AIB 3 year Fixed Rate 4.20%

Woodville56

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I see Charlie Weston reporting in Irish Independent Friday 12 Sept that AIB have introduced a new 3 year fixed rate mortgage repayment rate at 4.2%, doesn't appear on AIB mortgage rate listing though ?
Still too high vis a vis European rates !
 
They will remain high here as long as it is very hard and expensive to repossess houses and while big amounts are being lost on trackers by the banks
 
I've read a lot of posts lately that give the impression that banks aren't losing anywhere near as much as people think on their tracker mortgages. In some cases, where the margin is 1%+ over ECB, they may actually be losing nothing (but making no profit either)


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In some cases, where the margin is 1%+ over ECB, they may actually be losing nothing (but making no profit either)

In that case they are inherently losing money on the mortgages as the balances are making no contribution towards the running costs/credit reviews/regulatory costs etc. of the bank.
 
"Charlie Weston reporting in Irish Independent Friday 12 Sept that AIB have introduced a new 3 year fixed rate mortgage repayment rate at 4.2%"

Checking the AIB website today the 3 year fixed rate is 4.80% - I am meeting with them later today and would like to have a copy of the article listed above. I have been struggling to locate it - Would anybody have a link that could post up - Please..
 
"Charlie Weston reporting in Irish Independent Friday 12 Sept that AIB have introduced a new 3 year fixed rate mortgage repayment rate at 4.2%"

Checking the AIB website today the 3 year fixed rate is 4.80% - I am meeting with them later today and would like to have a copy of the article listed above. I have been struggling to locate it - Would anybody have a link that could post up - Please..

If it's available, they should be able to tell you. If the article was an error, having a printout of the article will make no difference.

I'd probably try ringing the mortgage department to ask them about it too, before the meeting. I'd do this to make sure the bank branch staff weren't giving me incorrect information.
 
Thank you
Yes the Haven website has a 3-year fixed rate for new business at 4.2% but has 4.8% for existing business. AIB 3 Year Fixed Rate is 4.8%
In my case going with Haven works out about €100 per month difference so that is about €3,600 in the 3 years so very attractive.

Currently Haven loan to value rate >50%<=80% is 4.49% which I believe would be the bucket I would fall into post fixing for 3 years.
Versus the AIB advertised rate loan to value rate >50%<=80% of 4.29% (I know that these rates will change over the next 3 years)
Reverting to 0.2% higher rate with Haven for the remaining term will cost me an extra €7,000 approx. over the remaining 22 years

So on the face of it continuing with AIB seems to be the way to go.

On a side note:
I approached AIB on the basis of the tracker mover product but after reviewing the figures with them, agreed that there was room for me to keep existing house and purchase the new property also. After some confusion in respect to the interest rate to be applied to the new house (Original position was that they could only offer me the investor rate on the new house) and the status of the tracker, they have confirmed in writing that I can keep the current tracker on the existing house and they will offer me owner occupier rates on the new house.
 
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