A.I.B.'s Variable Rate

[McGeady46]

Anyone know what it is going to be after the latest interest rate cuts?

AIB said yesterday that they would be passing the -.75% rate in full to its customers.

Many thanks.

 

[Spin]

If they pass on reduction the rate will be 3.45% and probably will reduce further in the new year. Happy days.
Spin

 

[brian1]

If they pass on reduction the rate will be 3.45% and probably will reduce further in the new year. Happy days.
Spin

I wish, AIB's standard variable rate is currently 4.5%, so if they pass on the full .75% reduction, then it will be 3.75%, which in fairness would be the best variable rate available at the moment. Basically it is 1.25% above the ECB rate. Of course it could be less if your lucky enough to have a tracker.

 

[kkelly77]

Anyone know what it is going to be after the latest interest rate cuts?

AIB said yesterday that they would be passing the -.75% rate in full to its customers.

Many thanks.

I was just on to AIB there. They are offering a 1 year fixed for 3.25% with the new ECB reduction still to be deducted starting from next week.

Now here's the strange thing someone might be able to answer for me. Initially my mortgage of €235,00 on a variable rate of 3.8% over 35yrs with EBS was costing me approx €700 a month. This is now fixed at 4.83% and costing me €1099 a month.

I got a quote from AIB for a 1yr fixed at 3.25% over 34yrs for €233,570 which would cost €945 (without payment protestion) or €990 (with payment protection). Does anyone know why the monthly repayments would be so much higher compared to my original mortgage which was at a higher rate? Surely a year in the term of the mortgage wouldn't make that much of a difference would it?

K

 

[PaddyW]

According to Karl's mortgage calculator ( http://www.jeacle.ie/mortgage/ ), 235000 over 35 years at 3.8% should have been costing you 1012.52 per month. 700 sounds very low? AIB's quote of 945 per month sounds spot on. Remember to factor your TRS into this also. Also, 235000 fixed at 4.83 should have been costing over 1160 per month.

 

[kkelly77]

According to Karl's mortgage calculator ( http://www.jeacle.ie/mortgage/ ), 235000 over 35 years at 3.8% should have been costing you 1012.52 per month. 700 sounds very low? AIB's quote of 945 per month sounds spot on. Remember to factor your TRS into this also. Also, 235000 fixed at 4.83 should have been costing over 1160 per month.

Well if AIB apply the full .75% to their 1 yr fixed then it will be 2.75% and definitely worth a look? With the recession on, do you think the legal profession will lower their costs to switch mortgages?

K