AIB Part of 300 Group but traded up
- Thread starter Cars510
- Start date
Brendan Burgess
Founder
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- 52,269
Hi Cars
1) You will get higher of the refund calculated based on your tracker rate and refund based on 12% writedown + interest. Depends on what rates you paid and when you traded up, either could be higher.
2) You will get 15% compensation automatically. You can apply for more compensation, but as you were in a position to trade up, it would be hard to show that you suffered more than 15%.
3) I presume you will be able to avail of a tracker mover product. So if you should have been on a tracker margin of 1.5% when your fixed rate ended, you should have got the new mortgage at 2.5% for the bit you ported. This will get you a bit more but not a lot.
4) You should be offered a tracker at ECB +2.5% (assuming you should have been on 1.5%) for the remaining term. This is a bit less than you are paying at the moment, but not as valuable as the old cheap trackers.
Brendan
1) You will get higher of the refund calculated based on your tracker rate and refund based on 12% writedown + interest. Depends on what rates you paid and when you traded up, either could be higher.
2) You will get 15% compensation automatically. You can apply for more compensation, but as you were in a position to trade up, it would be hard to show that you suffered more than 15%.
3) I presume you will be able to avail of a tracker mover product. So if you should have been on a tracker margin of 1.5% when your fixed rate ended, you should have got the new mortgage at 2.5% for the bit you ported. This will get you a bit more but not a lot.
4) You should be offered a tracker at ECB +2.5% (assuming you should have been on 1.5%) for the remaining term. This is a bit less than you are paying at the moment, but not as valuable as the old cheap trackers.
Brendan
Thanks Brendan. In regards compensation I don't know if any weight in this argument but we did a negative equity trade up - we bought our home place. We had to carry 135k in debt over to new property meaning my siblings at the time only got 13k each as they agreed to sell the property for 93k ( mortgage that AIB) only approved us for with the negative equity. Property was valued at 180k so siblings lost out on 7k each.
Brendan Burgess
Founder
- Messages
- 52,269
Hi Cars
I have absolutely no idea what you mean.
If you want to set out the full story, please do.
It is not AIB's fault that house prices fell so you sold your home for less than you paid for it.
You were able to trade up so it suggests you were not in financial distress.
Brendan
I have absolutely no idea what you mean.
If you want to set out the full story, please do.
It is not AIB's fault that house prices fell so you sold your home for less than you paid for it.
You were able to trade up so it suggests you were not in financial distress.
Brendan
Hi
Firstly Brendan I want to say thank you for all your efforts . Myself and my wife got an unexpected surprise at the start of September. It was so welcome as my wife is undergoing treatment for cancer - it was caught early so we are hopeful of a positive outcome.
Like cars510 we have moved to another house and with another mortgage provider and settled the AIB mortgage as part of the sale/ purchase about 2 years ago.
Would you think the tracker facility in the judgement follow somehow to our contract with the other provider ? Was this considered as part of the overall judgement . I would have thought not as there are probably only a minority that fall into this category - but always in hope.
Again thanks for your efforts
Firstly Brendan I want to say thank you for all your efforts . Myself and my wife got an unexpected surprise at the start of September. It was so welcome as my wife is undergoing treatment for cancer - it was caught early so we are hopeful of a positive outcome.
Like cars510 we have moved to another house and with another mortgage provider and settled the AIB mortgage as part of the sale/ purchase about 2 years ago.
Would you think the tracker facility in the judgement follow somehow to our contract with the other provider ? Was this considered as part of the overall judgement . I would have thought not as there are probably only a minority that fall into this category - but always in hope.
Again thanks for your efforts
Brendan Burgess
Founder
- Messages
- 52,269
Hi barkar
No, the new lender is not obliged to offer you a tracker due to AIB's breach of contract.
However, after you get your letter, you should write to them as follows:
If you had not broken the contract with me, I would have availed of a trade up mortgage with you.
The interest rate would be [2.5%] on the trade up (It's whatever margin they give you +1% )
I have since paid 3.5% to BoI
So you owe me the difference between what I have paid BoI and what I would have paid you.
Also, I want to move back to AIb on a tracker of 2.5%.
Alternatively, I am prepared to consider a cash sum in full and final settlement and stay with my new lender.
Brendan
No, the new lender is not obliged to offer you a tracker due to AIB's breach of contract.
However, after you get your letter, you should write to them as follows:
If you had not broken the contract with me, I would have availed of a trade up mortgage with you.
The interest rate would be [2.5%] on the trade up (It's whatever margin they give you +1% )
I have since paid 3.5% to BoI
So you owe me the difference between what I have paid BoI and what I would have paid you.
Also, I want to move back to AIb on a tracker of 2.5%.
Alternatively, I am prepared to consider a cash sum in full and final settlement and stay with my new lender.
Brendan
Hi Brendan
thanks for your response , I'll try that with them once I hear back from them in the next month or so.
Would you think such a letter would hold much water with them ? Are they obliged to act - I suppose I will get a reply anyway. It was circa 9 months before we got to drawdown on the current arrangement so they may argue that they were 2 distinct events
thanks for your response , I'll try that with them once I hear back from them in the next month or so.
Would you think such a letter would hold much water with them ? Are they obliged to act - I suppose I will get a reply anyway. It was circa 9 months before we got to drawdown on the current arrangement so they may argue that they were 2 distinct events