Well Folks,
State of emergency here and looking for advice.
I applied for the above with AIB.
I have numerous communication e mails stating that the way it works is that that the neg equity is transferred to the new loan amount and carry on from there. I am cleared for the amount sought.
However, i just sale agreed my house today and am almost sale agreed on another house i am buying.
I get a call to go into the bank today to go over the mortgage details.
They tell me today that the neg equity is paid in a separate loan over 7 years. the loan for the new house is over 25 years. This means the repayments are almost double what we were expecting. Shocking news, now the whole thing could fall apart because AIB wont honour their agreement.
I have it down in black and white by e mails from the mortgage advisor over the last 6 months in 34 e mails and not once is seperate loan terms and time periods mentioned - just one new loan with neg equity absorbed.
I have told the manager all of the above, and they still wont honour their agreement - they said they will be in contact soon.
Nowhere does it mention anything about this in their neg equity mortgage handbook online either.
The thing I am most worried about is that AIB will stall on this and i will lose the new house.
Any advice appreciated!
State of emergency here and looking for advice.
I applied for the above with AIB.
I have numerous communication e mails stating that the way it works is that that the neg equity is transferred to the new loan amount and carry on from there. I am cleared for the amount sought.
However, i just sale agreed my house today and am almost sale agreed on another house i am buying.
I get a call to go into the bank today to go over the mortgage details.
They tell me today that the neg equity is paid in a separate loan over 7 years. the loan for the new house is over 25 years. This means the repayments are almost double what we were expecting. Shocking news, now the whole thing could fall apart because AIB wont honour their agreement.
I have it down in black and white by e mails from the mortgage advisor over the last 6 months in 34 e mails and not once is seperate loan terms and time periods mentioned - just one new loan with neg equity absorbed.
I have told the manager all of the above, and they still wont honour their agreement - they said they will be in contact soon.
Nowhere does it mention anything about this in their neg equity mortgage handbook online either.
The thing I am most worried about is that AIB will stall on this and i will lose the new house.
Any advice appreciated!