009. There is no loss to anyone for doing this post FSPO award if you could hit on the correct series of words to frame it without distracting from the great judgement as it was.

I always thought the FSPO award was proxy for a tracker to a degree with the principal reduction but maybe long term any FSPO case would just be based on a matter of principal more so.
 

rustbucket

Frequent Poster
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417
When AIB stopped providing tracker rates in Oct 2008, their LTV tracker rate for < 80% was 1.15% and their tracker rate for LTV > 80% was 1.50%. We were told by the CB that it takes approx 12 weeks to introduce new tracker rates (the reason we were given tracker rates was because AIB was introducing new rates).
In my opinion, the new rates should not come in to effect until after mid Jan 2009. Therefore, we should have being offered the rates as of Oct 2008 and not the new rates.
Thanks Bronte. Thats very helpful indeed
 

aibredress

Registered User
Messages
59
can the bank change the amount or percentage of the tracker? ie if someone was put onto a lower rate, could the bank change that to a higher rate and vice versa?

If the bank had you on 1.15% not the 1.55% as other poeple have been put on, could they change that to 1.55%?
 

Brendan Burgess

Founder
Messages
42,198
Hi

You will need to specify your situation more clearly.

If your contract gives you a margin of 1.15%, AIB cannot change that.

If after the Central Bank review, they put you on a margin of 1.55% , they can't change that. I suppose, they might discover that they made an error and put you on the more appropriate rate.

If you are in the 300 Cohort which I hope you are, and they have put you on 1.15%, it is either an error or something to do with your contract. If it's an error, yes, they can fix it.

Brendan
 

Balfour

Frequent Poster
Messages
181
can the bank change the amount or percentage of the tracker? ie if someone was put onto a lower rate, could the bank change that to a higher rate and vice versa?

If the bank had you on 1.15% not the 1.55% as other poeple have been put on, could they change that to 1.55%?
As you are in the 300 cohort and if you are now on a tracker rate of 1.55%, then in my opinion, you should be on a 1.15%
 

aibredress

Registered User
Messages
59
I'm in the 300 cohort, my question is that if I was put on a rate of 1.15% instead of the 1.55% other had been put on, can the bank change this as a mistake on their behalf?
 

aibredress

Registered User
Messages
59
but if you have letters state that they have put you on the 1.15% would that not mean they can not change it/
Also, I have no reason to be under any different circumstances than any other person in the 300 cohort
 

Brendan Burgess

Founder
Messages
42,198
So, if they sent you a letter saying that they had put you on 4%, you would be ok with that?

Of course a bank and a customer can fix any mistake they make.

Brendan
 
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