I had fixed in May 2008 for 2 years at 4.85 per cent but in financial summary they have also calculated interest over payments from April 08 to March 18.
Bronte,Of course the bank can make a mistake in the calculations. My bank, Ulster refunded me a five figure sum for incorrectly applying my interest rate about 5 years ago. And they went me a cheque for a four figure sum in the last few weeks as I'm one of 18,000 of us who they incorrectly tried to change our mortgage terms as regards a particular definition.
I was on tracker in April 08 and opted to fix in May for 2 years.
Also I fixed for 2 years at 4.85 % as in next 2 years mistake was from 4.75 % in May 08 down to 1.75% in April 10 which was last month. Then I was put to svr 2.75%Brendan.
As far as I can see nothing happened in April 08 the refund is 4.75 %instead of 5.25%.
I would have first went into bank in April 08 to ask about fixing mortgage.
1 took out mortgage in 04 fixed for 1 year and then tracker for. 75%over ecb.
2 fixed mortgage may second 08 for 2 years
3 Put back on svr when time up
BrendanSo you were on a tracker of 5% (ECB +0.75%) in May 2008 and you fixed for two years at 4.85%
The ECB rate fell so the fixed rate was much higher than you would have paid if you had stayed on a tracker.
You made a free decision to fix. So you should be compensated only from May 2010.
So AIB has made a mistake in your favour.
They make mistakes all the time, and contrary to the perceived opinion, they make them in both directions - in their own favour and in the favour of the customer.
Brendan
Where is 5.25% coming from?instead of 5.25%.
I don't believe it's a mistake there is a reason.I'm completely lost.
Have I understood correctly: they've put you back on a tracker, but in calculating redress they made a mistake, in your favour, and you're questioning it? Or am I missing something?
No I didn't say that I believe there is a reason its not a mistake. Maybe procedure with setting up fixed rateI'm assuming that was directed at me?
No, I'm not suggesting that. It reads like the OP isn't happy, because there's a big conspiracy, and the bank is trying to buy his silence by making a deliberate mistake.
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