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Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
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Experience:  Barrister 17 years experience
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Contracts - Mortgage - I took out a mortgage in 2005 on a buy

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Contracts - Mortgage - I took out a mortgage in 2005 on a buy to let property in Ireland. The contract was put in place with First Active now taken over by Ulster Bank. The term was 15 years made up of 10 years interest only tracker and 5 years interest and capital. In entering this I had discussions with the Lending Adviser at First Active who advised the purchase of the property with 100% of the purchase price from First Active for pension purposes on the grounds that the property would increase in value and the rental income would be sufficient to provide income to support retirement etc. She explained that regulations required that the arrangement be put in place as above on paper. However, she said the bank were willing to enter a supplementary gentleman's verbal agreement that they would roll on the interest only tracker for a further ten years at the ten year juncture and do this as part of our overall agreement. I asked about consideration and was told that my placing my business with them and the other part of our agreement .. the written agreement etc. was more than enough consideration. I got my file details from Ulster Bank and was amazed that there was no mention of this on it. I wrote to them some time ago and asked them about the addended verbal agreement (didn't mention the details of it). I got no reply. At these meetings with First Active to put the contract in place I was accompanied by a friend / adviser (financially qualified) who witnessed matters. Can I be sure that Ulster Bank will adhere to the Verbal Agreement and what I do if they don't. Thanks
Submitted: 12 months ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 12 months ago.

Buachaill :

1. At the outset, you need to realise that representations as to future conduct are not binding on a party unless there is some form of detrimental reliance on them. Here you took out a 15 year mortgage as part of a pension plan and were given a verbal utterance of a "gentleman's agreement" that the initial 10 year interest only arrangement would be continued for an additional 10 year period thereby supplanting the written 5 year interest and capital agreement which was to occur between years 10 & 15. In order to be valid, such a variation of the written terms of the agreement would have to be set down in writing, signed and agreed, supported by consideration. What occurred here was a mere "puff", written in water, that does not vary the written terms of the agreement, nor is it binding as it is a mere representation as to a future potential variation or conduct.

Buachaill :

2. Despite what the layman believes, banks are effectively sellers of money in law, when they give out a loan. The rules relating to the sale of money are no different than if a person were selling food. A representation today that I will sell you a meal in ten years time for today's price is not binding. Nor is a representation that we will vary the terms of your 15 year contract for the sale of food after ten years to suit your needs. These sorts of utterances are just sellers "puffing" designed to get a sale and are made because they are not legally enforceable. The banker you dealt with was just a high class salesman of money who sold you something irrespective of what you needed.

Buachaill :

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Buachaill, Lawyer
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