Can you confirm, was the house they were building their Principal private dwelling, or were they living elsewhere and building this as a holiday home?has no other dwelling
I'm trying to clarify something, so that you can get appropriate guidance.They were building this as their PPR. It was built on family land and has never been rented nor was their ever an intention to rent the House.
[broken link removed]. Is churning the wording that is used in this case???. Im not financial expert but i believe this has happened in a number of cases where top up loans were requested onto existing mortgages. If you think about it the mortgage advisor was getting paid for another new loan. I question was this legal??? and was it in the clients best. interests.
Ok, so the facts as I understand them.
These are just my musings, but you've a serious amount of research to do before meeting on Wednesday!
The original mortgage was a BTL, because it's the only one that had the LTV / rate you mentioned.
Sometime prior to March 2008, took a BTL mortgage (<60% LTV, ECB +0.95%). Joint names with father, who owned another property (his PDH). Joint names might explain why it was BTL?
Needed additional funds. Applied for top-up on existing BTL c. March 2008.
AIB had by then withdrawn BTL trackers (but still offered tracker rates for PDH).
Bank offered additional & new funds at then available BTL rates.
Was the criteria for <60% LTV met?
Later, April 2010, changed mortgage to PDH, <50% LTV.
The big question is why was it on BTL rate originally?
@0028673
Sorry, it's possible they had a <60% LTV for PDH. I was looking at 2008. They changed the bands during 2007 which is when the letter refers to.
It's impossible to tell on the information provided.Has she a case?
It's impossible to tell on the information provided.
Strictly speaking, I would say no. She didn't have to take the mortgage. She could have gone elsewhere. You keep fixating on it being her PDH - tracker rates were still available at AIB and elsewhere for PDH mortgages. There's something about the circumstances that you're not sharing, and it might be very very subtle.
Just to be clear, I'm not accusing you of concealing anything. You posted a very small amount of information, looking for help.I am not concealing any facts at all.
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