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AIB Fixed interest rate rise - Does it affect me?

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  • 15-03-2011 3:03pm
    #1
    highdef
    Registered Users Posts: 6,140 ✭✭✭


    I just saw on the news that AIB is upping its fixed interest rates today. I have my mortgage fixed now and I'm presuming that my current rate will stay the same. However, the news report seemed to suggest that it will be affecting all AIB fixed interest rate customers rather than those who are seeking a fixed interest rate. Can anyone clarify as to who will be affected?

    If my fixed interest rate is going to be increased, I really can't see the reason to have a fixed rate mortgage in the first place. I'm really hoping I've misunderstood the whole thing!

    Thanks in advance


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    #2
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    For new customers only. And I should hope so as otherwise it defeats the purpose of a fixed rate mortgage/
    The bank says that rates for new residential owner occupier and buy-to-let mortgages will rise from close of business today

    http://www.rte.ie/news/2011/0315/mortgage-business.html


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    #3
    highdef
    Registered Users Posts: 6,140 ✭✭✭highdef


    Ah grand. I thought that was the case alright. The news report seemed to be a little bit misleading or maybe I just comprehend it correctly. And yes I agree that raising fixed rate mortgage rates for existing mortgage holders would be completely non-sensical!

    When my fixed rate term ends on 2 and a bit years, I get the feeling I'll be facing a massive increase in interest rates for my mortgage :mad:


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    #4
    coylemj
    Registered Users Posts: 25,337 ✭✭✭✭coylemj


    highdef wrote: »
    When my fixed rate term ends on 2 and a bit years, I get the feeling I'll be facing a massive increase in interest rates for my mortgage :mad:

    You can bet on it, that is if they are offering fixed rate mortgages at all by then.


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    #5
    highdef
    Registered Users Posts: 6,140 ✭✭✭highdef


    Well I'll make the most of it for the next two years so :)


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    #6
    Officer Giggles
    Registered Users Posts: 1,677 ✭✭✭Officer Giggles


    i currently have a variable mortgage with aib if i want to fix it will i have to pay the new rates or the old rates


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    #7
    highdef
    Registered Users Posts: 6,140 ✭✭✭highdef


    New rates came in at close of business today so I'm afraid you'll be paying about 1% more if you want to fix. That's not 1% more than what you currently pay....that's 1% more than the fixed rate before close of business today


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    #8
    Officer Giggles
    Registered Users Posts: 1,677 ✭✭✭Officer Giggles


    that rte report states that it is for new mortgages, i am a current mortgage holder so does that make a difference


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    #9
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    Officer Giggles wrote: »
    that rte report states that it is for new mortgages, i am a current mortgage holder so does that make a difference
    It's for new "fixes". ie, anybody fixing their rate from tomorrow morning, regardless of whether they are an existing mortgage holder or not.


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    #10
    Officer Giggles
    Registered Users Posts: 1,677 ✭✭✭Officer Giggles


    Ah right thanks for clearing that up


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