AIB Mortgage Rates

[podgerodge]

Hi
Excuse my confusion. I enquired on www.aibmortgages.com about AIB's fixed mortgage rates for owner occupiers and the 5 year fixed is quoted at 3.6 APR. When I rang AIB they said the five year fixed rate is 3.82. She was unable to tell me whether this was APR or not. Can the real rate be greater than the APR? I have outstanding mortgage of 190k 19 years left and was going to fix 100k of it - the repayment on the fixed portion she tells me would be Eur630 - is that not 6.30 per thousand or does the amount of years left have a bearing - because their website says 5.96 per thousand.

Sorry, I'm confused but want to make sure I go ahead knowing what I'm doing. (BTW I have made my mind up about fixing 100k thanks)

 

[dam099]

Hi
Excuse my confusion. I enquired on [broken link removed] about AIB's fixed mortgage rates for owner occupiers and the 5 year fixed is quoted at 3.6 APR. When I rang AIB they said the five year fixed rate is 3.82. She was unable to tell me whether this was APR or not. Can the real rate be greater than the APR? I have outstanding mortgage of 190k 19 years left and was going to fix 100k of it - the repayment on the fixed portion she tells me would be Eur630 - is that not 6.30 per thousand or does the amount of years left have a bearing - because their website says 5.96 per thousand.

Sorry, I'm confused but want to make sure I go ahead knowing what I'm doing. (BTW I have made my mind up about fixing 100k thanks)

I don't know anything about the rates part of your question but the repayment per thousand is affected by the term as capital repayments over 19 years will obviously be little higher than spread over 20.

 

[podgerodge]

Thanks
They subsequently explained that the lower APR is due to the fact that they take the rate of 3.82 over 5 years and amalgamate that with standard variable over the rest of the term which brings the APR back down..

Have moved half my mortgage to a 5 year fixed so that I can continue to increase my repayments on the variable portion without penalty. Time will tell whether the fixed half was worth it!..