Important Information about your Mortgage Distance Contract
Note: This information document applies to you if you have dealt with us at a distance e.g. by phone, internet or post. In other words, where there is no face to face contact between you and AIB Mortgage Bank.
Information about your Distance Contract
European Communities (Distance Marketing of Consumer Financial Services) Regulations
About Us
- We are AIB Mortgage Bank, whose principal business is the provision of mortgage credit. Our registered office is at Bankcentre, Ballsbridge, Dublin 4. We are registered at the Companies Registration Office, Dublin. Our registered number is 404926. Our VAT number is IE6424926A.
About our Home Mortgages
- The Mortgage Loan is a loan repayable to us by instalments over an agreed term at fixed or variable interest rates, secured by a mortgage / charge on your property.
- Typically the instalments are paid by direct debit.
- The total price of the Mortgage Loan is made up of interest at our published mortgage Loan rate(s) appropriate to the mortgage loan. If you want an indication of what your repayment instalment would be, telephone 1890 724 724, or visit our website www.aib.ie. The exact amount will be shown on your Letter of Offer if you proceed.
- You may also have to pay other expenses such as stamp duty, registration fees, valuation fee and your solicitor?s fees in relation to the mortgage as well as mortgage protection insurance and home insurance.
- Under the Regulations you do not have the right to cancel a Mortgage Loan. You can however repay a Mortgage Loan at any time by paying what you owe us including interest. Breakage costs may apply to a fixed rate mortgage loan.
- If you break the terms of the agreement we can demand repayment of what you owe us including interest.
The agreement will be governed by the laws of Ireland and the courts of Ireland will have exclusive jurisdiction to resolve any disputes.
The agreement and all information and communication with you will be in English.
What to do if you have a complaint.
We want to ensure that any concerns you may have are dealt with quickly and efficiently. If you do have a complaint please write to the Service Delivery Manager, Allied Irish Banks, p.l.c, AIB Mortgage Bank, Bankcentre, Ballsbridge, Dublin 4 or email us at homemortgages@aib.ie or write to our Customer Support Centre at Bankcentre, Ballsbridge, Dublin 4. If you are not satisfied with our response you are entitled to take your complaint to the Financial Services Ombudsman's Bureau at 3rd Floor Lincoln House, Lincoln Place, Dublin 2.
Statutory Warnings - Consumer Credit Act, 1995
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOAN SECURED ON IT.
WARNING: (Variable rate loans) THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
The above notice in respect of adjustments to repayment rates will not apply during any period when the loan is at a fixed rate.
WARNING: (Endowment loans) THERE IS NO GUARANTEE THAT THE PROCEEDS OF THE INSURANCE POLICY WILL BE SUFFICIENT TO REPAY THE LOAN IN FULL WHEN IT BECOMES DUE FOR REPAYMENT.
In the event of early surrender of the life insurance policy in respect of an endowment loan, the possibility exists that the surrender proceeds could be less than has been paid in premium.
Surcharge Interest
Arrears attract surcharge interest at 6% per annum in addition to the interest rate that applies to the loan. Surcharge can be avoided by making all repayments when due.