Getting a Personal Loan with Bank that holds Mortgage

P

paulkeano

Registered User
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Hello,

can anyone help me with what the policy is for banks that issue loans to customers who they also hold motgages for.

I have recently been issued a personal loan of €4000 by AIB. The interest rate is a whopping 4%/ I also hold my mortgage with this institution.

My sister is a mortgage holder with EBS and has also recently been issued with a personal loan by the same institution. She has been given this loan at a rate of 3%...as it is this institutions policy to grant personal loans to their mortgage customers at roughly their mortgage variable rate.


Does anyone know anything about this?

Do I really have no option but to go with this extortionate rate offered by AIB? 13 % is almost that of a credit card.

Any help/advice would be appreciated,
Paul.
 
Correction

Hi,

I would like to correct a figure I gave in my post.

The interest rate that I am being charged by AIB is 13%.

Thanks,
Paul.
 
paulkeano said:
Hello,

Do I really have no option but to go with this extortionate rate offered by AIB? 13 % is almost that of a credit card.

Any help/advice would be appreciated,
Paul.
Click to expand...

You can shop around and see what the going rates are from banks. The credit union might be cheaper if you have an account there though you might have to use some personal funds as security.
 
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