AIB Group Doubles Payment For Mortgage Switchers

AIB Group is enhancing its mortgage switcher offering by increasing the payment for those who transfer their mortgage to the bank. Starting May 27, customers switching to AIB, EBS, or Haven will receive €3,000—an increase of 50% from the current €2,000. This move is an effort to reinvigorate the switcher market after a significant decline due to the European interest rate hikes that led to higher fixed mortgage rates.

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The increased payment for mortgage switchers aims to ease the costs of switching for mortgage customers, particularly those with fixed rate mortgages approaching their end. It is estimated that between 70,000 and 80,000 mortgage holders will reach the end of their fixed rate terms this year, and many will be seeking alternatives in a market where rates have risen significantly.

Enhanced Payment for Mortgage Switchers Offers Greater Savings

The decision to boost the switcher payment makes AIB Group’s mortgage offerings more competitive, especially following recent rate reductions on AIB Group’s green mortgages. The group’s managing director of retail banking, Geraldine Casey, emphasised that the bank wants to make the mortgage process more approachable for customers and support them with additional financial assistance.