AIB AIB Prevailing Rate refund calculator

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October2019

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Hi everyone, I have done up a calculator which should give a fairly accurate idea of how much you will receive. It is a bit of a large sheet but the procedures at the top of the page are pretty simple, anyone familiar with basic excel can have it done in 2 minutes once they have their information. It is based on the standard variable rates that AIB were charging over the period but if you were on a different rate just follow the procedures at the top of the page. I have Capitalised the Interest quarterly as that is when AIB charge Interest. I have used the last day of the month in each quarter, I know this probably differs to the dates that AIB charge the Interest but this should not make much of a difference. Happy to take any advice/constructive criticism of the attachment.
 

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  • AIB prevailing rate calculator simple and compound.xlsx
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Update 25th August 2020

Bizarrely AIB is using simple interest to calculate the refund.

So October has amended the spreadsheet to include both calculations.

The cheque you got should match the amount in the simple interest tab.

I have raised the issue of their calculation methodology directly with AIB and am awaiting a formal response.

Brendan
 
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If you access this from a mobile phone, you might not see the instructions on the top of the page

I am not sure how practical it is to do a spreadsheet with around 3,650 ( 10 years x 365 days) lines on it, though.


1. Insert the principal amount when you came off the Fixed rate in the highlighted blue cell
2. Highlight, right click and delete out all rows up to the date you came out of the fixed rate.
3.In the first cell under the write down amount (cell B11) replace #ref! with the figure in the yellow box
4. insert the actual interest rate you were charged in column C- the rates that are currently there are the Standard Variable rates
5. scroll down to the end of the sheet to see your Interest overcharged amount ( hit Control and End and it will bring you to it)
 
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Also I meant to say there are 2 tabs in the excel, if your mortgage has closed out or moved go to Tab 2- thanks

4667
 
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Brendan Burgess said:
4. insert the actual interest rate you were charged in column C- the rates that are currently there are the Standard Variable rates
Click to expand...

If you were on the SVR all the time, then you should not have to make any changes, but check the interest rates shown on your bank statement anyway.

If you fixed, the rate will stay the same for a year or more at a time but you will have to change the interest rate column in the spreadsheet.

If you were on an LTV Variable Rate below 80% you will have to change the interest rate column in the spreadsheet.
 
October2019 said:
Hi everyone, I have done up a calculator which should give a fairly accurate idea of how much you will receive. It is a bit of a large sheet but the procedures at the top of the page are pretty simple, anyone familiar with basic excel can have it done in 2 minutes once they have their information. It is based on the standard variable rates that AIB were charging over the period but if you were on a different rate just follow the procedures at the top of the page. I have Capitalised the Interest quarterly as that is when AIB charge Interest. I have used the last day of the month in each quarter, I know this probably differs to the dates that AIB charge the Interest but this should not make much of a difference. Happy to take any advice/constructive criticism of the attachment.
Click to expand...

Nice one ..... thanks for that !!

Can someone send this on to AIB as it's taking them months to figure this stuff out..... :)
 
Thanks Very, although if their call centre is anything to go by they were probably waiting for someone on Ask about money to come up with the solution anyway!!:):)
 
Apologies in advance if this was answered before. With regards to the calculation of interest owed, can I just confirm that the interest refund is calculated from the day you came off your fixed rate (2010 in my case) to date? I changed to variable in 2016, am I still due an interest refund from 2016 onwards or is it just for the fixed periods?
 
It is from the date your first fixed rate ended up until now. What happened after that is not relevant.

Brendan
 
Brendan Burgess said:
It is from the date your first fixed rate ended up until now. What happened after that is not relevant.

Brendan
Click to expand...
Hello Brendan,
This is my first post! Thank you for all the efforts you're putting into this!

We're trying to figure out the correct period to put on the calculator shared by @October2019. Our documents indicate that we had a fixed rate from Nov/2008 until Nov/ 2010, at which point a NEW fixed period was setup for 3 years. From Nov/13 we then moved to a variable rate. Am I correct in assuming that we first came out of the fixed rate in 2010?

Many thanks in advance!
Antonio
 
October2019 has done trojan work helping people on numbers.

We will all be a lot wiser this week once AIB start sending out cheques and letters. Next week will be a huge week for us all seeing what is what.

We in hindsight were lucky we fixed so often, we will get maybe 40/45%of the write down value. It is a surreal situation with all the bad news out there to be getting a windfall.
 
October2019 said:
Hi everyone, I have done up a calculator which should give a fairly accurate idea of how much you will receive. It is a bit of a large sheet but the procedures at the top of the page are pretty simple, anyone familiar with basic excel can have it done in 2 minutes once they have their information. It is based on the standard variable rates that AIB were charging over the period but if you were on a different rate just follow the procedures at the top of the page. I have Capitalised the Interest quarterly as that is when AIB charge Interest. I have used the last day of the month in each quarter, I know this probably differs to the dates that AIB charge the Interest but this should not make much of a difference. Happy to take any advice/constructive criticism of the attachment.
Click to expand...
October2019 looking for help with the calculator I’ve no excel on my phone my fixed rate ended 3/4/2012 mortgage of £231-378
Mortgage reduction of €27-765 Refund today of €8452
 
Hi Doug, the figure based on compound interest is 9,674.10, but this is based on compound interest and AIB have not used this calculation, although I believe that they should have
 
Hi All
October2019 would mind checking if i getting a correct figure fixed exit was 27/06/2012 with a capital balance of £214,374.82 on that date my mortgage reduction was £25,724.98. The figure given on this was £7,699.45. Your work here is immense and a serious thank you for setting the record straight.
 
Hi Brendan,

Got my refund this morning & while I’m delighted to get it, it was somewhat lower than expected.

Balance when fixed rate ended on 16/4/12 €93013.20
12% reduction €11,161.58
Interest refund €2842.68

Reading through other posts is this because they have used simple interest instead of compound.?

Again many thanks for your input & looking forward to hearing you on the airwaves this morning.
 
Hi Sinéad

The main reason is that your fixed rate ended comparatively late April 2012, so you would not have been overcharged as much as someone who broke out in April 2009 for example.

Using the calculator, I come up with a figure of €3,800
Not compounding it, the way AIB does, comes up with a figure of €3,300

Was your mortgage restructured in any way? A split mortgage or an interest holiday?

Brendan
 
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