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Not Happy, Mortgage rate cut

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  • 05-11-2008 1:12pm
    #1
    steamjetjoe
    Closed Accounts Posts: 396 ✭✭


    Hello All, Just wondering if anyone else is in the same boat as myself.

    My Mortgage was taken out today & the rate has not changed even though the ECB rate was cut about 4 weeks ago ( think it was 4 weeks ago ). I rang my mortgage provider today ( ICS ) and was informed that '' I think the new rate will come into effect in the first week in December ''

    I feel that Ive just been fobbed off. Are there any other ICS customers out there that has recieved the new rate or was the guy telling the truth & the new rate will come into effect in the first week in Dec.:mad:


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    #2
    zAbbo
    Registered Users Posts: 11,987 ✭✭✭✭zAbbo


    Is it a tracker?

    Non trackers that have implemented the rate cut, can take 4 weeks I think (paraphrasing from the small print)


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    #3
    steamjetjoe
    Closed Accounts Posts: 396 ✭✭steamjetjoe


    Nope, Its a standard variable rate mortgage. If the rate is cut in dec that means it took roughly 2 months to come into affect. :mad:


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    #4
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    standard variable rate mortgage
    they are under no obligation to do anything with your rate tbh..

    If you had a tracker your rate would change automatically..


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    #5
    steamjetjoe
    Closed Accounts Posts: 396 ✭✭steamjetjoe


    tHE vAGGABOND wrote: »
    they are under no obligation to do anything with your rate tbh..

    If you had a tracker your rate would change automatically..

    Ok, but the week that the rates were cut alot of the news papers covered the story and mentioned that ICS was one of the many banks that were going to cut their rates. I think ill be looking around for a better deal soon enough.


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    #6
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    The ecb cut came in to effect on Oct 15th - so it's only 3 weeks.

    BOI (who own ICS) did say almost straight away that they would pass on the rate cut in full . It looks like BOI (and maybe ICS) have only cut by around 0.3% - not the full 0.5%.
    They can do what they want with the standard variable rates.


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