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AIB LTV Mortgage - change interest rate

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  • 22-05-2012 2:42pm
    #1
    MuffinsDa
    Registered Users Posts: 1,225 ✭✭✭


    We bought a house using a mortgage from AIB over 2 years ago. The LTV at the time was just over 80% (83%).
    We started with a fixed portion and a variable portion to our mortgage, and shortly after fixed the variable one for 2 years too. So in effect, we currently have a fixed rate and part of our mortgage comes off fixed in a couple of months and the rest in about 6-7 months.

    The question is, with the repayments made in the last 2.5 years, the nominal remaining capital is less than 80% when compared to original purchase price.

    Does anyone have any experience of putting this argument forward to AIB to have them allow a 50%-80% LTV rate (which is currently 3.04%) as opposed to > 80% rate (which is 3.24%) or will they dismiss it straight away.

    We had a mortgage with Ulsterbank and we did the same about 5 years ago, they didn't argue with it all, just asked for revaluation of the house and reduced the rate straight away. But then, 5 years ago it was a different world.


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    #2
    roro2
    Registered Users Posts: 412 ✭✭roro2


    Slim chance I'd say, but no harm in requesting it!

    They will almost definitely look for a valuation report to show a LTV of less than 80%. I say "almost" because they have been known to make mistakes in there so you can always hope to slip through the net - and therefore no harm in trying!


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    #3
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Slim chance but worth a try. One thing to see is has the value of the property lost any value which would bring the LTV. You bought two years ago and has been a drop in prices since then.


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