Boards.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more x
Post Reply  
 
 
Thread Tools Search this Thread
30-12-2019, 10:30   #1
lausp
Registered User
 
lausp's Avatar
 
Join Date: Mar 2018
Posts: 30
AIB green home mortgage

Hi all,

Have just over 200k left on mortgage and (27!!) years left to go.

House is BER B3 rated and I noticed AIB are offering 2.5% fixed for 5 years for houses B3 and better.

Anyone got any thoughts on this? I am on the standard variable rate at the moment, don't see ability to overpay in next few years, have kids in creche etc.
lausp is offline  
Advertisement
30-12-2019, 10:33   #2
listermint
Registered User
 
listermint's Avatar
 
Join Date: Aug 2007
Posts: 23,308
Quote:
Originally Posted by lausp View Post
Hi all,

Have just over 200k left on mortgage and (27!!) years left to go.

House is BER B3 rated and I noticed AIB are offering 2.5% fixed for 5 years for houses B3 and better.

Anyone got any thoughts on this? I am on the standard variable rate at the moment, don't see ability to overpay in next few years, have kids in creche etc.
I think KBC and Ulster have similar offers without the ber nonsense. Which is window dressing

Shop around
listermint is online now  
(2) thanks from:
30-12-2019, 13:02   #3
Dolbhad
Registered User
 
Dolbhad's Avatar
 
Join Date: Apr 2019
Posts: 468
As other poster has said, other banks like BOI have similar offers so check them out as they could also have cash back offers. I know some banks will cover the “legal costs” of switching but in reality it’s a cash back offer. BER cert’s are valid for 10 years so just check your Cert is in date. You don’t say when you bought the house or if it was a new build or second hand house.
Dolbhad is offline  
30-12-2019, 15:03   #4
Mike3549
Registered User
 
Join Date: Sep 2013
Posts: 292
Quote:
Originally Posted by listermint View Post
I think KBC and Ulster have similar offers without the ber nonsense. Which is window dressing

Shop around

I heard that with ulster youll go straight to variable after the fixed term and their svr is massive like 4.2%.

Im with aib and thinking of switching to this deal. My ber cert still valid for another 5 years. Also not everybody can switch to another bank.
Im self employed for the last 2 years. I need 3 years audited accounts and my numbers dont look that good.

If you are with aib i think its a no-brainer, no remorgages, revalueations, solicitors etc
Mike3549 is offline  
30-12-2019, 15:09   #5
van_beano
Registered User
 
Join Date: Jun 2009
Posts: 1,246
Switched to this from an LTV rate of 2.95% last week, will be saving around €50 per month. Felt it was a no-brainer decision really considering there isn't much to do other than sign a form and send it with the BER cert to the bank.
van_beano is online now  
Advertisement
30-12-2019, 17:25   #6
lausp
Registered User
 
lausp's Avatar
 
Join Date: Mar 2018
Posts: 30
Quote:
Originally Posted by van_beano View Post
Switched to this from an LTV rate of 2.95% last week, will be saving around €50 per month. Felt it was a no-brainer decision really considering there isn't much to do other than sign a form and send it with the BER cert to the bank.
This is what I am thinking too. Bought in 2012 and would be under 50% LTV at this point but officially I am not allowed to move to a LTV with AIB since I started on one.
lausp is offline  
30-12-2019, 17:37   #7
van_beano
Registered User
 
Join Date: Jun 2009
Posts: 1,246
Quote:
Originally Posted by lausp View Post
This is what I am thinking too. Bought in 2012 and would be under 50% LTV at this point but officially I am not allowed to move to a LTV with AIB since I started on one.
They told me that the LTV I am coming off will be offered back to me when the 5 year fixed is up. It'll be up to me then to decide if I want to go to an LTV rate or another fixed rate.
van_beano is online now  
30-12-2019, 19:35   #8
lausp
Registered User
 
lausp's Avatar
 
Join Date: Mar 2018
Posts: 30
Quote:
Originally Posted by van_beano View Post
They told me that the LTV I am coming off will be offered back to me when the 5 year fixed is up. It'll be up to me then to decide if I want to go to an LTV rate or another fixed rate.
My contract stated I could not switch to a different LTV, only a fixed rate, which then reverts to the SVR once the fixed term expired.
lausp is offline  
30-12-2019, 19:40   #9
van_beano
Registered User
 
Join Date: Jun 2009
Posts: 1,246
Quote:
Originally Posted by lausp View Post
My contract stated I could not switch to a different LTV, only a fixed rate, which then reverts to the SVR once the fixed term expired.
I rang them specifically to ask them what happens at the end of the fixed term, they told me I will be given a list of options and one of them will be my current LTV rate (regardless if this changes up or down).
van_beano is online now  
Advertisement
30-12-2019, 19:47   #10
baldbear
Registered User
 
Join Date: Dec 2007
Posts: 5,521
Just switched from AIB to UB 2.3% fixed rate for 2 years.
. They paid for valuation and €1500 for legal fees. You can also overpay if you wish.

Why not go that route?
baldbear is offline  
31-12-2019, 12:29   #11
pwurple
Registered User
 
pwurple's Avatar
 
Join Date: Feb 2007
Posts: 11,090
Quote:
Originally Posted by baldbear View Post
Just switched from AIB to UB 2.3% fixed rate for 2 years.
. They paid for valuation and €1500 for legal fees. You can also overpay if you wish.

Why not go that route?
Ulster bank is 60% loan to value ratio, or higher only. What's your LTV OP?
You come off it onto an eye-watering rate of 3.5% as well.

AIB's standard variable at the end is lower.
pwurple is offline  
31-12-2019, 17:11   #12
lausp
Registered User
 
lausp's Avatar
 
Join Date: Mar 2018
Posts: 30
Quote:
Originally Posted by pwurple View Post
Ulster bank is 60% loan to value ratio, or higher only. What's your LTV OP?
You come off it onto an eye-watering rate of 3.5% as well.

AIB's standard variable at the end is lower.
It looks like AIB do not allow you to return to the SVR as they are not offering it any more, as per:
https://aib.ie/content/dam/aib/perso...dment-form.pdf

Effectively you would be locked in to a LTV rate after the fixed term.

My LTV would be < 50% at this point.
lausp is offline  
31-12-2019, 18:43   #13
van_beano
Registered User
 
Join Date: Jun 2009
Posts: 1,246
There could be another option of the Green mortgage again in 5 years
van_beano is online now  
01-01-2020, 12:53   #14
KilOit
Registered User
 
KilOit's Avatar
 
Join Date: Jul 2003
Posts: 2,266
Was also looking at this and wondering what happened after the 5 years. Currently we are 2.95 LTV <80 with AIB, good to know you can just go back on the LTV rate.
We moved into a C1 and only change we done was change all the wooden floors to carpets with underlay and changed all the bulbs to low energy saving bulbs. hardly going to jump to B3 is it?

Just checked and it's current BER is C1 165.59 (kWh/m2/yr) it would need <150 kWh/m2/yr to get BER B3. Cost of attaining this would probably negate the savings

Last edited by KilOit; 01-01-2020 at 13:19.
KilOit is offline  
01-01-2020, 18:46   #15
van_beano
Registered User
 
Join Date: Jun 2009
Posts: 1,246
Simple things like attic insulation and boiler controls could get you into a B3. A lot of energy companies are giving free boiler controls (Hive, Near etc) these days if you take out a contract with them.
van_beano is online now  
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet