AIB tracker ECB + 1.1%

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10to1

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Wondering did anyone with AIB trackers get letters after each ECB rate cut. I haven't and as I've paid a lump sum off my mortgage recently I can't see if they've passed on the rate reduction as the reduced balance has made my monthly repayment come down. Also wondering if anybody with AIB can access their mortgage account online. I was told it was not possible - just think that's a little unusual.
 
10to1 said:
Wondering did anyone with AIB trackers get letters after each ECB rate cut. I haven't and as I've paid a lump sum off my mortgage recently I can't see if they've passed on the rate reduction as the reduced balance has made my monthly repayment come down. Also wondering if anybody with AIB can access their mortgage account online. I was told it was not possible - just think that's a little unusual.
Click to expand...

I can access my aib mortgage online
 
My daughter has an AIB Tracker mortgage and her direct debit went through yesterday for a reduced amount it will be reduced again in December to cover the last reductionof the ECB rate. She did not get a letter informing her but on the Mortgage statement which she can view on line it shows on the side of the statement what rate she is paying and she could see that the rate had been changed.
 
Yes I can now access the mortgage account online - just added the account. Wondering if the Oct 22 and Nov 19th - the rate reductions dates on the statement of account are correct for a tracker mortgage as I believe the rate cuts were earlier than those posted to the account.
 
AIB don't send out letters (that I've ever heard of anyway). I have the ECB +1.1% tracker, and I can see from on-line banking that both 50 bps were passed on in full, the most recent one just yesterday.
Same situation with the variable rate.

roll on the next one!
 
Thanks paddyd. Was the cut passed on on the same day the ECB announced it and are AIB not obliged to do so?
 
Our AIB mortgage account may be helpful to answer your questions because we make our payments weekly (every tues)

So this is what happened recently

22/10 statement shows lending rate reduced by 0.50%
28/10 payment has not yet reduced
04/11 reduced payment is taken

19/11 statement showed lending rate reduced by another 0.50%
next payment on 25/10 may or may not be further reduced

We have not received any letters showing reduction in rates but AIB will send you a letter indicating your new date for final mortgage payment. (I'm sure that that you have already put it in writing to your bank stating that you required a capital reduction when paid lump sum. This has to be signed by all parties on the mortgage)

Finally, would your lump sum payment have changed the LTV % on your mortgage to qualify for a lower lending rate? If so you will need to contact AIB to reduce it, they are very shy to make such changes without urging!
 
Received a letter (they usually send me letters about these things) after the first rate cut, indicating the new monthly payment, no. payments left, etc. etc. Have not received a letter yet re new payment after second rate cut.
If you are unsure about what happened after your overpayment, ask for both a mortgage statement and an interest statement. The first will show the effect of overpayments on the lump sum, as well as the monthly payments required. The interest statement is more detailed on the interest front and summarises the various interest rates at various periods, incl. payment periods over which these are calculated.
I wanted to set up online viewing of my mortgage account, but was told this was possible only if I had a current account with AIB, which I don't...
 
KatieC said:
Our AIB mortgage account may be helpful to answer your questions because we make our payments weekly (every tues)

So this is what happened recently

22/10 statement shows lending rate reduced by 0.50%
28/10 payment has not yet reduced
04/11 reduced payment is taken

19/11 statement showed lending rate reduced by another 0.50%
next payment on 25/10 may or may not be further reduced
Click to expand...
 
Received my letter yesterday from AIB outlining new payment schedule according to latest ECB cut. Mortgage due to come out of account on 2 Dec.
 
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