Hi Brendan I heard you on the radio a few weeks ago talking about the tracker mortgages and AIB and I thought you would be good to talk to you about our situation which seems quite strange . I will try and explain as brief as possible.
Like all couples we were married and wanted to have our own home. We saw an opportunity to buy a derilict house on a site obviously with intention to demolish and build site. In early March 08 we went to PTSB to source funds / mortgage. We wanted to get enough to obviously buy site and rebuild. Bank gave us tracker for site and said when we are ready to build and planning comes through they would give us funds and add to tracker. We even paid off money from our savings to reduce tracker borrowing. When all the planning and legal stuff was organized we went back to bank March / April 2009 they said that they could no longer combine the one mortgage and give us the tracker. they said the only way the could do it was give us a variable at one of the highest rates at the time to build our home. We have now been paying a tracker mortgage since April 2008 for €125000 and a variable mortgage since July 2009.
Last year or so I fixed the variable mortgage @3.25 %. We really feel we have been conned by the bank by having 2 mortgages for our one and only home. Also we cannot move banks for a better deal as we have 2 mortgages and we would have to combine and even loose the tracker which we really should have had for the full amount of buying site and building. We feel that we have been disregarded buy the banks ? Who else is in the same sinking boat ?...
Hope you could give us some advice on this matter.
Regards
Sean & Paula
Sent from my iPad
Like all couples we were married and wanted to have our own home. We saw an opportunity to buy a derilict house on a site obviously with intention to demolish and build site. In early March 08 we went to PTSB to source funds / mortgage. We wanted to get enough to obviously buy site and rebuild. Bank gave us tracker for site and said when we are ready to build and planning comes through they would give us funds and add to tracker. We even paid off money from our savings to reduce tracker borrowing. When all the planning and legal stuff was organized we went back to bank March / April 2009 they said that they could no longer combine the one mortgage and give us the tracker. they said the only way the could do it was give us a variable at one of the highest rates at the time to build our home. We have now been paying a tracker mortgage since April 2008 for €125000 and a variable mortgage since July 2009.
Last year or so I fixed the variable mortgage @3.25 %. We really feel we have been conned by the bank by having 2 mortgages for our one and only home. Also we cannot move banks for a better deal as we have 2 mortgages and we would have to combine and even loose the tracker which we really should have had for the full amount of buying site and building. We feel that we have been disregarded buy the banks ? Who else is in the same sinking boat ?...
Hope you could give us some advice on this matter.
Regards
Sean & Paula
Sent from my iPad