Getting the best rate from my Bank

G

geecee

Registered User
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I am just about to finish the first year of my mortgage with AIB
1 Year fixed
210000 Loan remaining
Apt value approx 357,000
LTV=59%

AIB have offered me a follow on tracker rate of 0.75 above ECB
ie. currently 4.5%

However i notice that they also have a 0.45 above ECB discounted rate for new business. This would lead to a rate of 4.2% and a saving of approx €40 per month for me. (or €500 a year towards management fees!)

I am told its possible to persuade my bank to offer me a better rate than advertised rates of ECB+0.75

Can anyone suggest what arguments i need to use against AIB to get them to offer me the 0.45 new business rate?

Do i need to get outline approval from Halifax or First active and use that as a stick to beat them with?

They both pay legal fees - so my only cost shoud theoretically be my time and the valuation fee?

Even so will they just tell me to go - if i try to co-erce them into giving me a better rate?

Thanks in advance!
 
0.75% is the best rate on offer at First Active and Bank of Scotland. Bank of Scotland ECB + 0% is for year one only so long term the ECB + 0.75% is better value.
AIB will not offer you the new business rate.
NIB will save you money if you have the patience to wait x months to switch.
See separate post on NIB switcher.
 
Ring them up and ask them.

They can only say no

There are better rates with a couple of lenders, but see what AIB offer first.
 
I have a tracker variable with AIB LTV>60. Rang today and said I was just looking into the best options regarding the repayment of mortgage, my mortgage had gone from 4.45 on Feb 15th to 4.7 today, I was advised that I could get 4.35 if I have LTV>50 which I have had for some time now -It is worth making the call, I was doing it once a year, I am now down to reviewing on a quarterly basis.
worth it
 
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