Several Longford AIB customers have this week seen their mortgages reduced as AIB begin their balance adjustments under the FSPO review process.
AIB have set aside €300m to help compensate some 5,900 tracker mortgage customers after individual customers had taken cases with the Financial Services and Pensions Ombudsman.
A ruling confirmed that, under the terms of their loans, customers should have been offered a tracker mortgage rate, following the end of their initial fixed rate agreement.
AIB confirmed that it had "previously communicated that customers who are in the FSPO grouping will receive a balance adjustment, a cheque for the interest refund and a letter in July or August. This follows work on a case by case basis by the bank. The bank has begun applying the balance adjustments, and they will continue to be applied across this month and next."
In more good news for affected customers, aside from the reduction in mortgage, "Once these actions are completed these customers will receive written confirmation of the balance adjustment made on their account and a cheque for the interest refund due. If customers have any queries they can call our FSPO Mortgage Review helpline on 0818 300 070.” - AIB confirmed.
So check those accounts....