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Thread: Do you have an AIB tracker mortgage ?

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    Politics.ie Member mmrebel's Avatar
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    Exclamation Do you have an AIB tracker mortgage ?

    AIB overcharges on some tracker mortgages

    AIB is to return almost €400,000 to customers who have been overcharged on tracker mortgages.

    The bank says it is in the process of writing to all customers who have been affected.

    The overcharging affects 436 of AIB's mortgage holders, with the average refund being €906.

    In a statement to RTE News, AIB said it offered different tracker rates to customers based on the loan to value ratio of their mortgage.

    The error happened when customers were charged an interest rate that did not match the loan to value ratio on their account.

    It is not yet clear when the problem emerged or how long a period the overcharging went on for, but the bank says the Financial Regulator has been informed of the mistake.

    Earlier this week, it emerged that almost 120,000 of Bank of Ireland's customers had been charged twice for transactions carried out on their laser cards late last week.

    RTÉ Business: AIB overcharges on some tracker mortgages

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    Politics.ie Member mmrebel's Avatar
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    Just reported on the news AIB knew about the overcharging as far back as 2007 !!!!!

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    Whats a tracker mortage?

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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by codology View Post
    Whats a tracker mortage?
    A tracker mortgage is similar to a standard variable rate mortgage, with one big difference - it tracks the European Central Bank (ECB) rates.
    The benefit is that it commits the lender to keeping their 'margin' (the markup they charge on top of the wholesale rate) under a certain level.

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    Quote Originally Posted by codology View Post
    Whats a tracker mortage?
    [ame="http://www.youtube.com/watch?v=l74083zafAM"]YouTube - Financial Regulator[/ame]
    Quimby can't be trusted-Vote Sideshow Bob for Mayor http://www.youtube.com/watch?v=HXBDEPr9P9k

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    Quote Originally Posted by mmrebel View Post
    A tracker mortgage is similar to a standard variable rate mortgage, with one big difference - it tracks the European Central Bank (ECB) rates.
    The benefit is that it commits the lender to keeping their 'margin' (the markup they charge on top of the wholesale rate) under a certain level.
    You mustn't stay in much.

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    Politics.ie Member hammer's Avatar
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    Anyone know whether you can top up a tracker mortgage to buy an apartment in Romania still?

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    Politics.ie Member Maction's Avatar
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    Quote Originally Posted by hammer View Post
    Anyone know whether you can top up a tracker mortgage to buy an apartment in Romania still?
    Not possible to top-up a tracker. Pending on the ratio's involved (don't know your circumstances i.e LTV % etc), it is likely that you would be paying at the bank standard variable for BTL properties, currently 4.95%
    All great truths start as blasphemies

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    Politics.ie Member hammer's Avatar
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    .............and heading rapidly towards 6%

    So you cant top up a tracker even for €10,000 ?

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    A tracker mortgage is worth a lot of money these days. It almost offsets the reduction in the house purchased with its issue.

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