Discussion in 'Tracker mortgages - other than redress issues' started by Rarrrrrr, Mar 18, 2016.
Not 100% bit as far as I know fixed never put back on tracker is now on a rate pf 0.95%
That's nice result!
But do you know if they were
a) originally on 100% tracker, then moved to staff rate, and then moved to SVR, but now been moved back on to the old tracker, or
b) original loan was 50% tracker & 50% staff rate, and they've now moved the 50% that was once on a staff rate which was moved to SVR has now been moved to the tracker.
Appreciate you mightn't know this but I think this is the crux of the problem for many people.
@Gracie debru Do you know if this was since the updated increase of 4000 being included?
Hi folks, I am wondering if there has been any update. I too am ex AIB staff in the same situation. I have written to AIB, my complaint acknowledged and I have also requested a copy of my mortgage documents from Adelaide Road, they say I can collect them from a branch once ready in 40 days. Wondering if anyone is having luck. I am also anxious about coming under possible vulture fund sell off purely because I have an investment property. I repaid all repayments through the celtic tiger downturn and carried on with heavy negative equity when AIB tried to force me to sell and carry the shortfall. AIB never seem to act to support us as customers any longer, is that not what banking was all about? Surely the Banks criteria is to support their customers wherever possible when they work 100% with them. We got these mortgages on the basis of higher income, how can we be penalised when we simply want to extend our mortgage term? Any update on ombudsman etc would be much appreciated.
Homeflex & Home mortgage application form
If you made all you full repayments, how did AIB try and force you to sell?
Special Conditions in letter of Offer:
“While the customer(or if the offer is addressed to more than one person, all of them) remain in the service of the Bank, a staff preferential Fixed Home Loan interest rate of 3% will apply to the Mortgage loan”.
The fixed interest rate early breakage cost referred to in Clause 3.3 of the General Terms & Conditions will not apply if for any reason the interest rate applicable to the Mortgage Loan ceases to the Staff Preferential Fixed Home Loan Interest Rate”.
Update, family member received a check from AIB for approx €1600 split €1000 compensation plus €600 for professional fees.
They quoted an indicative "prevailing tracker rate" of approx 8% at the time she came off her staff rate. Now they're offering an ECB plus approx 3.2%.
This came out of the blue. She had submitted no correspondence on this issue to AIB.
I haven't seen the letter she received yet so the above figures may be off slightly.
If nothing else, it suggests they are looking at former staff mortgages.
Do you know where AIB came up with the figure ECB plus 3.2% from?
No. I haven't read the letter yet.
I received this letter also and a "shut up" cheque for €1600. €1000 0f this is compensation and the €600 for use towards fees for an independent advisor.
Is this a tactic by AIB to try to give everybody something in the hope they will be happy to get anything and will not pursue anything further?
I am really pissed off with this. We all got screwed here. In fairness to Bank of Ireland they have made redress to all their staff.
I got a mortgage 8.5 times my salary at the time. I was only 20 years old and maybe wanted to make a quick buck ! IT WAS STUPID AND WAS A MISTAKE MADE BY ME .
But the bank and the government have done nothing to ease the pain. Had I been on a tracker over the last 10 years or if I got the appropriate redress, I could now sell my house to some young first time buyers in urgent need to finding somewhere.
The "prevailing tracker rate" is the most ridiculous rate product I have heard of. It's so high when ECB is so low, is there anyone in the country on one of these rates at the moment.
Lastly , I got a letter from revenue last year to say I owe them back mortgage interest relief as they were aware the property I bought was not always used as my Private principal residence. It was a whopper bill !!!!
So, like so many other people, I feel completely screwed. Received a mortgage of 8 times salary, not allowed go onto a tracker, have to cough up a huge tax bill, stuck in negative equity and now I'm unable to avail of the First time buyer tax rebate because I have previously owned a property.
That's my rant over!!! I just want to get one positive outcome from the stupid house I bought at a stupid time.
I hope there are others in the group that don't want to let this go either. I'm not sure what my next steps are . I'm hope Paudie Kissane is busy and is trying to resolve this for everyone.
I only made a complaint recently on this as I was not considered as part of the secondary redress however AIB have stated they are not reimbursing me and is the final response. I took a mortgage as a staff member in 2008 that was auto setup as a split mortgage by AIB staff business as a 25% tracker and 75% PDH. When I resigned in 2013 my PDH (fixed 3%) was auto converted to standard variable at 4.4% with no option of tracker. My mortgage contract has the 3c clause. AIB did not address my resignation auto conversion and only focussed the complaint on activity in 2008/9 of which I had specifically requested to return to the PDH in 2009; needless to say I've send this to the Ombudsman. Are their any AIB staff/ex staff in the same situation ?
Separate names with a comma.