D
DublinMum
Guest
Hi All
Like a million others we are drowning in negative equity (owe 320K on a house worth at most 100K). For many reasons we can no longer keep living in our current property (since had 2 kids, distance to work, anti social neighbours - many many reasons) and as we have no hope of going back into positive equity any time in the next 10 years we have to rent-to-rent.
Anyway, my concern is that we are on a very good residential tracker rate.
I have spoken to both my local AIB branch manager and the manager of the branch where we have our mortgage (not the local one) and both of them have told me that I will NOT lose my tracker if we rent out our house.
I also read an article in the Irish Times recently where a rep from AIB said in practice they are not taking trackers off people who bought homes as PPRs but now have to rent them out.
This would all be fine, but given the long LONG time I expect to have to own this house for, I dont trust that in a few years AIB wont turn around and try to put me on a variable rate - or worse make me back pay for a variable rate from the time we moved out.
I asked the manager in the branch where our mortgage was would she give me a written confirmation of what she told me and she said NO! So, basically I have nothing other than my word against hers if it ever came to it!
Does anyone know the process to get AIB to give to me in writing what 2 separate managers have now told me in person?
I know we could go down the road of just never telling them weve moved out, but again given the long long time until we can sell, Id rather be upfront with them about where we live and our circumstances etc.
Thanks
DM
Like a million others we are drowning in negative equity (owe 320K on a house worth at most 100K). For many reasons we can no longer keep living in our current property (since had 2 kids, distance to work, anti social neighbours - many many reasons) and as we have no hope of going back into positive equity any time in the next 10 years we have to rent-to-rent.
Anyway, my concern is that we are on a very good residential tracker rate.
I have spoken to both my local AIB branch manager and the manager of the branch where we have our mortgage (not the local one) and both of them have told me that I will NOT lose my tracker if we rent out our house.
I also read an article in the Irish Times recently where a rep from AIB said in practice they are not taking trackers off people who bought homes as PPRs but now have to rent them out.
This would all be fine, but given the long LONG time I expect to have to own this house for, I dont trust that in a few years AIB wont turn around and try to put me on a variable rate - or worse make me back pay for a variable rate from the time we moved out.
I asked the manager in the branch where our mortgage was would she give me a written confirmation of what she told me and she said NO! So, basically I have nothing other than my word against hers if it ever came to it!
Does anyone know the process to get AIB to give to me in writing what 2 separate managers have now told me in person?
I know we could go down the road of just never telling them weve moved out, but again given the long long time until we can sell, Id rather be upfront with them about where we live and our circumstances etc.
Thanks
DM