# End of Interest only on buy to let tracker



## macaw (9 Jun 2014)

I am wondering if anybody has the same problem as me.
Briefly,I was on Tracker paying 162 Euro per month.BOI called me and said that I am due to come off in July and my repayments will go up to 2400 approx. per month. The asked me did I want "forebearance"and offered to consider altering the terms for an extra payment of 1%.I asked them what they would offer and they said that they would not tell me until I sent them back a list of assets.I refused to fill out the form they sent me as I do not want the bank to know all my business.I can make the new payments but I would like to get some kind of a deal to lower the amount without showing my assets.
Has anybody out there ever got a deal without filling out the assets form.


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## Steven Barrett (9 Jun 2014)

Are you going from interest only to capital & interest? 

They want a list of your assets to gauge what you can afford to pay. If you can afford the new repayments anyway, it's unlikely that they are going to offer you a deal. 


Steven
www.bluewaterfp.ie


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## macaw (9 Jun 2014)

Hi,
Yes,I'm going to capital and interest payments on a "Buy to let".
I can just about afford it as I will be using up savings.
It would leave me a lot more comfortable if they did a deal to extend the term or entered into some other arrangement.
After all they want and extra 1% to do it and that's nearly double the interest I am paying now.


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## Brendan Burgess (9 Jun 2014)

Be very careful of any offer they make.

I have seen offers from Bank of Ireland and they move people to a higher rate in exchange for leaving them on interest only. However, the new rate is at their discretion. 

It would seem to me that you should pay the full capital and interest and keep the cheap tracker. 

They will not give you any deal, and should not give you any deal, if you can afford the full repayments, or if you won't give them the information to enable them to assess it.


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## Knuttell (9 Jun 2014)

macaw said:


> Briefly,I was on Tracker paying 162 Euro per month.BOI called me and said that I am due to come off in July and my repayments will go up to 2400 approx. per month.



Could you post the amt owed,the term and the interest rate.Those figures seem odd to me.


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## hippy1975 (10 Jun 2014)

I agree with Brendan on this one, I wouldn't part with the tracker under any circumstances.  However you think it will suit you better, it will cost you far more.


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## matilda 2014 (10 Jun 2014)

I'm just wondering has the gate been closed with AIB regarding getting back to my tracker mortgage after fixing for three years, I'm only after discovering this forum so forgive me for placing my question here, Ice off fixed rate in Jan 2013 and no option of going back to my tracker which was ECB + 1.1% for lifetime of mortgage after the first year???


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## Florida23 (11 Jun 2014)

Matilda

It might be better to start your own thread and give us further details on your situation.

The gate is still open but you need to get all your documentation in order. You seem to have the same contract I had with AIB and I got my tracker back along with many others like me. You should read a lot of the threads on this forum to get an idea of what is involved. This usually entails the following:
-Get a copy of your mortgage contract and original offer letter.
-Contact AIB, via their mortgage center, don't go via branch. By phone initially and make your initial complaint. They will most likely refuse, ask for this confirmation in writing. Make a note of the name of the person you are speaking to, the date and the exact time. 
-Write to bank requesting correct mortgage rates to be offered per your contract terms, from date when you last came of fixed if applicable. Advise them you will take necessary steps via legal or ombudsman if they refuse.
- Ask for confirmation in writing. Assuming they refuse you should write again and ask for a Final response letter confirming same position still applies.
-File a complaint with Ombudsman and it will run with them from there. 

Best of luck
Florida


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## 44brendan (11 Jun 2014)

> I agree with Brendan on this one, I wouldn't part with the tracker under any circumstances. However you think it will suit you better, it will cost you far more.


This is not really what BB said!! OP, you are coming out of an interest only agreement and in accordance with the conditions of your mortgage you are now obliged to make full P&I repayments over the remaining term of the mortgage. If you are not in a position to meet P&I repayments as demanded you are breaking the terms of your loan. Unlike home loans the lender is now entitled to re-negotiate the loan with you, which will include the interest rate. Extra payment of 1% does appear to be reasonable. However, be aware of the conditionalality of any variation letter you are asked to sign (new agreement!). If it clearly states a retention of the tracker but an increase of margin by 1% then this is a reasonable offer from the Bank.


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## Bronte (22 Sep 2014)

Knuttell said:


> Could you post the amt owed,the term and the interest rate.Those figures seem odd to me.


 
Nearly exactly the same as the poser on this thread

http://www.askaboutmoney.com/showthread.php?t=189226

who borrowed 195K, so looks like a tracker of 1% or thereabouts.


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## Bronte (22 Sep 2014)

matilda 2014 said:


> I'm just wondering has the gate been closed with AIB regarding getting back to my tracker mortgage after fixing for three years, I'm only after discovering this forum so forgive me for placing my question here, Ice off fixed rate in Jan 2013 and no option of going back to my tracker which was ECB + 1.1% for lifetime of mortgage after the first year???


 
Depends what they told you when you fixed.  There are loads of threads on this.  You will need to fight this with your bank, and if you have no success go to the Ombudsman.


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## delgirl (22 Sep 2014)

macaw said:


> Hi,
> Yes,I'm going to capital and interest payments on a "Buy to let".
> I can just about afford it as I will be using up savings.
> It would leave me a lot more comfortable if they did a deal to extend the term or entered into some other arrangement.
> After all they want and extra 1% to do it and that's nearly double the interest I am paying now.


Hi Macaw, what was the outcome of your dealings with BOI?


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