AIB and its subsidiaries EBS and Haven are following in the footsteps of Permanent TSB and KBC Bank by allowing its customers to retain their tracker mortgages if they want to buy a new home.

According to the Irish Independent, the new tracker-transfer product will be available this summer.

The bank will charge 1 per cent more on the tracker rate – but will allow that portion of the mortgage to be retained until the end of the tracker mortgage term.

If a customer is moving home and wants to borrow more money, they will have to do so at the higher variable or fixed interest rates.