AIB I switched mortgages from AIB - how much will I get?

This was raised in the calculator thread.

If you had a mortgage of €100k when you came off the fixed rate, and you are still an AIB customer, your mortgage today will be written down by €12k and you will get the interest on the €12k from the date your fixed rate ended up until today.

But what happens if you switched from AIB 3 years ago to Bank of Ireland?

It was easy enough in the cases where the bank acknowledged that the borrower should have been given a tracker at 1%. Clearly, they would not have switched to a more expensive lender and so AIB would have paid the difference between the interest actually paid and the interest which would have been charged at 1%.

But the Ombudsman award makes it a bit more difficult.

We won't know until AIB announces their redress programme.

They should pay the interest at the BoI rate on the €12,000 up to date and if they don't, I would expect the Ombudsman to uphold a complaint on the issue.

Brendan

What if you traded up and switched to BoI as part of that trade up?

Again, you would have had to borrow €12k less so you should get the interest on that as well.

I suspect that AIB will argue this, but again, well worth taking to the Ombudsman.

Brendan

And what happens if you redeemed your mortgage in full and did not pay any interest?

I would expect that they would pay you interest at the deposit rate from the date you redeemed your mortgage.

You would have had €12k more on deposit.

Brendan