AIB Qualifying Timelines - Variable vs Fixed

[Padjo2007]

Hi Brendan,

First of all thanks a million for working on this 4 year long campaign on the AIB tracker mortgage redress. I very much appreciate your hard work and persistence.

Here is my personal situation.
1. I bought a new house in 2009 and received my mortgage contracts dated 23rd of January 2009
2. Both contracts have the terms and conditions number 3.2 in the clause stating I've to be offered a tracker mortgage when I come out of my fixed term
3. The full loan was drawn down in April 2009 and I started my repayments in August 2009 on a variable rate of 2.25%.
4. I fixed my mortgage in April 2010 at 3.19% for 3 years.
5. I have two mortgages for the one property. One is a staff mortgage account as I was an AIB staff member at the time and the other is a customer mortgage account. I received two payments of €1615 on the 20th of March 2018. One payment per mortgage account

Questions:
1. Is the 12% calculated on the mortgage balance owed when I finished my variable rate in April 2010 or when I finished my fixed rate in April 2013?
2. Because I have two mortgages accounts for the one property and the fact I received two payments of of €1615, what does this mean for me?

Thanks again. I owe you a few pints ☺.
Paddy

 

[Brendan Burgess]

1. The payment is made for the failure to offer you a prevailing rate at the end of your fixed rate. So the relevant date is April 2013.

2. It means that you will get 12% of both mortgages I presume. It would be the same as if you had just one mortgage.

Brendan

 

[Padjo2007]

1. The payment is made for the failure to offer you a prevailing rate at the end of your fixed rate. So the relevant date is April 2013.

2. It means that you will get 12% of both mortgages I presume. It would be the same as if you had just one mortgage.

Brendan

Hi Brendan,

Thanks very much for your quickly reply. All very clear.

Paddy