If you have savings with AIB, you should be running them down so that you don't need rescheduling.savings all with AIB Bank
You should be shopping around.I also have all house insurances ...all with AIB Bank
This was very careless of you. As a professional landlord you should have been alert to the fact that you might lose the tracker rates. However, go back over the documentation. If it's not clear that you were switching to a SVR, then you may have grounds for complaint.I lost my tracker rate on the 7 that are now buy to let rate when I extented interest only but was never told I would not get tracker rate back
None of the houses are connected they are all principal sumed
the 7 buy to let have only 10 years remaining on their mortgages
they want two properties put on the market immediately and all cross securitised and on the sale of any of them the AIB would recieve the full proceeds of sale and use same to reduce the total debt
Dear Brendan and all
I would really appreciate what you think of what AIB offered me when I went back to restructure Morgages
I feel they are treating me very unfairly
I am 40 years old and full time landlord own 19 houses all with AIB 18 AIB mortgages = 12 houses on tracker and 7 on buy to let rates I have never defaulted no arrears no late payments and the 7 buy to let have only 10 years remaining on their mortgages I also have all house insurances savings all with AIB Bank
I went back to AIB to have the mortgages restructured because the rents have fallen and I am using savings to keep up with the repayments My request was for AIB to push out all the years
The only thing AIB offered me was one year interest only but for that they want two properties put on the market immediately and all cross securitised and on the sale of any of them the AIB would recieve the full proceeds of sale and use same to reduce the total debt
I lost my tracker rate on the 7 that are now buy to let rate when I extented interest only but was never told I would not get tracker rate back
None of the houses are connected they are all principal sumed
Await your replies
Surely its very had to advise without having some info on the values, o/s loans, repayments, amounts of rents and tax position.
Your priority must be to protect your cheap trackers.
While the one year interest only deal seems very generous of them, I would be concerned that they would set the proceeds of the 2 house sales against the cheap trackers and not the SVR mortgages.
You need to get control of your finances back. You should sell some of the properties - presumably those on SVR and use the proceeds to keep up your repayments on the cheap trackers. (There may be other factors such as tax relief on the interest, CGT exposure etc.)
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