Ah yes AIBs free banking and also them taking care of the deeds are two more reasons not to reduce the term but the monthly repayments.
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Ah yes AIBs free banking and also them taking care of the deeds are two more reasons not to reduce the term but the monthly repayments.Yeah very unlikely to extend the term back to 25 years again. Maybe switching?? They might allow you to add a few years here and there but probably not going to help since you are trying to get the free banking from AIB so moving away is a moot point.
Yes for the remaining 12 years, you'll be grand dropping it down to a really low balance value and let it chip away for the next 11 years for example.
It reminds me of this discussion here (https://www.askaboutmoney.com/threa...account-with-no-communication-with-me.227536/)
Did they ask you to do a valuation? Normally they won't unless you have the valuation in the past.Just got confirmation of our five year 2.1% with AIB. We submitted all the documents exactly one week ago we were on the 2.45 Green mortgage but requested break fee, which was zero. Still no paperwork back but the new rate appeared on the mortgage account on the app. Thanks everyone for the help and knowledge.
Yes we had to do a valuation as were moving from 50-80 LTV to less than 50 LTV. It's wonderful to have 2.1 for the next five years. Hopefully your "restart the clock" works. It took a week for us so you should be similar.Did they ask you to do a valuation? Normally they won't unless you have the valuation in the past.
Sent mine yesterday to break out from my fix yesterday to "restart" the clock. Hopefully no rate increase between now and when it comes through.
I would suggest you call AIB today and ask if they will honor your request as they are increasing their rates now by 0.5%.Did they ask you to do a valuation? Normally they won't unless you have the valuation in the past.
Sent mine yesterday to break out from my fix yesterday to "restart" the clock. Hopefully no rate increase between now and when it comes through.
Hi MerowigNo I do not bother to request the break fee - I just transfer the same day they take the mortgage payment also my overpayment. Some weeks later they sent me a letter confirming the overpayment, stating that no break fee was applied and they advise next months new reduced rate. I do this now for ~ 2 years.
I heard on radio that AIB are increasing their fixed rate. I would request break fee letter to avoid any penalties.Hi Merowig
Are you transferring from AIB current account to AIB mortgage? We have a AIB mortgage but haven't switched current account yet. I just sent €200 today by bank transfer from KBC to AIB mortgage to see what happens. I didn't bother asking for a break fee as it should be zero.
Hopefully it's as you described in another post and reduces the monthly payment while keeping the term.
I'm also going to change my payments to fortnightly instead of monthly. Myself and my wife are paid fortnightly on the same day so will choose that day for payments.
But them increasing their rate means there will be no break fee.I heard on radio that AIB are increasing their fixed rate. I would request break fee letter to avoid any penalties.
Yes I have an AIB current account - free banking for AIB mortgage holders.Hi Merowig
Are you transferring from AIB current account to AIB mortgage? We have a AIB mortgage but haven't switched current account yet. I just sent €200 today by bank transfer from KBC to AIB mortgage to see what happens. I didn't bother asking for a break fee as it should be zero.
Hopefully it's as you described in another post and reduces the monthly payment while keeping the term.
I'm also going to change my payments to fortnightly instead of monthly. Myself and my wife are paid fortnightly on the same day so will choose that day for payments.
There will be no penalties!I heard on radio that AIB are increasing their fixed rate. I would request break fee letter to avoid any penalties.
Called them (twice).I would suggest you call AIB today and ask if they will honor your request as they are increasing their rates now by 0.5%.
You mentioned in the other thread that you re-fixed a few times recently, did you have to request for break charge each time, out of interest?I would suggest you call AIB today and ask if they will honor your request as they are increasing their rates now by 0.5%.
nope I did not request the break fee - I did complete the form and handed it over to the branch - I also did made pictures of all pages and sent it as a pdf to their home mortgages addressYou mentioned in the other thread that you re-fixed a few times recently, did you have to request for break charge each time, out of interest?
Or was it a straight email in with the form filled only?
Interesting, I submitted the form to refix a few weeks ago and nothing happened.nope I did not request the break fee - I did complete the form and handed it over to the branch - I also did made pictures of all pages and sent it as a pdf to their home mortgages address
Interesting, I submitted the form to refix a few weeks ago and nothing happened.
So I rang Friday and was told it wouldn't be processed until I requested the break fee, and if they issued it now it would be refixed on the new rate.
I am a mortgage customer and have submitted a request to fix my mortgage interest rate. Does this change affect me?
We will charge the previous rate (before the increase) to customers who have asked us to fix their rate using the mortgage amendment form from our website by close of business on 14 October 2022.
I'm on 2.1% with about 4 years left so this was an attempt to get a few more months at the end of it.That is interesting and it arguably contradicts what is on AIB's info page about the rate change:
You asked AIB to re-fix a few weeks ago, well before 14th October. Either tell them to ignore the re-fix request or complain and point them towards their own info page.
What rate are you on at the moment?
My understanding is that requesting the breakfee is not necessary for refixing - I did refix twice and it was never asked.. Ask them to show it to you where this "condition" is stipulated in case they continue to insist on it. I would push to have it refixed at the old rate.Interesting, I submitted the form to refix a few weeks ago and nothing happened.
So I rang Friday and was told it wouldn't be processed until I requested the break fee, and if they issued it now it would be refixed on the new rate.
Making an overpayment, no matter how large, will not result in you losing your fixed interest rate – i.e., you do not have to break out of your fixed rate to make an overpayment (but you may have to pay a penalty to make the overpayment).Hi can i ask, if you were to overpay now will that render you having to refix at the higher rate??
or can you overpay (pay the breakfee if any) an stay on same rate you are on.
Thanks paul. Understood. CheersMaking an overpayment, no matter how large, will not result in you losing your fixed interest rate, i.e., you do not have to break out of your fixed rate to make an overpayment (but you may have to pay a penalty to make the overpayment).