AIB Mortgage interest rate reduction

jntsnk

Hi, wonder if someone might enlighten me why my bank , AIB, is now offering me a rate reduction on my interest for my mortgage. It applies for private dwelling house PHD and is related to the loan to value LTV. If my LTV is less than 50% it's reduced to 2.750%, LTV of 50%-80% 2.950%

Am I missing something, it looks suspicious as if they want you to keep quiet and sign up to this. My mortgage wasn't involved in the tracker rate controversy as I signed up for a variable at the time as far as I am aware , much to my loss now. Unless down the road that might change.
The bank is requesting my signature to avail of this reduction.

wench

It is legit - they have to review your rate (annually maybe?) and advise you if they have a better rate available that you qualify for.

jntsnk

wench wrote: »

It is legit - they have to review your rate (annually maybe?) and advise you if they have a better rate available that you qualify for.

Yes I am aware it's legit , just wondering , was never offered this reduction before. I am 15 years into my 25 year mortgage

Thanks

ted1

Have you had a LTV mortgage before ? If so they won’t allow you to get the new lower rate.

I took out my mortgage in 2012 at 92%, my LTV is now 30% they won’t let me get the <50%. Rate

draiochtanois

This post has been deleted.

jntsnk

ted1 wrote: »

Have you had a LTV mortgage before ? If so they won’t allow you to get the new lower rate.

I took out my mortgage in 2012 at 92%, my LTV is now 30% they won’t let me get the <50%. Rate

Not sure, just never received this before.
LTV is about 30%

Notoldorwise

Read the conditions attached to your AIB mortgage. Some have a clause that entitles the holder to the option of a tracker rate after ANY fixed rate period ends.

ted1

I must go and have a read!!