AIB I sold my house so what happens the 12%?

J

Jean84

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Brendan Burgess said:
No, they don't appear to know yet.

But if you get out your statement from around the time you came off the fixed rate, you should be able to work it out. It's 12% of a writedown plus roughly 4% in cash.
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Brendan can I just confirm the 12% is an amount paid off the mortgage not cash? For those of us whom have sold the property how does that work? Will we get cash? We just sold in September 2019 couldn’t hold out any longer!
 
Your mortgage as of x/2010 would have been written down by 12% - say €24,000

So when you sold your house in September and redeemed your mortgage of €150k, you paid €24k too much and AIB will refund it to you.

Brendan
 
Brendan can I just check, if you paid off a mortgage with AIB and took out a new mortgage, could AIB reduce the new mortgage by 12% or would theh have to give that to you in cash as it's a new mortgage albeit still with AIB?
 
Noeren said:
if you paid off a mortgage with AIB and took out a new mortgage, could AIB reduce the new mortgage by 12% or would theh have to give that to you in cash as it's a new mortgage albeit still with AIB?
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If you paid off your mortgage, they will give you the 12% in cash. They will also give you the interest on the 12% up to the time that you paid it off.

Brendan
 
Hi Brendan, I’m one of the many beneficiaries of your incredible public service. Like all the contributors, I would like to express my gratitude for everything you have done.
I have one question. AIB failed to offer me a tracker option in Feb 2013 when my 3 year fixed rate expired. I subsequently sold my home, moved house and redeemed my mortgage with AIB in June 2015. In relation to possible compensation, it is my understanding that everyone will receive the 12% figure you have mentioned - in my case this will be paid in cash as my current mortgage is with a different bank. In relation to the interest payment on that 12% figure, would that be calculated to the date I redeemed my mortgage (June 2015) or to the date AIB accepted the Ombudsman’s ruling (April 2020)? Many thanks.
 
Limerick73 said:
Hi Brendan, I’m one of the many beneficiaries of your incredible public service. Like all the contributors, I would like to express my gratitude for everything you have done.
I have one question. AIB failed to offer me a tracker option in Feb 2013 when my 3 year fixed rate expired. I subsequently sold my home, moved house and redeemed my mortgage with AIB in June 2015. In relation to possible compensation, it is my understanding that everyone will receive the 12% figure you have mentioned - in my case this will be paid in cash as my current mortgage is with a different bank. In relation to the interest payment on that 12% figure, would that be calculated to the date I redeemed my mortgage (June 2015) or to the date AIB accepted the Ombudsman’s ruling (April 2020)? Many thanks.
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Hi Limerick, assuming that you received the €1615 and are part of the cohort, I actually rang them on this today and they said they were still discussing this but personally I cannot see them doing it any other way, it will have to be all in cash. The 12% would be calculated on the balance when you rolled off the fixed rate, 2013, and the interest compensation from that date also

thanks
 
October2019 said:
Hi Limerick, assuming that you received the €1615 and are part of the cohort, I actually rang them on this today and they said they were still discussing this but personally I cannot see them doing it any other way, it will have to be all in cash. The 12% would be calculated on the balance when you rolled off the fixed rate, 2013, and the interest compensation from that date also

thanks
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Yes, got the €1,615 so definitely part of the cohort. It would be good to know what time frame AIB will use to calculate the interest on the 12% compensation payment. In my case will this be from Feb 2013 until June 2015 (when the mortgage was redeemed) or until April 2020 when AIB accepted the Ombudsman’s ruling.
 
Limerick73 said:
In my case will this be from Feb 2013 until June 2015 (when the mortgage was redeemed) or until April 2020 when AIB accepted the Ombudsman’s ruling.
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If AIB had your money from June 2015, they will need to compensate you for it.

If you switched to another lender, then they should refund you the interest you paid to another lender.

Brendan
 
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