We have reviewed our Variable Home Mortgage interest rates which are currently the lowest in the market. Our current interest rates are unsustainable due to the fact the interest rates charged on mortgages do not cover the high cost of funding and the cost of servicing the accounts. Based on these considerations, AIB will increase the rate on all Variable Home Mortgage Interest rates by 0.50%, effective from the week of 3rd September 2012.
All impacted customers will be notified in writing week commencing 30th July 2012. Letters will include the date from which the new rate will apply, details of the old and new rate and the revised repayment amount.
Summary of Variable Interest Rate Changes
Existing Residential Owner Occupier Standard Variable Rate will increase by 0.50 % from 3.00% to 3.50%
Loan to Value Variable Rates for Owner Occupiers will increase by 0.50%
Buy-to-Let Standard Variable Rate will increase by 0.50% from 3.95% to 4.45%
Tracker Mortgage Rates and Fixed Rate Mortgage interest rates remain unchanged
We will issue a revised rates matrix to reflect these changes prior …