Mortgage Query

flynny50

Have been reading some threads on Mortgages & saw a few that made me question ours.
Bought in 2006 half fixed/half tracker.
When the 5 years fixed was up AIB switched us over to Variable.

Reading our particulars it says
'' after 5 years rate will revert to banks variable rate,unless borrower avails of another interest rate option then on offer by the bank,rates include margin of 0.00% APR 4.087% ''

Terms say
“At the end of any fixed interest rate period, the Customer may choose between:(a) a further fixed interest rate period, or(b) conversion to a variable interest rate Mortgage Loan, or(c) conversion to a tracker interest rate Mortgage Loan,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”

My question is should we have been offered a tracker?
Hope this makes sense,any help much appreciated

chris85

flynny50 wrote: »

Have been reading some threads on Mortgages & saw a few that made me question ours.
Bought in 2006 half fixed/half tracker.
When the 5 years fixed was up AIB switched us over to Variable.

Reading our particulars it says
'' after 5 years rate will revert to banks variable rate,unless borrower avails of another interest rate option then on offer by the bank,rates include margin of 0.00% APR 4.087% ''

Terms say
“At the end of any fixed interest rate period, the Customer may choose between:(a) a further fixed interest rate period, or(b) conversion to a variable interest rate Mortgage Loan, or(c) conversion to a tracker interest rate Mortgage Loan,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”

My question is should we have been offered a tracker?
Hope this makes sense,any help much appreciated

Best question here is what were you offered in 2011?

flynny50

Only Fixed or variable in 2011.
Told Tracker was no longer available

chris85

flynny50 wrote: »

Only Fixed or variable in 2011.
Told Tracker was no longer available

Well by that wording you should have been offered a tracker. The problem here being it states a tracker based on the bank's prevailing rate but the bank dont have tracker products being provided so there is no prevailing rate. I am sure others have experienced this so may get more response from people with direct experience with this situation.

flynny50

chris85 wrote: »

Well by that wording you should have been offered a tracker. The problem here being it states a tracker based on the bank's prevailing rate but the bank dont have tracker products being provided so there is no prevailing rate. I am sure others have experienced this so may get more response from people with direct experience with this situation.

So they should have offered a tracker but it could be at whatever rate they want?