29th March 2010
13:05

AIB today announced that it is to increase some of its mortgage rates with effect from close of business on 29th March, 2010.

The new pricing structure is attached and is summarised as follows:

Owner Occupiers:

• - Loan to value (LTV) variable rates up 0.34%                     
• - Standard variable rate up 0.50%
• - Existing Tracker rates will remain unchanged
• - Fixed rates are increasing

Buy to Let

• - Fixed rates are increasing
• - Existing Tracker and standard variable rates remain unchanged

 

Maurice Crowley, General Manager, Product Management, AIB Bank said;

“We understand the financial pressures faced by many existing and prospective home owners and we will make every effort to keep rate increases to a minimum.

“The cost of money in the Retail and Wholesale markets continues to remain high.   We have experienced an era of historically low rates but, like all businesses, AIB is now dealing with the reality of the significantly increased cost of raw material. Unfortunately, in such circumstances, it is neither sustainable nor prudent for the Bank to continue to provide mortgage finance at below the cost of funds so rate increases are necessary. 

“AIB remains committed to supporting the mortgage market, in particular first time buyers and even with today’s increases, our rates remain among the most competitive in the market.”

-ends-

For further information, please contact:

Ronan Sheridan
Group Press Officer
AIB Group
Bankcentre
Ballsbridge
Dublin 4
Tel: +353-1-641 4651
Mobile:(086) 3880898

 

NOTES TO EDITORS

 

 

AIB Bank Home Mortgage Interest Rates Summary Sheet
Effective from: close of business on 29th March  2010
Owner Occupier	Old Rate (%)	New Rate effective March 30th 2010 Rate  (%)                   APR (%)
Standard Variable	2.25	2.75	2.79
LTV <=50%	2.25	2.59	2.62
LTV >50% <=80%	2.45	2.79	2.83
LTV >80%	2.65	2.99	3.03
1 yr Fixed New & Exist	2.85	3.09	2.82
2yr Fixed New & Exist	2.80	3.25	2.89
3yr Fixed New & Exist	3.19	3.65	3.06
4yr Fixed New & Exist	3.57	3.95	3.26
5yr Fixed New & Exist	3.86	4.25	3.51
Buy-to-Let Rates	Old Rate (%)
Standard Variable	4.20	4.20	4.27
1 yr Fixed New & Exist	3.49	4.09	4.26
2yr Fixed New & Exist	3.60	4.25	4.28
3yr Fixed New & Exist	3.99	4.65	4.42
4yr Fixed New & Exist	4.37	4.95	4.59
5yr Fixed New & Exist	4.66	5.25	4.80

 

 

 

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