Jameson999
Registered User
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- 8
Hi
I had a BOI mortgage on previous family home that we had held on to after moving.
We had lost tracker for over 4 years on this house between 2009 and 2014. It was no longer family home from start of 2011 and we had held on to it as an investment for the future and because there was no equity in it.
It was a real struggle to hold on to it as rent received and maintenance costs were more than mortgage due to paying 4.1% instead of tracker rate. We were forced to go on interest only for a year before selling in 2014 when interest only period ended. Anyway we ended up getting compensated just over €23000 which included, bulk of which was refund of overpayments for the 4 year period. We appealed given the fact that we were under lot of financial stress due to wrong rate being charged and also the fact that similar properties have gone up by over €50000 since we sold in 2014. if we had been on correct mortgage rate the rent would have been a source of income and we would still have our asset.
Appeal result came through from Grant Thornton (appointed to deal with BOI mortgages redresses) and I was awarded a further €7000. They have admitted that we probably sold house because of overcharge. Given this is the case I fail to see how they arrived at such a small figure. It says we can appeal to ombudsman or take legal action. I am wondering if can appeal again to ombudsman and take money just like after original offer of compensation? Any answers appreciated. Thanks
I had a BOI mortgage on previous family home that we had held on to after moving.
We had lost tracker for over 4 years on this house between 2009 and 2014. It was no longer family home from start of 2011 and we had held on to it as an investment for the future and because there was no equity in it.
It was a real struggle to hold on to it as rent received and maintenance costs were more than mortgage due to paying 4.1% instead of tracker rate. We were forced to go on interest only for a year before selling in 2014 when interest only period ended. Anyway we ended up getting compensated just over €23000 which included, bulk of which was refund of overpayments for the 4 year period. We appealed given the fact that we were under lot of financial stress due to wrong rate being charged and also the fact that similar properties have gone up by over €50000 since we sold in 2014. if we had been on correct mortgage rate the rent would have been a source of income and we would still have our asset.
Appeal result came through from Grant Thornton (appointed to deal with BOI mortgages redresses) and I was awarded a further €7000. They have admitted that we probably sold house because of overcharge. Given this is the case I fail to see how they arrived at such a small figure. It says we can appeal to ombudsman or take legal action. I am wondering if can appeal again to ombudsman and take money just like after original offer of compensation? Any answers appreciated. Thanks