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Do you have an AIB tracker mortgage ?


mmrebel

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Joined
Jan 24, 2009
Messages
758
AIB overcharges on some tracker mortgages

AIB is to return almost €400,000 to customers who have been overcharged on tracker mortgages.

The bank says it is in the process of writing to all customers who have been affected.

The overcharging affects 436 of AIB's mortgage holders, with the average refund being €906.

In a statement to RTE News, AIB said it offered different tracker rates to customers based on the loan to value ratio of their mortgage.

The error happened when customers were charged an interest rate that did not match the loan to value ratio on their account.

It is not yet clear when the problem emerged or how long a period the overcharging went on for, but the bank says the Financial Regulator has been informed of the mistake.

Earlier this week, it emerged that almost 120,000 of Bank of Ireland's customers had been charged twice for transactions carried out on their laser cards late last week.

RTÉ Business: AIB overcharges on some tracker mortgages
 


mmrebel

Well-known member
Joined
Jan 24, 2009
Messages
758
Just reported on the news AIB knew about the overcharging as far back as 2007 !!!!!
 

mmrebel

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Joined
Jan 24, 2009
Messages
758
Whats a tracker mortage?
A tracker mortgage is similar to a standard variable rate mortgage, with one big difference - it tracks the European Central Bank (ECB) rates.
The benefit is that it commits the lender to keeping their 'margin' (the markup they charge on top of the wholesale rate) under a certain level.
 

codology

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Joined
Oct 27, 2006
Messages
388
A tracker mortgage is similar to a standard variable rate mortgage, with one big difference - it tracks the European Central Bank (ECB) rates.
The benefit is that it commits the lender to keeping their 'margin' (the markup they charge on top of the wholesale rate) under a certain level.
You mustn't stay in much.
 

hammer

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Joined
Jul 6, 2009
Messages
58,506
Anyone know whether you can top up a tracker mortgage to buy an apartment in Romania still?
 

Maction

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Joined
Sep 26, 2011
Messages
452
Anyone know whether you can top up a tracker mortgage to buy an apartment in Romania still?
Not possible to top-up a tracker. Pending on the ratio's involved (don't know your circumstances i.e LTV % etc), it is likely that you would be paying at the bank standard variable for BTL properties, currently 4.95%
 

hammer

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Jul 6, 2009
Messages
58,506
.............and heading rapidly towards 6%

So you cant top up a tracker even for €10,000 ?
 

captainwillard

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Joined
Mar 2, 2010
Messages
2,897
A tracker mortgage is worth a lot of money these days. It almost offsets the reduction in the house purchased with its issue.
 

Telemachus

Well-known member
Joined
Apr 8, 2004
Messages
6,565
Website
en.wikipedia.org
Is it moral to do Business with AIB and BOI? I think not.

I keep a small float with AIB to pay some bills but I will drop this soon due to their insane charges regime.

I think Ulster still doesnt have charges so may move to them.

Any thoughts on this yourself lads?
 

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