We are a retired couple aged 75 and 70. We had an annuity mortgage on our home with a high street lender that came to an end in early 2019 which we negotiated with the bank on our own. They amended the terms of our mortgage giving us what we thought was a 1 year 11 month extension to an interest and partial repayment mortgage. That offer was made to us in March 2019 and totalled 19 pages. We thought that the extension was to keep us in our home. However, page 13 showed that we committed to put our home on the market and to prove to the lender that it is being actively sold.
As we have a modest mortgage and home, our payments were modest and affordable. We are both on the old age pension and have no other means of support. In May 2019 we received a letter from the bank informing us that our monthly payment was going to be in excess of €6,000 per month. While we have equity in the property, if we sold to repay the debt, there would not be enough left over to allow us remain in Dublin.
Quartech reviewed our case and showed how our mortgage may have been mis-sold at origination. They then filed a complaint with the bank on our behalf and this was rejected by the bank. Quartech has now filed our complaint with the Financial Services and Pensions Ombudsman seeking a long term solution and compensation.
After increasing the monthly repayment amount to €15,000 per month, the bank has now conceded to granting us a five year extension at our original affordable amount thanks to Quartech’s interventions. We are continuing with our mis-sold complaint with the Financial Ombudsman.
I have an Interest Only mortgage which is now held in a securitisation vehicle managed by a Debt Servicer. It reached the end of its term last year. While a broker has arranged a temporary extension, I am concerned as that is now due to end and there appears to be no long-term solution available from the servicer. I think my mortgage has been sold twice since the original lender.
I am over 70 years of age and cannot find alternative financing or obtain the full amount outstanding. We also think our interest only mortgage was totally inappropriate for us given our ages at the time of drawdown. When we took out the mortgage, there was no discussion on how we would repay the final amount in retirement.
Quartech is now helping us resolve this matter and has brought us some peace of mind as we work, hopefully, towards a long-term solution that will keep us in our home. We currently have a complaint filed with the Financial Services and Pensions Ombudsman seeking a long term solution and compensation for the mis-sold loan.
We obtained an Interest Only loan in 2006 with no repayment plan or repayment vehicle identified when we drew the loan down. The bank did not seek evidence of our income. Quartech has now filed a complaint on our behalf with the Financial Services and Pension Ombudsman to try and obtain a long term solution.
We obtained loans in 2003 and 2006 secured on our family home. After Quartech reviewed our documentation, they told us that they believe the mortgages may have been mis-sold. The primary reason is that the repayment in full of our loans is now due after our retirement dates.
Quartech is now seeking compensation and a long term solution to keep us in our home and has filed a complaint on our behalf with the Financial Services and Pension Ombudsman.
Due to my status as an IT contractor, we were unable to obtain a mortgage when our landlord gave us notice on our three bedroomed home in Lucan, County Dublin. Through Quartech, we arranged to rent a house in the same locality which was key due to the kids schooling. We have now exercised our option to buy that home outright as I have now obtained a permanent job and finally qualify for a mortgage.
K&A, West Dublin
I was struggling with a Vulture Fund on our family home as they were looking for us to sell and pay off our debt. At no point did they offer a reasonable alternative payment method and commenced legal proceedings against us. We had explained that we were a family of five with 3 young children and although we had equity in our home, it was not sufficient to help us find alternative accommodation in the area.
Quartech started to assist us in October 2019 in dealing with the Fund and I feel we are in a good state and the Vulture is now starting to show us some respect. Quartech has also helped us realise that we may have had our tracker rate taken off us in unfair circumstances and we have now filed a complaint with the Financial Ombudsman.
While our stress levels are still high, we feel we have a real partner in Quartech.
A&C, County Cork
We run a business with our home being upstairs in Dublin 1. We’ve had a number of solutions proposed by a receiver that we found impossible to complete on. With the help of Quartech now believe that the mortgage on our family home was mis-sold and we have started the complaints process to seek compensation and allow us move to an apartment more suitable to our means and age; we are both in our seventies.
E&D, Dublin 1