AIB AIB mortgage payment reduced but no correspondence received

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chocolatecake

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Posting for a friend: AIB mortgage repayment has reduced this month but there has been no correspondence from AIB. Could this be an error? Has anyone else experienced this?
 
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It could be an error.

Could they have been on a fixed rate which has now moved to a lower variable rate?

Could they have had a tracker at some stage and now have got it back?

How much was the reduction?

Brendan
 
They were on SVR of 3.4%. When they checked mortgage account on online banking it says new lending rate 1.25%. Payment has reduced by 150e
 
As far as I know they were on a tracker originally and fixed in 06 but were never offered it back. Any ideas what they should do now?
 
Clearly, they have got their tracker back.

A bit odd that they did not get any correspondence.

They will also be getting a refund of interest overcharged.

Brendan
 
Oh wow they will be thrilled with that news. Is there anyone they can contact in the bank or should they just wait for a letter?
 
It wouldn't be unusual for the rate change to apply without communication first, but it will follow. Your friend could contact to confirm the tracker has been restored, but the bank might not have other details just yet.

There are several steps to the process from the banks point of view. The first, once realising the tracker should be restored, is to immediately apply the rate change to prevent further overcharging.

From there, they need to calculate the amount of overcharged interest, which is a bit more complex as it requires a review of every transaction on the account. Most of this is automatic in a standard case, but requires a level of review and sign off, and gets complicated if the account was ever in arrears.

A letter would then issue with full details of the case, an offer of compensation, etc. I'm not aware of the normal timeline involved, but it should be pretty quick from this stage.
 
Hi
When was this mortgage taken out or more specifically when was tracker mortgage taken out?
Was it prior to 2006
 
Maybe they'd be best to ring AIB mortgage department tomorrow morning for confirmation.
 
Yes if this person, pre 2006 tracker, was restored to tracker it would be of interest to people affected if it could be confirmed
 
Hi
If this mortgage (tracker) was taken out pre2006 it is the first AIB pre Feb 2006 tracker mortgage to be restored that I have come across
Maybe AIB finally dealing with pre 206 trackers prior to September tracker review deadline
If anyone else with pre Feb 2006 has their tracker restored it would be great to let us know
Also if terms and conditions of restored tracker could be posted that would be great help
 
Just checked with my friend. Mortgage taken out end of June 06 on tracker and fixed later on in 06. Never offered tracker back when fixed rate expired. My apologies i thought initially it was pre 06 drawdown.
 
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