New rates from AIB

Note that the NIB rates work in a different way:

A margin of 0.50% is applied to the first portion of the loan up to 50% LTV
A margin of 0.60% is applied to the next portion of the loan up to 60% LTV
A margin of 0.80% is applied to the final portion of the loan up to 80% LTV.

So, for a person with a LTV of 80%, they would still be better off with NIB, as the AIB margin of .75% for this LTV applies to the entire amount.
 
I'm with AIB Finance and Leasing. When I rang today I was told that all I had to do is send in a letter next week signed by both the mortgage holders. I applied to go on to their <60% (.95%) rate last year by submitting a printout of a similar house in my area from myhome.ie. She said that would do this time as well. No valuation needed!
 
The new rates say 'tracker.' My son's mortgage is 'variable.' Is there a difference?
 
Don't understand those NIB rates ........if my LTV is 80% what rate would I be paying with NIB???
 
oldtimer said:
The new rates say 'tracker.' My son's mortgage is 'variable.' Is there a difference?
Click to expand...
A tracker is a variable rate that involves a fixed margin over and above the ECB rate. If your son's rate is a tracker then the rate should be specified as ECB + x%. If not then he's probably on a standard variable.
 
onway said:
Don't understand those NIB rates ........if my LTV is 80% what rate would I be paying with NIB???
Click to expand...

You'd be paying .59% above the ECB rate...the highest rate possible with the LTV product.
 
onway said:
Don't understand those NIB rates ........if my LTV is 80% what rate would I be paying with NIB???
Click to expand...
You'll be on 3 rates...
circle said:
...
A margin of 0.50% is applied to the first portion of the loan up to 50% LTV
A margin of 0.60% is applied to the next portion of the loan up to 60% LTV
A margin of 0.80% is applied to the final portion of the loan up to 80% LTV.
...
Click to expand...
Your repayment will be made up of all 3 rates, each rate applied to a portion of your loan. I'll try an example but if I get it wrong it's because it's late!!

Loan = €240,000 (30 years)
50% @ 4% = €716 appx
10% @ 4.1% = €145 appx
20% @ 4.3%= €297 appx

Repayment = €1,158 appx

They have a calculator on [broken link removed] to work out your exact repayment.
 
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thanks Clubman. If my son is on standard variable is he excluded from new rates?
 
He would need to switch to a tracker rate/mortgage. Shouldn't be hassle but the lender will rarely inform the borrower that they can do this to save money so it's up to the borrower to act in their own best interests.
 

I just rang my bank asking if they would accept an ad from myhome.ie as a rough idea of the valuation. Thay said that the valuation report was vital. There is no way they will let me switch without it!

It looks like one rule for one branch and another for another
 
"Is a pity BoI would not awaken from their deep comatosed mindset. It usually takes every other institution to start off the race before BoI notice they've been left at the starting blocks. I'd nearly half expect BoI to raise rates soon thinking thats what all other lenders are doing, before realising that rates are dropping

BobS"



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BOI raised rates y'day!!
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Hi folks

Can anyone clarify the situation with UB Trackers as of today.

I have seen references here about a new LTV-type product, but I cannot see any change announced on their website.

I took out a flexible tracker with them about 2 yrs ago (Flexible Tracker Mortgage < 80%).

It was for 10 years, and the LTV was well under 50%.

The rate, AFAIK, is still ECB +0.95%, which seems out of line with current offerings from NIB and AIB.

Do UB actually have a better LTV product available to existing mortgage holders?

I would move to another provider, but it's hardly worth the hassle as the mortgage is quite small, but if UB have a similar product I would opt for it.

TIA
 


Hi

Out of interest, as the debt reduces does the NIB system start by eliminating the highest part of the margin (ie if the LTV reduces from say 70% to 59%, does the NIB system stop charging debt at 0.8% or is the entire debt reduced "pro rata") ?

The AIB rates look good at first glance. Is there a penalty, if you go on the 1 year promotional rate for new customers, but leave the bank a couple of years later to go to another lender (ie need "rate tarts" beware ? )

Finally, as I have it Irishpancake, the UB rate on offer is 0.75% over ECB for both new & existing customers (subject to valuation from one of their panel valuers) etc. This rate is only available if you have "U First" account with them, costing you €9 per month.

Cheers

G>
 
AIB have just told me "new applications only" for the new rates.

the bit about not having to be switching from another bank has nothing to do with it - it is not restricted to customers of other banks. but even if you are with aib it has to be a new application.
 
I've just had the new rate applied to an existing tracker mortgage with AIB, confirmation letter received.

Are you calling the main mortgage bank (the number is on your statements) or your branch? I called the main mortgage bank and then sent a letter to confirm.
 
I sent AIB a fax, requesting a switch to the new rate.

I got a confirmation letter back, and the new rate was applied to my repayment this month.

I never sent a valuation report, and they never asked for one.
 

Thanks for that Garrett, just copped your answer here today. Got the same info from another (similar) thread.

This "U First" account seems to be a little out-dated now, don't you think, I mean with free banking, LTV mortgages, good discounted 1-year options(AIB/Halifax), etc.
 
Garrettod said:
Hi

Out of interest, as the debt reduces does the NIB system start by eliminating the highest part of the margin (ie if the LTV reduces from say 70% to 59%, does the NIB system stop charging debt at 0.8% or is the entire debt reduced "pro rata") ?
Click to expand...

My understanding is that you can submit a new valuation report every couple of years (the number of years is in the T&Cs), and NIB will recalculate based on your latest LTV. While the loan can be calculated automatically, the value can't, so no automatic recalculation.
 
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