Republic of Ireland advice after compensation?

by Readers Question

10:09 AM, 25th February 2019
About 4 weeks ago

Republic of Ireland advice after compensation?

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Republic of Ireland advice after compensation?

My sister has just received a compensation cheque from her lender who had pulled the tracker rate on their mortgage offer and put them on a higher rate. She has her own residence, a BTL and a young family and would love to talk to someone who knows about the Irish market to help her work through the best use of the money ie pay down her PPR or BTL, put it into pensions or uni fund.

She’s a very busy working mum so doesn’t have much/any time to trawl the internet and sadly there’s not a P118 Ireland branch! Obviously she’ll need to talk to an IFA but she’d like to have a better idea of her options, pros & cons etc before she starts paying the professionals. Is there anyone on here who would be willing to give her a steer on the Republic of Ireland please?

Many thanks,
Heather.



Comments

Kulasmiley

12:06 PM, 25th February 2019
About 4 weeks ago

Hi,

Just wondering why they gave her a compensation cheque rather than adding the difference to her mortgage to make it lower?

I wonder what the rules are on that anyone?

Luke P

12:46 PM, 25th February 2019
About 4 weeks ago

Could she be entitled to much more and they're hoping the cashing of the cheque will be seen as acceptance of the offered level of compensation?

Heather G.

17:58 PM, 26th February 2019
About 4 weeks ago

Reply to the comment left by Kulasmiley at 25/02/2019 - 12:06
They actually reduced her outstanding capital by a much smaller amount, and her monthly repayment by about 20%. She was actually very surprised to have received anything as they switched the offer before the mortgage started. I think they may have seen what happened when West Brom did similar and decided to go the whole hog to avoid the negative PR.
Her business has an accountant and she has a contact for an IFA but neither of them have a property background, and as she doesn't know if she should head towards paying down mortgages or investing. She could spend a long time, and a lot of money getting advice from multiple sources so I'm hoping someone here may give me a suggestion/recommendation of where she can start please?

Nrinder Gosal

8:38 AM, 2nd March 2019
About 3 weeks ago

Just wondering whether this turn of events impacts others like me who suffered the same uplift from BoI by changing from the tracker to variable? I thought property118 was raising money from its members to challenge them? Anyone have any updates?


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