Hi all,
In light of recent court case and article in today's paper quoting Brian Hayes saying that our Banks are ripping off SVR mortgage holders, I have my own situation that hopefully somebody might shine some light on.
Both my wife and I worked in AIB for a brief period in the early noughties. We took out our mortgage with them in 2004 through staff business on a one year contract on an Interest only basis and received staff rates. We both left employment in 2005 but the Bank never contacted us to come off the Interest only option. It was not until c. 2008 that they phoned me and told me that I must come off staff rate and they put me on a variable At that time, I enquiried with my local branch about taking out a tracker but was advised that it would cost be a 'few grand' in legal fees to move from staff business to normal residential mortgage as the Bank had not taken a proper hold of the deeds of the house from the outset. I left it as I didn't have the money.
My question is would I have a case to get out of my SVR on the basis that my mortgage should have been move from staff business to ordinary residential when I left employment and I should have been given an option of a tracker at that time?
In light of recent developments, I can't get this out of my head now. I'm sure I am but one of the many SVR mortgage payers that is sick of being made pay for the Banks losses on trackers.
Any help would be appreciated.
In light of recent court case and article in today's paper quoting Brian Hayes saying that our Banks are ripping off SVR mortgage holders, I have my own situation that hopefully somebody might shine some light on.
Both my wife and I worked in AIB for a brief period in the early noughties. We took out our mortgage with them in 2004 through staff business on a one year contract on an Interest only basis and received staff rates. We both left employment in 2005 but the Bank never contacted us to come off the Interest only option. It was not until c. 2008 that they phoned me and told me that I must come off staff rate and they put me on a variable At that time, I enquiried with my local branch about taking out a tracker but was advised that it would cost be a 'few grand' in legal fees to move from staff business to normal residential mortgage as the Bank had not taken a proper hold of the deeds of the house from the outset. I left it as I didn't have the money.
My question is would I have a case to get out of my SVR on the basis that my mortgage should have been move from staff business to ordinary residential when I left employment and I should have been given an option of a tracker at that time?
In light of recent developments, I can't get this out of my head now. I'm sure I am but one of the many SVR mortgage payers that is sick of being made pay for the Banks losses on trackers.
Any help would be appreciated.