Waive right to marp

[diana f]

Hello,

AIB have reverted back to our letter where we declined to extend our 22 month mortgage to a 12 year option and reiterated our request to have interest only or a moratorium for six months on one of the two mortgages pertaining to our property.

They have written a letter, to be signed by us, whereby we waive the right to the MARP facility. They say this is because we only want some breathing space for six months and do not want to enter into a long term process. There is only 22 months remaining on the term and it is now just under E10K.

However, their letter also includes the second mortgage on the same property which has 8 years remaining and is currently financially manageable. We did not request any payment break on this one.

My question to AAM is:

Would it be wise to waive the right either on
(i) both or,
(ii) on the first mortgage but refuse to do so on the second one? Ultimately, we do not want to sign away this facility in case there may be a need for it at a later date.

Yours comments appreciated.

Thank you.

 

[Rudolph]

I wouldn't waive any rights, basically you are looking to take the moratorium/interest only because you are struggling with the repayments I presume, so why would you waive your rights? Not sure why they would want you to waive your rights, you are struggling with the repayments I presume? Sounds like you're not in arrears yet but pre arrears? The MARP can be for short term as well as long term scenarios, it doesn't matter whether you've two years or twenty two years left on your mortgage, if you're struggling with repayments you are still entitled to be treated as a MARP case.

 

[diana f]

Thank you Rudolph for your comments.

These are my thoughts exactly. I asked a Customer Services agent at the local branch if it would be wise to waive the right as the MARP brochure states short term difficulties as a criteria for the scheme. She advised that it might be wiser to stay in MARP in case there were difficulties after the moratorium finished. As it stands the whole application process goes back another 8 weeks so that brings the total application time to 16 weeks, which seems like a delaying tactic. At this rate we may not require the facility.

You are right to assume that we are in the pre arrears stage and as such I wanted to put a facility in place to take off the pressure.

If nothing else, this has been a valuable insight into how the AIB is dealing with some of its mortgage customers. I can't help but feel there is something untoward in the nonchalant manner in which the waiver option was suggested.

Thank you.