Large difference on redemption balance


Registered User
Hi All,
Switching from AIB to ulster bank.
Received notice today of the final balance due to AIB and it’s over 3k higher than the balance I can see online for our mortgage account. Is there some interest calculation that I haven’t taken into account? Obviously not worth our while to switch now if the final balance is a lot higher. I’m very confused and slightly panicked to be honest. I don’t have that sort of money spare. Have asked solicitor does he have a break down from AIB.
Just wanted to get peoples thoughts.



Frequent Poster
Is there a break fee? That would explain a higher balance to redeem as opposed to the current balance.


Brendan Burgess

What is the balance showing on your mortgage account?

What is the interest rate?

How often does AIB post the interest to the account?

Mortgage calculations are very easy to follow month by month.

Opening balance €120,000
Interest charged + €500 : new balance €120,500
monthly repayment: €1,200 : new balance: €119,300

So you can check how the redemption figure was calculated.



Registered User
It is the daily interest charge I have sight of the figures now and it ties back. We also got caught with having to take a slightly smaller mortgage from ulster bank due to our mortgage protection policy being slightly short and ulster bank weren’t willing to budge.
We will get some of that 3k back so it’s not as bad as I was initially thinking, I just panicked!
And still holding out hope to get some of my break fee back from AIB but that’s another saga!