dublin2019
Registered User
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I have received redress and compensation on my tracker mortgage. I am considering appealing the amount and would like to get peoples opinions on my logic for a compensation appeal and the success of any appeal.
The basis of my appeal is that my property was sold at below value in order to clear the mortgage due to pressure from the bank, I was never in default but did have periods of interest only payments due to returning to education, other than those periods I was always employed in a professional capacity. I wanted to obtain a joint mortgage with my partner to purchase a new family home but the banks refused us as I had a mortgage already. My house was in another town and not feasible to use as a base for us for commuting purposes. The market rent at the time would not have covered the mortgage.
Over a period of 3 years the bank refused my suggestions of a longer term interest only period AND refused an offer of gaurantee from my parents in the form of mortgage free property AND refused to lower the mortgage payment and extend the term so it would be covered by the market rate rental income. they just would not budge on varying the payment. Eventually I closed my current accounts with AIB in protest at their treatment of me. I accepted a lower offer on the house than market value to get it sold. In the sale process I looked up all my documents. I remembered coming off a fixed term in 2009 and asking about my tracker rate but was told by the bank at the time that trackers no longer existed and was put on a variable rate.
Once my solicitor contacted the bank looking for the deeds to be released for a sale the bank wrote to me and said i was affected by the tracker situation and in the end a few months ago, I received a cheque from the bank. This was broken in to redress/Compensation/Independent advice fee. I have no issue with the redress part as I had calculated this using a spreadsheet I found on this forum! The compensation part is my real issue.
They say in their letter that the compensation given is to reflect the impact of the failures of the bank and recognises that the property was sold. the compensation rate is quoted at 22%. The house was sold in 2017 at aprox 60-80k below market value (based on sales in the same area in 2017/2018). I originally had it on the market for 45k more than i sold it for. The basis of my claim is that if the bank was not pressuring me into selling (every refusal of suggested alterations to the repayment were accompanied by letters telling me the mortgage was unsustainable and to sell the property) and all the time I was supposed to be on a tracker rate which would have totally changed the situation with rental income covering the mortgage.
What do people think? is there a case for further compensation due to banks handling of the situation? or is it a waste of effort and more stress trying to chase them.
The basis of my appeal is that my property was sold at below value in order to clear the mortgage due to pressure from the bank, I was never in default but did have periods of interest only payments due to returning to education, other than those periods I was always employed in a professional capacity. I wanted to obtain a joint mortgage with my partner to purchase a new family home but the banks refused us as I had a mortgage already. My house was in another town and not feasible to use as a base for us for commuting purposes. The market rent at the time would not have covered the mortgage.
Over a period of 3 years the bank refused my suggestions of a longer term interest only period AND refused an offer of gaurantee from my parents in the form of mortgage free property AND refused to lower the mortgage payment and extend the term so it would be covered by the market rate rental income. they just would not budge on varying the payment. Eventually I closed my current accounts with AIB in protest at their treatment of me. I accepted a lower offer on the house than market value to get it sold. In the sale process I looked up all my documents. I remembered coming off a fixed term in 2009 and asking about my tracker rate but was told by the bank at the time that trackers no longer existed and was put on a variable rate.
Once my solicitor contacted the bank looking for the deeds to be released for a sale the bank wrote to me and said i was affected by the tracker situation and in the end a few months ago, I received a cheque from the bank. This was broken in to redress/Compensation/Independent advice fee. I have no issue with the redress part as I had calculated this using a spreadsheet I found on this forum! The compensation part is my real issue.
They say in their letter that the compensation given is to reflect the impact of the failures of the bank and recognises that the property was sold. the compensation rate is quoted at 22%. The house was sold in 2017 at aprox 60-80k below market value (based on sales in the same area in 2017/2018). I originally had it on the market for 45k more than i sold it for. The basis of my claim is that if the bank was not pressuring me into selling (every refusal of suggested alterations to the repayment were accompanied by letters telling me the mortgage was unsustainable and to sell the property) and all the time I was supposed to be on a tracker rate which would have totally changed the situation with rental income covering the mortgage.
What do people think? is there a case for further compensation due to banks handling of the situation? or is it a waste of effort and more stress trying to chase them.
