19 Buy to let mortgages with AIB - unfair restructuring offer

sorry if misunderstood me My rent reduced by approx 50% and now that they are beginning to rise I would like not to be forced to sell yet I have struggled to keep all going and feel I am paying and need a chance
 
Hi homes

You are being forced to sell if you can't meet the scheduled capital and interest payments.

Your best plan is to regain control by selling the ones which suit you best and not being under the control of AIB.

Forget about the unfairness of it all. Focus on solving this particular problem.

Brendan
 
homes said:
My rent reduced by approx 50% and now that they are beginning to rise I would like not to be forced to sell yet I have struggled to keep all going and feel I am paying and need a chance
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Where on earth did rents reduce by 50%?

Any chance of some actual figures. It's quite clear AIB are doing nothing wrong, and are most certainly not being unfair.

Whatever you do don't let them take control by going cross securitised. Then you'll be well and truly at their mercy.

You state that you are struggling and that you feel you are paying, but if you were paying as per your loan agreements you wouldn't need to have to deal with AIB, in any case you can take back control. So I agree with the advice to sell one or more of those with equity. Not sure in the absence of figures whether this cash should then be used for repayments or to pay down some mortgage.

The 12 on trackers are presumably capital and interest? And the 7 investor mortgages rates are interest only?

Knuttell, isn't section 23 basically phased out? But I have seen some properties on Daft advertised with it.
 
Bronte said:
Not sure in the absence of figures whether this cash should then be used for repayments or to pay down some mortgage.

.
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If the rental income from the remaining properties is not covering the repayments comfortably, then he should keep the cash to make sure that he can maintain the repayments on the tracker

I have seen people paying down capital on an SVR and later getting into trouble on a tracker buy to let.

Anyone with a tracker buy to let has to plan their finances very carefully to make sure that they have enough money to meet their repayments.
 
Unfortunately, like it or not, AIB is calling the shots here. RI is your only income and it would appear that all of your properties are pledged to AIB. You are going to have to negotiate with them as they are fully entitled to take all of the ent RI from the properties to meet the loan repayments. The mortgage documentation is likely to contain the power to appoint a fixed asset receiver over the properties if you don't meet the P&I repayments. Co-operation in selling some of the units is something that you will now need to consider. However, negotiate with the Bank. i.e. You will need to be prepared to be somewhat flexible in order to get some level of flexibility in return.
 
Hi bronte

I'm paying full capital and interest on all loans and using savings to meet shortfall where rents fell
 
homes said:
Hi bronte

I'm paying full capital and interest on all loans and using savings to meet shortfall where rents fell
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You really need to take professional advice on this.

You have lost three cheap trackers through restructuring while you had savings?????

Brendan
 
Brendan

The reason I think the bank is treating me unfairly is that unless I allow the cross securitisation of the property they are offering NOTHING AT ALL

Thanks
 
Rents in Dublin decreased by about 35% in the 2007 - 2008 period . They have recovered about 20% now . Still some way to go .
 
robert 200 said:
Rents in Dublin decreased by about 35% in the 2007 - 2008 period . They have recovered about 20% now . Still some way to go .
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Well I don't understand a 35% drop in Dublin, it really fluctuates up there. In any case even if it's true you mention it was only for a one to two year period. Presumably before that rents were really high. Where are you getting the 35% from.

But there is another side to this fluctuation, what you're losing in rent you're gaining in capital appreciation unlike most of the rest of the country.

Still though Homes said a 50% drop. Where on earth could that be. Waterford maybe, it has a glut of apartments that are impossible to sell and going for half nothing.
 
homes said:
Hi bronte

I'm paying full capital and interest on all loans and using savings to meet shortfall where rents fell
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It's really hard Homes to give you proper advice when you only come back with selective bits of information.

You mention in the first post interest only, so it's impossible to understand what is going on with all your mortgages. You've been asked to list them and their mortgages, how on earth otherwise do you expect to get meaningful advice. You've blandly stated AIB are in the wrong, but nothing has been advanced by you to support this.

You've stated on another post that being a landlord is your profession. So where did the savings come from that you are now paying down mortgages with. If you are not careful I can see that AIB will have total control over your portfolio. You've already lost fantastic trackers.

If you're afraid of being identified you just cuggle muggle the figures a bit. And I would really like to know where rents have dropped 50%. I'm not in the Dublin market but I'm amazed a professional has had a 50% drop in all their rentals. I operate in a small way and I've never had anthing like a 50% drop, max 10%. Pre, during and after celtic tiger.
 
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