When did AIB stop giving out Tracker Mortgages?

[Dermot]

I took out 2 tracker mortgages with AIB in 2008 for 2 BTL's. They were for 49% of the value of the properties then. I specifically looked for a tracker and would not have taken any other type of mortgage. I am pretty sure that I would have got a greater amount but I went for the <50% because I was getting a better interest rate deal than if I went >50% loan. I remember at the time that when you went onto the AIB website all the mortgage options were available to you as well as a mortgage calculator. It is not the case that I do not have sympathy with the OP but I cannot see an arguable case in what has been put forward so far that AIB would have to convert the SVR to a Tracker Rate. I am certainly not an AIB fan.

 

[Jim2007]

Does a business have to offer equal access to its products to comparable customers?

I strongly suspect the answer is "no". Think of some of the other ramifications if it was "yes".

Basic contract law - it is you that make the offer, not the other way around!!! They (the bank) decide to to accept your offer or not.

So the question becomes "Does a bank have to accept every offer" - clearly not or every homeless person would be able to take out a mortgage on a mansion!

 

[Dinarius]

This is interesting...



Needless to say, we were not offered a tracker when we came off our fixed. Though this may not apply to AIB.

D.

 

[marathonic]

I don't see any no-win, no-fee solicitor taking on a case like this. The no-win, no-fee solicitors tend to only take on the cases where the have a >50% chance of winning. Otherwise, why bother.

The basic jist of it is that AIB have a signed contract on you agreeing to a rate. If what you are proposing were feasible, would a person who opts for any variable rate today not be able to take the same route if interest rates rise and they're no on the fixed rates currently available on the market?

I suppose you could arrange a meeting with a no-win, no-fee solicitor but, in my opinion, it'd be a wasted half hour for both of you.

 

[marathonic]

This is interesting...



Needless to say, we were not offered a tracker when we came off our fixed. Though this may not apply to AIB.

D.

When you come off a fixed rate, you are not entitled to ANY rate that happened to be available at the time you originally took out the offer. Instead, you are entitled to whatever rate the mortgage offer stipulates that you will revert to at the end of the period.

In the case of Ulster Bank, I'm guessing that their offers specifically mentioned trackers or mentioned that you could move onto any rate that was available on the market at the end of the fixed period, and that trackers were still available.

In the case of Ulster Bank, if they stated the second condition above, trackers were available, and their offer only mentioned fixed and variable after the fixed rate ended, then you'd have a case.

In the case of AIB, if I were to guess, I'd say that the mortgage offer stated that you will move onto the standard variable rate at the end of the fixed term.

You need to dig out your original contract and read the terms.