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Interest rate hike - 30 day notice

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  • 13-08-2011 7:14pm
    #1
    kevin101
    Registered Users Posts: 162 ✭✭


    I read somewhere recently that now when Irish banks want to increase their variable interest rates on mortgages that they have to give 30 days notice to their customers. I saw Bank of Ireland yesterday increase their rate by .5% effective from 22nd of September. Is this correct?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    kevin101 wrote: »
    I read somewhere recently that now when Irish banks want to increase their variable interest rates on mortgages that they have to give 30 days notice to their customers. I saw Bank of Ireland yesterday increase their rate by .5% effective from 22nd of September. Is this correct?

    Correct.
    Notice can be in the national media afaik- they normally will send you a letter in the post advising you of the new rate, and your new repayment amount, however sufficient notice in the media is enough to cover them vis-a-vis the 0 days notice.

    BOI have started sending variable rate mortgage holders details of their new mortgage repayments (I've gotten 2 already).

    S.


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