AIB Coming off a fixed rate. Do I need to do anything?

A

Anthonyd

Registered User
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I'm on a fixed rate of 5.2% since 2011. My question is will I be put on the variable rate when this plays out or should I get in touch with the bank myself. Didn't make the phone call with the offered variable rate when I got the €1650 as I didn't want to commit to anything that may have affected my situation going forward.
 
You don't need to do anything.

Your fixed rate will continue as normal until its natural end, unless you decide to break early.

Brendan
 
Would the option to move to variable rate offered with the first round of compensation not still be available?
 
Anthonyd said:
Would the option to move to variable rate offered with the first round of compensation not still be available?
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No, the redress scheme, as far as we understand it, will not affect the rate you are on now, you will not be offered a tracker rate or any other rate. You will be given 12% of the balance when they should have offered you a tracker ( looks like 2011) and the interest on that amount @ roughly 4% per year, compounded.

Feel free to correct me anyone if I got any of this wrong but as I understand it this is how it will go

thanks
 
October2019 said:
the interest on that amount @ roughly 4% per year, compounded.
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That is not correct.

You will get refunded the interest you have paid on the capital write down. In the current case it is 5.2%

As most people would find it difficult to do this calculation, I have estimated, and it's a very rough estimate, that for most people, it will work out at around 4% of the balance on the day the mortgage came off the fixed rate.

I am beginning to regret doing this estimate now, as people don't seem to be getting it.

Brendan
 
Thanks Brendan. For me it's not solely about the money clawed back while it will definitely fill a hole or two as they say. It's more the satisfaction of seeing the Bank's being held to account and once again congratulating and thanks for all your hard work (I'm sure you feel like heading a wall every now and again)
 
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