AIB Switching Mortgage/Banks

T

TCronin

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Now that it seems AIB have settled and won't be giving us back out Trackers, Is it a good time switch banks/mortgages to get a better rate

I understand they are plans to potentially take a High Court action against them to get Tracker back but for not it's not happening

So is it a good idea to switch mortgages and what are the implications if someone's switches and the tracker is given back in the future?

Is it better just to stay in the hope of getting the tracker back?
 
If you are making a definite and material saving, then switch banks.

For example, if you have a mortgage of €200k on less than 60% LTV, it would seem worthwhile to switch to Avant.

1) A High Court case might be taken and lost - so you will be glad you switched
2) A High Court case might be taken and settled or won - but not rolled out to everyone else - so you will be glad you switched
3) A High Court case might be taken and won and rolled out to everyone. In the past, those who lost trackers who had switched were taken back by the original bank on the tracker - again you will not have lost out by switching

So for switching to be the wrong decision, the following would all have to happen
1) A High Court case is taken, not settled privately, and won
2) The decision would have to be rolled out to all customers
3) AIB would have the Central Bank's approval not to roll it out to those who had switched.

Brendan
 
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