AIB to increase rates on new fixed rate mortgages by 0.5% and more

AIB is to raise the interest rate it charges on new fixed rate mortgages by 0.5%.

The change has no effect on those prospects who are already on fixed fees or those on variable fees.

More than half of the financial institution’s mortgage prospects are already fixed-cost.

The new rates will take effect from the close of business today and will apply to AIB, EBS and Haven mortgages.

However, prospects with approval who withdraw their new mortgage before November 14 will be able to benefit from the obsolete fixed rates.

The increase will result in monthly compensation on a new five-year €100,000 AIB fixed-cost mortgage with a mortgage worth 50-80% over a 25-year period rising from €431.01 to €455.91 €.

AIB’s follow-up prospects have already received the 1.25% increase in will introduced by the European Central Bank, as required by their contracts.

“As sustainability is a priority for AIB, we continue to offer lower fixed green mortgage rates to customers who purchase homes with an energy rating of B3 or higher,” the financial institution said in a press release.

The financial institution also reported an increase in deposit fees, after providing little or no returns on financial savings in recent years.

He mentioned that at the end of November, he may introduce a one-year fixed-term deposit product with an interest rate of 0.25% for customers with a deposit balance greater than 15 000 €.

AIB, which is the state’s largest mortgage lender, is the first of the five major retail banks here to raise its fixed or variable rates due to higher ECB fees.



Many non-bank lenders, including Avant, Finance Ireland and ICS, have already passed on the hikes to their prospects and it was expected that major banks would finally have to comply with the swimsuit.

Across Europe, most banks have already passed on the acceleration in their outlook, but Irish banks have been slow to deliver.

Data released by the Central Bank this week confirmed that the common interest rate on new Irish mortgages rose by 0.01% to 2.64% in August.

The equal euro area common tax rose 13 basis points to 2.21% in August – its highest level since at least August 2017 and nearly doubled this time last year.

Trevor Grant, chairman of the Association of Irish Mortgage Advisors, said strikes by lenders to introduce a fee hike should be anticipated and understandable after the ECB hiked rates.

He mentioned that the 0.5% increase would not be as dangerous as one might have expected and could be another incentive for many mortgage holders to reassess their current mortgage terms.

“It’s good to see that AIB, EBS and Haven are allowing applicants with loan approvals for up to four weeks to close the mortgage they’ve applied for,” he said.

“This decision is welcome and follows extensive lobbying by mortgage brokers across the country when Finance Ireland initially opted not to offer such advice,” he said.

“This will allow hundreds of mortgage seekers to close on their new home or secure a much sought after mortgage transfer deal,” he added.

AIB to increase rates on new fixed rate mortgages by 0.5%

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AIB to increase rates on new fixed rate mortgages by 0.5%

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