I think most people start at the point at which they’re told that at X rate of interest, repayments will be Y amount. They understand that an increase of say 1% will result in a payment increase of Z amount. That’s good budgeting.Without knowing the details of this particular issue, regardless of who is at fault, anyone borrowing sums of money in the hundreds of thousands should be able to calculate basics like interest rates, repayments etc and be able to keep track of these. People are well able to see how much their fuel costs for their car, how much on street parking is and yet most people are clueless of their mortgage, despite it being a huge chunk of household budget.
In my case, the loan isn’t due to expire for another 2.5 years so I don’t know how they can say it relates to the cohort they’ve suggested.Update from AIB on RTE.
AIB reassures tracker mortgage holders over repayments
AIB has moved to reassure a group of tracker mortgage customers, who received letters indicating their repayments were set to increase more than expected in October, that they will not face new repayments greater than they had anticipated.www.rte.ie
Snippet from article.
"This scenario we are investigating particularly relates to a group of customers who have a mortgage loan which is due to expire in the short term (over the next few months) or where customers have recently made an out of course repayment to their mortgage," the AIB statement said.
Does this apply in your case?In my case, the loan isn’t due to expire for another 2.5 years so I don’t know how they can say it relates to the cohort they’ve suggested.
or where customers have recently made an out of course repayment to their mortgage
No. Standard payments over the last 18 years or soDoes this apply in your case?
my belief is that AIB have either used an incorrect balance or an incorrect term when calculating their new repayments.
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