AIB Mortgage-Rate Switch

Discussion in 'Mortgages and buying and selling homes' started by EamoRath, Dec 4, 2007.

  1. EamoRath

    EamoRath Guest

    I was on to my bank today and discovered they had me on a the incorrect LTV Tracker rate. I was on 4.95% when I should have been on 4.6%.
    Anyone else have a similar experience. When I asked them they told me they brough out these special rates back in June. So ive been overcharged for the last 6 mths. I have asked them to refund me retrospecively but am not holding out much hope........
  2. mf1

    mf1 Frequent Poster

    You need to check the terms of your formal letter of loan offer and also the terms accompanying the loan cheque or loan funds. If its in writing, you are entitled to a refund. If, however, it was a verbal offer but not accepted or formalised in writing, you are on shaky ground.

  3. CadetStimpy

    CadetStimpy Registered User

    Hi Eamo,

    Just discovered that we're in the same boat. AIB tweaked their tracker rates 6 months ago, but we weren't informed. In our case we were paying 4.95% instead of 4.75% (LTV >50% <80%).

    Apparently it's up to the customer to tell the bank that they would like the cheaper rate, according to the bloke I spoke to in AIB mortgages:
    "It would be impractical for us to mail all our customers to tell them"
    "It was in the national press"
    "Your customer relationship manager at your branch should have informed you"

    Lovely customer service!

    Did you get anywhere with your request for a refund??