Case study ARA back to full repayment - what's required?

I

Icemaiden

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Hi,

Newbie here so please go easy :)

I have finished an ARA agreement with BOI a few months ago, just wondering what options can I expect from the bank in order to go back onto a full repayment mtg (which I can now afford in full), I heard they will need an SFS and all sorts of personal accounts etc (why, I don't know as I am confirming I can repay in full now), if true, are all banks the same or is this specific to BOI looking for so much info?

I can give whatever info needed here

Thanks in advance
 
Last edited:
Thanks for reply, it says in that they are obliged to contact the borrower 30 days in advance of the ending of an ARA, they haven't done that, it was I that contacted them about 2 months ago and they have only responded in the last few days to me via phonecall and SMS, I have made an official complaint about it.

Point 43 says the Bank must request an SFS, but mentions nothing of accounts, credit card statements, company accounts, tax compliance certs etc etc etc - are all those required by the code or just on a bank by bank basis? Being honest I don't want them seeing my spending habits/account balances etc via my personal current account with another bank and credit card statements via another provider, quite frankly it's none of their business. Have I the wrong end of the stick here?
 
Hi Icemaiden

A very interesting question.

Just resume full repayments. I presume that they capitalised your arrears as part of the ARA? When it expired, your repayments should go back to the normal level. Ask them how much that should be and pay it.

They should seek a new SFS only if you need a new ARA. The CB probably has some stupid rule but you should ignore it, unless, as Red Onion say, you might get into difficulty again.

Brendan
 
Thanks Brendan,

They did capitalise those arrears, which weren't huge. They split the mortgage, how can I just start repaying, as in do I increase the repayment to the "warehoused" part or the capital and interest part?

March was the end of the ARA and they have never contacted me, instead I went to them in advance of the final ARA date and they still haven't formally replied to me.

The BOI are insisting if I want to regularise matters then I need to complete a new SFS and give them my life finances basically, I believe it's really none of their business what income/outgoings I have where I declare I am now in a position to repay what I owe them.

Is this standard or is this just BOI or...?

I would like to contact an expert in this area of mortgages but don't know where to start to be honest, do I go to an accountant? a mortgage broker? haven't a clue.
 
Icemaiden said:
They split the mortgage,
Click to expand...

OK, that is a bit different.

I suspect that the Central Bank will not allow Bank of Ireland to put someone on a full repayment after a split without doing a full assessment to make sure that they can afford it.

Have you requested them in writing to put the warehouse into the active mortgage?

If they still insist on an SFS, just send them an SFS with the basic information.

That will probably satisfy them from a compliance point of view.

Brendan
 
I’ve asked them for my options in two letters in the last two months and neither have been responded to by the bank.

I’ve made a complaint in writing to them about this, but haven’t received an acknowledgment in writing either.

I’ve no problem giving them an SFS but I have a prob giving them 3 months statements from my external bank current account and credit card account, none of their business really??

Ps thanks for replies
 
Would anyone have an idea who to contact regarding professional help on this? An accountant? a mortgage broker? a financial advisor? I would like the whole mortgage looked at in depth to be honest as I don't trust bank of ireland
 
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