# Application of AIB tracker mortgage redress in the case of a joint mortgage a/c now closed



## AnitaF (9 Jul 2020)

Anybody else in the same boat and have any guidance or advice to give?

I took out a joint mortgage (50/50) in 2007, fixed for 2 years.

In 2019 I remortgaged (staying with AIB) in my sole name to buy out the property. Joint a/c was closed and new account set up in my name. I am now full owner of property. Had to pay down €15,000 off joint mortgage in order to bring balance to a level AIB would allow me to take on myself.

Contacted helpline for advice in how the redress will be handled in this situation as we got the €1615 letter so likely to be part of redress cohort. They advised it's likely to be done jointly by cheque.

Does this seem right? What if you are in a situation which is not amicable (I'm lucky I have a good relationship with other party but there may be loads who don't)? Also, it leaves me now in a situation where I won't be able to apply any capital reduction I may receive to my existing mortgage as it's fixed for 5 years.


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## misstealeaf (11 Jul 2020)

I’d say they’re right as it will likely be done joint. How was the 1615 cheque split? My mom is guarantor on my mortgage as I was very young and only recently qualified in my profession when I bought. The 1615 cheque - both of us received 807 each so I presume the same will happen with this interest now. 

On the 5 year fixed I’m in a similar position - I’m disappointed I won’t be able to avail of the option to pay the interest receiver off the capital and also not overpay my mortgage each month.


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## AnitaF (11 Jul 2020)

misstealeaf said:


> I’d say they’re right as it will likely be done joint. How was the 1615 cheque split? My mom is guarantor on my mortgage as I was very young and only recently qualified in my profession when I bought. The 1615 cheque - both of us received 807 each so I presume the same will happen with this interest now.
> 
> On the 5 year fixed I’m in a similar position - I’m disappointed I won’t be able to avail of the option to pay the interest receiver off the capital and also not overpay my mortgage each month.


Snap, me also.

I would be happier with a capital reduction and cheque for interest (even if this was split) as it would be easier for us to work out.

When I rang helpline they said other party could return cheque and instruct them to reissue in my name on account of current circumstances but I would like to hear from others if this is correct and something that can be done.

Presume @misstealeaf you are still waiting to see what will happen with yours??

Original €1615 cheque was split 50/50.


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## misstealeaf (11 Jul 2020)

Yep haven’t got the cheque yet so not sure what will happen. It’s fine if it goes to my mam as she’ll just transfer it to me once it’s lodged. So annoying tho when it’s messy the way it is for you.


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## AnitaF (12 Jul 2020)

Ah it's same for me but it's just awkward and so many things to consider like the limitations on 'gifting' money to another party .. think currently €3000 yearly without attracting capital gains tax. Not sure if this would apply in this particular circumstance tho.


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## AnitaF (22 Jul 2020)

Hi all,
Just a little info which may be useful to some. I spoke with the helpline yesterday and was informed that a decision had been made on how redress would be processed for joint mortgage account holders where account is now closed. Redress will be split equally. Where both parties still have same address (ie mortgaged property address) correspondence will be issued to this address. Where both parties have different addresses, correspondence will be issued to both along with a payment instruction form. This gives the parties the option to instruct AIB by return as to how they want the redress split.

AIB will not have any other address on the system for any party unless they have been issued with one previously or unless any party has another account with them with more up to date contact details. Where this isn't the case, last address on the system for both parties is most likely the mortgaged property address.

If any party wishes to change their contact information in advance of redress, they can do so by contacting the helpline and advising them. They will need to have the mortgage account details to hand.

Hope this helps.


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## AnitaF (13 Aug 2020)

Just spoke again with Tracker redress helpline as still no letter or redress. They advised that letters will begin to issue to all affected customers in batches from Monday next and over following week also to complete process.


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## Summercruising (13 Aug 2020)

AnitaF said:


> Just spoke again with Tracker redress helpline as still no letter or redress. They advised that letters will begin to issue to all affected customers in batches from Monday next and over following week also to complete process.


Hi Anita, 
As you remortgaged for the same property do you expect the interest refund to apply to 2019 or current date?


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## AnitaF (13 Aug 2020)

Summercruising said:


> Hi Anita,
> As you remortgaged for the same property do you expect the interest refund to apply to 2019 or current date?


@Summercruising I've no idea really and nobody on the helpline could advise so to avoid disappointment, I'm going with up to April 2019. But will be delighted if I'm wrong and it turns out to be up to current date!


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## Summercruising (13 Aug 2020)

AnitaF said:


> @Summercruising I've no idea really and nobody on the helpline could advise so to avoid disappointment, I'm going with up to April 2019. But will be delighted if I'm wrong and it turns out to be up to current date!


I’m the same I topped up my mortgage in 2015 which generated a new account number but same property. I rang yesterday and felt they would only apply interest redress till 2015 which I think is unfair. Hopefully they will apply to current date, will have to wait and see.


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## AnitaF (13 Aug 2020)

Summercruising said:


> I’m the same I topped up my mortgage in 2015 which generated a new account number but same property. I rang yesterday and felt they would only apply interest redress till 2015 which I think is unfair. Hopefully they will apply to current date, will have to wait and see.


@Summercruising it's very frustrating not knowing and not being able to get any definitive answer but at least the wait is now only 2 weeks max away! It seems unfair that it wouldn't be to current date given its same property, same lender but guess we'll have to wait and see for sure.


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