AIB Group increases switcher payments by 50% as wave of fixed-term mortgages set to end

Around 70,000 mortgage holders will have their fixed rate expire this year, with new rates set to be significantly higher

Those coming to the end of their fixed-term are paying back their existing mortgage loans at rates of around 2.25%, however, new fixed-rate mortgages will be significantly costlier even if ECB official rates fall sharply by the end of the year.

AIB Group said it will increase the payment for customers who move a mortgage to AIB, EBS and Haven ahead of an expected upswing in switcher market activity. 

Announcing the increase on Monday morning, the group said it would raise the payment available for eligible customers by 50% from €2,000 to €3,000 to help "cover costs associated with switching."