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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 u.c.

 

Information about your Distance Contract

European Communities (Distance Marketing of Consumer Financial Services) Regulations

About Us

  • We are AIB Mortgage Bank u.c. whose principal business is the provision of mortgage credit. Our registered office is at 10 Molesworth Street, Dublin 2. We are registered at the Companies Registration Office, Dublin. Our registered number is 404926. Our VAT number is IE6424926A. We are regulated by the Central Bank of Ireland, PO Box 559, Dublin 1.

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 24 24 25, 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, and any obligations arising out of or in connection with it, are governed by the laws of Ireland.

Any dispute or claim arising out of or in connection with the agreement (including any dispute or claim relating to its existence, validity or termination) or any non-contractual obligations arising out of or in connection with it will be dealt with by the courts of Ireland. However, we may, at our discretion, choose to take proceedings before any other appropriate court in another jurisdiction.

If you are a consumer, the jurisdiction of the Irish courts will be non-exclusive and nothing will affect your right to take or defend proceedings in Ireland or in the country in which you live. This will not limit our rights to enforce our security under your Mortgage. You act as a consumer where you are entering into the Mortgage Loan or Mortgage for purposes that are wholly or mainly outside of your trade, business, craft or profession.

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 AIB, Unit 33, Blackthorn Road, Sandyford Business Park, Dublin 18 or email us at homemortgages@aib.ie. 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.