Customers of AIB and EBS with tracker mortgages will be able to move home but still retain their mortgage terms.

The decision follows an announcement by Permanent TSB last week that it would allow existing customers sell their homes and take out new mortgages while retaining a significant portion of their tracker loans.

Customers with existing AIB and EBS tracker loans and who want to move house will be able to take advanatge of the new arrangement from the summer. Customers will be charged an additional 1 per cent on top of their existing tracker rate for the duration of the tracker mortgage, with interest on any additional funds required charged at the current new business rates.

The move was announced as part of the publication of AIB’s annual report on Wednesday.