CCCatch2020
Registered User
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- 3
Hi, my query relates to a mortgage which I drew down in July 2007 on a tracker rate of 4.6% with AIB Mortgage Bank. In July 2008 I fixed this at a rate of 5.25%. In the subsequent months, I struggled financially to maintain payments (though none were missed) and with great upset, decided to sell my property. The property was sold in September 2009 and remaining balance of loan after sale (c. €190k negative equity) transferrred on to my father's property. In order to facilitate this, the property title had to be transferred from my father's name into mine. When this new loan was drawn down against my father's property, I was neither offered or allowed to avail of a tracker mortgage rate and was placed on the prevailing variable rate at the time (2.45%).
My question is: should I have been entitled to avail of a tracker rate in September 2009 as 1.) That was the original product applied to the original property/loan and 2.) I had endured great financial difficulty and stress which led to me selling the original property?
I acknowledge there are 2 different properties involved but essentially the same loan hence my query.
Thanks
My question is: should I have been entitled to avail of a tracker rate in September 2009 as 1.) That was the original product applied to the original property/loan and 2.) I had endured great financial difficulty and stress which led to me selling the original property?
I acknowledge there are 2 different properties involved but essentially the same loan hence my query.
Thanks