AIB We have won the Prevailing Rate issue

In my opinion, there is no need to wait.

If you are only at the consideration stage, I would imagine that all this will be sorted by the time you have identified your new home and sold your existing one.

An existing customer with an AIB tracker can port that tracker to the new property but with a 1% increased margin.

If AIB agrees to give you a tracker at x% over the ECB rate , then I would expect that they would recalculate the new mortgage at ECB + x% +1%.

Brendan
 
Ricklow said:
Hi Brendan,
Thanks so much for all your advice and hard work on this. Much appreciated.
We are considering moving house at the moment. We are worried that if we take out a "new mortgage" with AIB we would then potentially lose out on possibility of being moved to a tracker. Would you recommend waiting to see how all this plays out?
Thanks
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I did just that last year in that I bought my sister out of our joint mortgage. Stayed with AIB but mortgage is a 'new' one in my sole name.

My understanding is that this shouldn't matter at all but perhaps my reading of it is incorrect?
 
Hi Brendan

I know I'm jumping the gun but can I ask a question relating to the above. My husband and myself individually sold both our first homes last year in order to buy our new family home. My husband was on a tracker at the time for his house and as mentioned above we carried his tracker to our new home at ECB + x% +1% for the remaining balance owed on his original mortgage as a partial amount towards our new mortgage. We now have two mortgages on our new home as a result- The second part of our mortgage is now at a fixed rate.

I am in the cohort of people who received the €1615 from AIB over the prevailing rate issue for my first home. If AIB do indeed start compensating as a result of the FSPO , should the fact that I lost out on a tracker rate when my fixed rate expired on my first home and therefore did not have the opportunity to transfer it to our new home be considered?


If you could offer an opinion on the above I would greatly appreciate it.
 
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You are jumping the gun and it's a very complex gun, so it's better to wait and see what happens. You have already made the move so you have no decision to make at this stage.

Is it the normal practice for AIB to allow two people with existing tracker mortgages on separate properties to port them to a new jointly owned property? I don't know.
 
Brendan Burgess said:
The 6 months is an AIB issue. The Ombudsman pays no attention to it. You have 6 years after the date you received the €1,615 letter to complain.

So hold off until AIB makes a further announcement on the issue.

Brendan
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Thanks so much Brendan
 
Hi all, quick question in relation to fixing our mortgage. Got the €1,615, like everyone else watching developments with interest. On 3.15% variable with AIB, LTV approx 95% so up to not AIB interest rate changes not much use to us. The 3 year fixed rate of 2.55% represents a good monthly saving for us. Would fixing our rates now for 3 years have any impact if there is redress on the prevailing rate issue?
 
Not sure you’d qualify for that rate with a LTV of 95%, looking at the rates on their site. Having said that if ( and this is not guaranteed at all) you fixed and AIB decided that you were entitled to a tracker rate they would more than likely put you back on the tracker rate so fixing wouldn’t be an issue. This is what KBC did with my brother. ( he was fixed for 3 years and was identified as being impacted by the tracker scandal so they paid him compensation and put him back onto a tracker)
 
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AIB are announcing results tomorrow - is it possible they could address the tracker redress or at least comment on it ?
 
Thank you for all your hard work Brendan.

We recently moved house to a smaller property because we could not afford the mortgage. Whilst we would be grateful for any compensation received as a result of this debacle, we both feel very angry that we have lost our dream home.

Hopefully, this whole episode will be resolved soon.
 
Naill
Your case is very similar to mine - maybe you could post here if/when you hear from AIB
It’s strange to be waiting on in limbo at the moment but hopefully we will be redressed for lost property also
 
RealDeal said:
Naill
Your case is very similar to mine - maybe you could post here if/when you hear from AIB
It’s strange to be waiting on in limbo at the moment but hopefully we will be redressed for lost property also
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@RealDeal if you mean me, I will definitely, and vice versa :)
Fingers crossed they make a fair call.
Can I ask, did you go through Insolvency?
 
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