AIB Split Mortgage-Fixed/Variable

M

mingmong29

Registered User
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Hi Brendan. Thanks for the hard work you have put in to this to date.

We split out mortgage in 2011 70%fixed 30%variable.

We received the 1615 compensation of the fixed portion. Last week we received a write down on the fixed portion also.
It looks like the part that was left on variable rate is deemed 'not impacted' and we will not receive compensation for this.
Is this correct??
 
Yes, that is correct.

When the fixed rate ended, you should have been offered a tracker on that part.

If the variable portion was always variable, then it was not impacted.

2011 was quite late to fix for the first time.
When did you draw down the mortgage? Was it variable from the start?
What month did you fix , in 2011?
How long did you fix for?

Brendan
 
Thanks for the reply Brendan.

We started to draw down in August 2008. We finished drawing down the full loan in 2009. It was interest only in the beginning for 24 months and then reverted to variable. Then we fixed 70% of the laon for 2 yrs in Aug 2011.
It was strange because going back on the paperwork regarding the loan offers we seem to have a couple-
We have an offer dated 12 August 2008 detailing 2 yrs interest only reverting to Tracker (ECB+1.5%)
The one we signed however with our solicitor on 18th of Aug 2008 is an offer dated 2nd July 2008 detailing 2yrs interest only and reverting to variable rate. I'm not sure why we signed this one over the tracker but it look to have been a BIG mistake at the time. Hindsight is alway 20/20 and all of that......
Regards,
 
MingMong29, just curious - did you receive two cheques for €1615? We also had a split mortgage (50/50) which was fixed and variable, but we went fixed on both after the initial two year period. When they issued the 'service failure' cheques we received two. We're no longer with AIB so I'm interested to see how this plays out...
 
Milkof said:
MingMong29, just curious - did you receive two cheques for €1615? We also had a split mortgage (50/50) which was fixed and variable, but we went fixed on both after the initial two year period. When they issued the 'service failure' cheques we received two. We're no longer with AIB so I'm interested to see how this plays out...
Click to expand...
Hi Milkof
We only received one cheque for 1615 in 2018 and the accompanying letter just referenced the account number of the fixed part. The second part of the loan was never fixed like you
 
mingmong29 said:
We have an offer dated 12 August 2008 detailing 2 yrs interest only reverting to Tracker (ECB+1.5%)
The one we signed however with our solicitor on 18th of Aug 2008 is an offer dated 2nd July 2008 detailing 2yrs interest only and reverting to variable rate. I'm not sure why we signed this one over the tracker but it look to have been a BIG mistake at the time. Hindsight is alway 20/20 and all of that......
Regards,
Click to expand...

Similar happened with us we had a tracker offer in June/July 2008 but it was hastily withdrawn in August and a variable offer put in its place. I suspect something similar may have happened in your case? I remember being quite panicked by it as we had paid our deposit and the bank called to say we had to resubmit our application! At the time there was nothing in it repayment wise but as you say hindsight is 20/20!
 
tnegun said:
Similar happened with us we had a tracker offer in June/July 2008 but it was hastily withdrawn in August and a variable offer put in its place. I suspect something similar may have happened in your case? I remember being quite panicked by it as we had paid our deposit and the bank called to say we had to resubmit our application! At the time there was nothing in it repayment wise but as you say hindsight is 20/20!
Click to expand...
I think in our case we were the other way around
2nd July 2008- Offer of variable rate
12 August 2008- Offer of tracker
Now that you say it I actually think we made the decision basaed on the monthly repayments and went for the variable offer which had lower monthly repayment at the time
 
Hi Mingmong29 and Tnegun,
I am very interested in both your posts here. We also had a tracker offer with a margin of 1.15% in July 2008.we ended up signing a second offer in August 2008 for 3 years fixed with clause 3.2 that should have allowed us revert to the tracker. The margin was 0% .
can I ask did either of you request an updated contract at that time away from the tracker?
 
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