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.
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.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.
Could you post the amt owed,the term and the interest rate.Those figures seem odd to me.
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???
Hi Macaw, what was the outcome of your dealings with BOI?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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