Switching between AIB LTV bands

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WorstPigeon

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Has anyone successfully convinced AIB to let them move between LTV bands? I took out an AIB mortgage last year with an LTV of about 83%, so paying 3.5%. Via overpayment, I'm now below 80% (assuming that house prices haven't dropped since this time last year, which they don't seem to have). I could just switch to KBC for 3.1%, but I don't really trust KBC. My understanding is that AIB don't allow switching between LTV bands. Is this an absolute? In theory I could switch to another bank and then back to AIB, getting the LTV change and the cashback offers, but this seems like a huge waste of time and money for all involved.
 
They seem fairly insistent that they do not allow people to switch to the lower LTV band.

No harm in pushing them.

Why not apply to EBS and get the 2% cash back?

Brendan
 
Well, their <80% rate is the same as AIB's >80% rate. Also, I've got to imagine they won't tolerate people switching between what are essentially two versions of the same bank...
 
Yeah i tried moving between bands. Failed unfortunately. Waste of money on my part as had the approved auctioneer value the house etc. Sent off the paper work and got what was essentially a refusal letter a week later
 
I managed to switch LTV bands, but not directly from one to the other. I went to a 1-year fixed rate a few months after drawing down my mortgage. I had initially been on LTV>80. When the 1-year passed, AIB wrote to me asking me to choose what rate I wanted to move to next. I got a valuation done and requested the LTV>50, <80 band and they gave it to me. Not sure if I just got lucky, or if I was entitled to it seen as I was leaving a fixed rate and not moving directly from a different LTV rate.
 
You were lucky, or i was unlucky. Either way that is the exact same procedure i went through. One year fixed rate ceased they wrote to me asking what LTV i waned. I went to the hassel of getting house valued and sent it off. Wrote back a while later saying as i had been on a higher LTV previously i could not move down bands. I was pissed. Tbh i would have only saved 5 euro a month but it was the principal. It felt like they'd reneged on their previous letter
 
I drew down mortgage on ltv<90% then went fixed for 3 years, fixed is now finishing in august and I enquired about going to ltv <50%. Was told no way, you have to go back on ltv <90% as that's the mortgage you drew down, even though the ltv <90% is .1% higher than their standard variable rate. When I told the person on the phone, ok I'll just move to Ebs, I was told ok if that's what ya wanna do! Not a great business model to be honest. However if I move to Ebs, get my 2% lump sum (and a lower variable rate as I'll be on their ltv<50%), then I can move back to a.i.b and finally get their ltv <50%! What a load of crap!
 
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