I’m an AIB Customer – What Do the New Mortgage Interest Rates Mean for Me?
24 Nov 2017
Posted in: First Time Buyer, Mortgages
At AIB, as of the 18th September 2017 introduced revised fixed rates and a new 7-year fixed rate, and as of the 1st November 2017 our new variable and standard variable rates where launched, for all our owner occupier customers. So as an AIB customer, what does that mean for you? We spoke to AIB Mortgage Advisor Michelle to find out.
What are the new AIB rates?
Our Standard Variable Rate (SVR) has been reduced from 3.40% to 3.15%, which makes it the lowest SVR rate in Ireland. We’re also reducing our Loan to Value (LTV) variable rates which will start at 2.75% and reducing our fixed rates by between 0.3% and 0.5%. Finally, we’re introducing a new 7-year fixed rate of 3.5%. Michelle says, “which will give Customer’s security of locking in their rate for a longer period of 7 years.”
When will the new rates come into effect?
The great news is, you don’t have to lift a finger to take advantage of our new rates.. “We are delighted to pass on the reduction to all our variable rate customers, existing customers get the reduction as well as new customers ” Michelle explains. “If a customer is on a variable rate, they’ll probably have noticed the reduction since November and our new fixed rate proposition took effect back in September.”
How much savings can I make?
The new rates will allow you to make significant savings over the course of your mortgage. Of course, the exact amount will differ depending on your specific rate and Loan to Value, but Michelle gave us a simple example to demonstrate the kind of savings you can make in the long term.
“Using the example of someone with greater than 80% Loan to Value and a mortgage of €200,000, over 20 years on the old variable rate of 3.5%, their repayment would have been €1,159.16,” she explains, “and on the new rate it’s €1,123.69. The customer in this example would be making a saving of €35.47 a month or approximately €8,400 over the lifetime of their mortgage.”
How can I find out more about the new rates?
“If any of our customers have any questions about the rates or about anything to do with mortgages they can always contact us on 1890 242425,” Michelle says. “We’re open from 8am to 9pm, Monday to Friday, and 9am to 6pm on a Saturday as well.” You can also view details of all our Mortgage Interest Rates in full on our website.
Have a Question about Your Mortgage?
Our team of AIB Mortgage Advisors are here to guide you through every step of your mortgage journey – from first day to last. Manage your mortgage by visiting our website.
Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages. AIB Mortgage Bank is regulated by the Central Bank of Ireland.
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.
*Source: Bonkers.ie October 2017
