* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, August 4, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

    Chicago Youth Symphony Orchestra takes the Lollapalooza stage – Yahoo Home

    Chicago Youth Symphony Orchestra takes the Lollapalooza stage – Yahoo Home

    Sens. Blackburn, Warnock introduce CREATE Act to provide tax relief to music creators – Yahoo Home

    Sens. Blackburn and Warnock Launch CREATE Act to Deliver Tax Relief for Music Creators

    That’s (Political) Entertainment: When Theatre Meets Politics

    Future Script: How Generative AI Is Changing Collective Bargaining in the Entertainment Industry – Jackson Lewis

    Future Script: How Generative AI Is Transforming Collective Bargaining in Entertainment

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

    How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

    Credo Technology: Wiring The AI Revolution (NASDAQ:CRDO) – Seeking Alpha

    Credo Technology: Driving the Next Wave of AI Innovation

    Microsoft Seeks to Extend Access to OpenAI Technology – PYMNTS.com

    Microsoft Aims to Broaden Access to OpenAI Technology

    Livonia police use grappler technology to stop drunk driver – ClickOnDetroit | WDIV Local 4

    Livonia Police Deploy Grappler Technology to Safely Stop Drunk Driver

    Emory orthopaedic surgeons use robotic technology to transform knee replacement surgery – Emory News Center

    How Robotic Technology is Revolutionizing Knee Replacement Surgery

    Cognizant Technology Solutions Corp (CTSH) Q2 2025 Earnings Call Highlights: Strong Revenue … – Yahoo.co

    Cognizant Q2 2025 Earnings: Impressive Revenue Growth and Key Takeaways

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

    Go-to entertainment: why gaming was made for the toilet – The Guardian

    Why Gaming Is the Ultimate Way to Pass Time in the Bathroom

    Chicago Youth Symphony Orchestra takes the Lollapalooza stage – Yahoo Home

    Chicago Youth Symphony Orchestra takes the Lollapalooza stage – Yahoo Home

    Sens. Blackburn, Warnock introduce CREATE Act to provide tax relief to music creators – Yahoo Home

    Sens. Blackburn and Warnock Launch CREATE Act to Deliver Tax Relief for Music Creators

    That’s (Political) Entertainment: When Theatre Meets Politics

    Future Script: How Generative AI Is Changing Collective Bargaining in the Entertainment Industry – Jackson Lewis

    Future Script: How Generative AI Is Transforming Collective Bargaining in Entertainment

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

    How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

    Credo Technology: Wiring The AI Revolution (NASDAQ:CRDO) – Seeking Alpha

    Credo Technology: Driving the Next Wave of AI Innovation

    Microsoft Seeks to Extend Access to OpenAI Technology – PYMNTS.com

    Microsoft Aims to Broaden Access to OpenAI Technology

    Livonia police use grappler technology to stop drunk driver – ClickOnDetroit | WDIV Local 4

    Livonia Police Deploy Grappler Technology to Safely Stop Drunk Driver

    Emory orthopaedic surgeons use robotic technology to transform knee replacement surgery – Emory News Center

    How Robotic Technology is Revolutionizing Knee Replacement Surgery

    Cognizant Technology Solutions Corp (CTSH) Q2 2025 Earnings Call Highlights: Strong Revenue … – Yahoo.co

    Cognizant Q2 2025 Earnings: Impressive Revenue Growth and Key Takeaways

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

‘I can’t afford this and I won’t stand for it’ – new bank blunder will cost homeowners up to €600 more a month on their mortgages

August 11, 2023
in News
‘I can’t afford this and I won’t stand for it’ – new  bank blunder will cost homeowners up to €600 more a month on their mortgages
Share on FacebookShare on Twitter

Angry customers are refusing to take the hit after under-payments over years were discovered

A banking blunder has led to mortgage customers being under-charged for years, leaving them to face huge increases in their monthly costs.

The mortgages were originally Ulster Bank trackers that have now been sold to AIB.

Letters went out from AIB this week telling recently-acquired tracker customers that the miscalculation would have to be corrected, a move that will increase repayments by as much as €600 a month in one go from October.

This is so the legacy of under-payments can be recouped. The increases are a multiple of the monthly increase that was expected from the latest European Central Bank rate rise.

It is not clear how many of the 32,000 Ulster Bank tracker accounts that transferred to AIB are affected, but Independent.ie has been contacted by dozens of those who got the letters.

Customers have reacted with fury to the fiasco and questioned why they should be on the hook for the huge bungle. One man told how his letter told him his mortgage repayments were going up by more than €600 a month because of the miscalculation.

Another homeowner was expecting a letter telling the family the latest ECB rate rise would raise monthly repayments by €30. But the AIB letter said the monthly repayment would go up by twice that amount.

People affected who rang AIB were told the bank had been inundated with complaints from former Ulster Bank tracker customers whose mortgages are now with it.

AIB accused of discriminating against buyers of second-hand homes

Staff at AIB told the customers they have been under-paying their mortgages for years.

One customer said his letter told him his monthly repayments were going from €1,700 to €2,371, a rise of €671.

This is despite him paying €50,000 off the tracker principal in a bid to keep the monthly repayments down. He has never missed any payments.

“I can’t afford this, and I am not standing for it,” said the customer. “It is disgraceful to send out letters like that with no warning. It is upsetting and a huge shock. Has the €50,000 been lost?”

Last January, AIB was cleared by the competition watchdog to acquire Ulster Bank’s tracker mortgage portfolio worth €5.7bn. The decision meant 32,000 mortgage accounts moved from Ulster to AIB.

Another customer told how she has just €13,000 left to pay on her mortgage.

The ECB rise of 0.25 percentage points should have meant her monthly repayments would go up by €3, as had been the case when previous ECB rate rises were passed on.

Instead, she was told the monthly repayment was going up by €28, nine times the amount of previous rises.

“On contacting AIB today, they informed me that in order to repay the mortgage on the remaining agreed term this increase is warranted as, in their words, Ulster Bank have been calculating mortgage repayments incorrectly for years. I was horrified,” said the woman.

Another customer who was expecting a small increase on his monthly repayments due to the latest ECB hike got a letter saying the repayment was going up by €58 a month from October.

He questioned why the under-charging by Ulster Bank was not discovered by AIB when it did due diligence before the acquisition.

“I don’t think I should take the hit for this. Between the two banks, someone dropped the ball, so they should absorb the cost of this,” he said.

The bank said: “AIB is working to resolve queries raised by some customers whose tracker mortgages moved to AIB as part of AIB’s recent purchase of Ulster Bank’s mortgage book.

“The queries arose following the July ECB rate increase, resulting in customers being notified of a monthly payment change scheduled to take effect in October. We will communicate with any affected customers as soon as possible. In the meantime, we are available to support these customers on 0818 251 008.”

Ulster Bank said it was liaising with AIB on queries received overnight by some former customers who recently migrated to AIB. The Central Bank is understood to be looking at the issue.

Last November, departing bank KBC has admitted it overcharged break fees on some mortgage customers who switched to another lender. It had to pay the affected customers compensation.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Independent.ie – https://www.independent.ie/business/personal-finance/i-cant-afford-this-and-i-wont-stand-for-it-new-bank-blunder-will-cost-homeowners-up-to-600-more-a-month-on-their-mortgages/a826147046.html

Tags: affordcan’tnews
Previous Post

‘He has no privacy’ – mum of boy (11) with special needs begs council for help after six-year wait for bedroom adaptations

Next Post

Stephen Mihm: Throwing stuff at pop stars might be boorish, but audiences weren’t always this bad – they were worse

How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

August 4, 2025

Do You Really Need Electrolyte Drinks to Stay Hydrated? Here’s the Truth

August 4, 2025
New rule would expand tug escort requirements, reduce risk of oil spills in Puget Sound – Washington State Department of Ecology (.gov)

New Rule Strengthens Tug Escort Requirements to Drastically Reduce Oil Spill Risks in Puget Sound

August 4, 2025
100 years ago, scientists thought we’d be eating food made from air – Popular Science

A Century Ago, Scientists Predicted We’d Be Eating Food Made from Air

August 4, 2025
Maserati and Sparco Launch Lifestyle Capsule Inspired by Motorsport Heritage – stupidDOPE

Maserati and Sparco Launch Lifestyle Capsule Inspired by Motorsport Heritage – stupidDOPE

August 4, 2025
Fox News Flash top entertainment headlines of the week – Fox News

Top Entertainment Headlines You Can’t Miss This Week

August 4, 2025
How Is the Economy Doing Right Now? – NerdWallet

What’s Really Going On with the Economy Right Now?

August 4, 2025
Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

Exclusive | Fox Takes Stake in IndyCar Owner Penske Entertainment – The Wall Street Journal

August 4, 2025
At Washington Health Care Authority, workers are warned of layoffs – Washington State Standard

Washington Health Care Authority Alerts Employees of Potential Layoffs

August 4, 2025
NYPD program allowed slain officer to moonlight as private security guard – Spectrum News NY1

NYPD program allowed slain officer to moonlight as private security guard – Spectrum News NY1

August 4, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (753)
  • Economy (778)
  • Entertainment (21,655)
  • General (16,275)
  • Health (9,815)
  • Lifestyle (786)
  • News (22,149)
  • People (777)
  • Politics (787)
  • Science (15,991)
  • Sports (21,274)
  • Technology (15,756)
  • World (759)

Recent News

How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

How Tech Firms Like Google and Meta Are Embracing the Military – The New York Times

August 4, 2025

Do You Really Need Electrolyte Drinks to Stay Hydrated? Here’s the Truth

August 4, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version