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Banks passing on ECB rate cuts..or not

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    #92
    barry181091
    Registered Users Posts: 1,614 ✭✭✭barry181091


    Not yet, but afaik the bank have up to 30 days to apply it. :(


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    #93
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    They've always been a bit slow in passing them on.


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    #94
    Lea2000
    Registered Users Posts: 15 ✭Lea2000


    Hi Dotsman,

    Sounds like we might be those PTSB customers to which you are refering! So as to whether i can change mortgage providers-i suppose i'll have to wait until i try to find out!

    When i said the mortgage went up at the last change i meant when our first fixed rate term was up and we then bought into a new one. We had bought at quite a low rate and fixed for two years, during which time there were (i think) 4 rate increases.


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    #95
    thegoth
    Registered Users Posts: 963 ✭✭✭thegoth


    Hi All,

    I was just wonderinf if Bank Of Ireland are passing on the lastest December 08 Interest rate cut ? I have heard nothing


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    #96
    LeperKing
    Registered Users Posts: 451 ✭✭LeperKing


    So far, the other banks to have passed the cut on to variable rate customers are AIB, Halifax Bank of Scotland, Bank of Ireland and its subsidiary ICS.

    http://www.rte.ie/business/2008/1205/mortgage.html

    LK


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    #97
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    I see Ulster Bank and First Active are the only two banks refusing to pass the latest ecb rate cut of 0.75% onto its standard variable customers. They mention maybe passing 0.5% onto customers on the 1st of january 2009.
    I am currently with Ulster Bank myself and will be looking at other banks to consider moving my business as I'm sure alot of others will too.


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    #98
    barry181091
    Registered Users Posts: 1,614 ✭✭✭barry181091


    WTF !? Got a letter saying that they are passing on .50% , Are they allowed to do this ? I want our .75%


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    #99
    dave700
    Closed Accounts Posts: 7 ✭dave700


    just heard my mortgage lender (first active) are only passing on 0.50 of the 0.75 of the ECB rate cut to standard variable rate mortgages like mine.i know there not obliged to pass on the full 0.75,would it be to much of a hassle to switch my mortgage to another bank?


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    #100
    BobbyD10
    Registered Users Posts: 620 ✭✭✭BobbyD10


    Yep the variable rate mortgages are at the discretion of the banks.

    PTSB mentioned they will pass it on but are unsure whether they will pass future one's on.

    Once one bank starts this others will follow not maybe this decrease but future ones.

    Actually is it now bad for banks that the rates are lowering as they wont make as much money on the mortgages.? - they obviously wont charge as much interest.


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    #101
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    As I said in another thread Ulster Bank and First Active have said they cannot afford to pass the 0.75% cut onto customers and they could possibly pass 0.5% an in january.
    Other banks have said altough they will pass on this latest cut they cannot guarantee to pass on further cuts


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    #102
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    I'm thinking of doing the same Dave700 as my bank Ulster bank have said the same as First Active


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    #103
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    Yep, I`m a First Active customer and I have already sent them a e-mail about it.

    Im going to start ringing around on Monday to see if I can move my mortgage elsewhere.


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    #104
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Not sure we need quite so many threads about this same topic. Merged.


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    #105
    jhegarty
    Registered Users Posts: 6,440 ✭✭✭jhegarty


    barry181091 wrote: »
    WTF !? Got a letter saying that they are passing on .50% , Are they allowed to do this ? I want our .75%

    You sure that's not about the last change , would be very quick to get a letter already.


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    #106
    Ginger83
    Registered Users Posts: 3,504 ✭✭✭Ginger83


    adox wrote: »
    Yep, I`m a First Active customer and I have already sent them a e-mail about it.

    Im going to start ringing around on Monday to see if I can move my mortgage elsewhere.

    Whats in the email adox?Are you letting them know you are looking to move,I think i will


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    #107
    dave700
    Closed Accounts Posts: 7 ✭dave700


    it was on the first active website mate


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    #108
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    Ginger83 wrote: »
    Whats in the email adox?Are you letting them know you are looking to move,I think i will

    Yeah, a general giving out e-mail also mentioning that I will be making enquiries on Monday morning about moving my mortgage. It probably wont have any effect and I may not even get a reply, but **** it, its better to let them know how you feel.:)


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    #109
    Orion
    Closed Accounts Posts: 12,807 ✭✭✭✭Orion


    adox wrote: »
    Yep, I`m a First Active customer and I have already sent them a e-mail about it.

    Im going to start ringing around on Monday to see if I can move my mortgage elsewhere.

    I'm going to write them a letter - ye old snail mail. Better chance of a response in my experience. Not that I expect them to change but if enough people threaten to move their mortgage they'll sit up and pay attention. As I said in another thread I'm planning on re-mortgaging anyway early next year and I'll be moving bank if they don't pass on the full cut.


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    #110
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Anyone making a compliant to UB or FA make sure to ask for a concern reference number. This way you'll know your compliant is getting taken seriously. You can only obtain this if you call your branch, not the mortgage centre.

    It does not apply to tracker mortgage, they'll still get the full reduced interest rate, but I am sure you guys knew that.


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