In a surprising turn of events, the bank has admitted to making a mistake and has assured homeowners that there will be no increase in their monthly payments. AIB, which had mistakenly informed mortgage customers that they were paying too little, causing them to face significant monthly cost increases, has apologized and promised to take corrective action. Contrary to some letters sent to customers, the bank now states that there will be no change to their monthly repayments. AIB acknowledges that a letter issued after the July ECB rate increase caused confusion and notified customers of an incorrect payment change. The bank is working to address customer queries and will issue revised letters with corrected payment amounts. AIB wants to reassure customers that they do not need to take any action, and they will not face higher repayments than originally expected. The bank apologizes for any anxiety caused and promises to make things right. A number of Ulster Bank tracker customers who recently transferred to AIB received letters this week indicating that they would have to pay more each month, with some facing increases as high as €600 from October. The magnitude of these increases far surpasses what was anticipated due to the recent ECB rate rise. It remains unclear how many of the 32,000 transferred accounts are affected, but numerous affected customers have reached out for clarification. Customers expressed anger towards the situation and questioned why they should bear the brunt of this error. AIB representatives informed these customers that they would have to pay more for the remaining terms of their loans. The affected customers were shocked to receive letters with no prior warning, and one individual was particularly distressed as their monthly repayment was set to increase by €671, despite having already paid off €50,000 of the tracker principal. With this debacle, AIB has been accused of discriminating against second-hand home buyers. In January, AIB received approval from the competition watchdog to acquire Ulster Bank’s tracker mortgage portfolio, resulting in the transfer of 32,000 mortgage accounts. Another customer, who only has €13,000 left on their mortgage, expected a €3 increase due to the ECB rate rise but instead received notice of a €28 monthly repayment hike. After contacting AIB, the customer learned that the increase was necessary to adhere to the remaining agreed term, as Ulster Bank had allegedly miscalculated mortgage repayments for years. It has since come to light that AIB made the error in projecting the additional monthly repayment, rather than Ulster Bank. Other customers also received unexpected increases in their monthly repayments and expressed their discontent, stating that the two banks involved should bear the cost of this mistake. Affected customers are encouraged to contact AIB for assistance. Ulster Bank is working with AIB to address concerns raised by former customers who recently migrated to AIB. The Central Bank is also involved in resolving these issues to ensure consumer satisfaction.
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