Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

BOI and ICS increase Mortgage rates

Options
  • 24-09-2012 3:37pm
    #1
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭


    Bank of Ireland and ICS Building Society have confirmed an increase of 0.5% a year across all variable mortgage rates for owner occupier and buy to let customers.

    http://www.rte.ie/news/2012/0924/increase-to-mortgage-variable-rates-confirmed-business.html

    Sigh, another kick in the teeth. I know they need to raise funds but does it not cross them that while people can pay X, if they're forced to pay Y they may end up defaulting and that means everyone looses out.


Comments

  • Options
    #2
    Mola1
    Registered Users Posts: 91 ✭✭Mola1


    I just got a letter this morning telling me my mortgage will increase by 25 a month,might not sound like much but it's the last thing we need now. Why are our rates so high compared to the ECB?Where is it going to stop?the only choice of fixed rate this year for me was 6 %.. ridiculous!!


  • Options
    #3
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    not surprised, as tracker mortgages are strangling the banks.
    every time the ECB drops their rate the banks are having to increase theirs just to stay at parity.


  • Options
    #4
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    the groutch wrote: »
    not surprised, as tracker mortgages are strangling the banks.
    every time the ECB drops their rate the banks are having to increase theirs just to stay at parity.

    But if and when the ECB increase their rates I'll bet you both the trackers and the std variables will rise. Next year I think will be when the mortgage crisis really peaks


  • Options
    #5
    Dudex68
    Registered Users Posts: 1 ✭Dudex68


    I got the letter too today and didn't recall their supposed announcement in August. Interesting that no media release today, obviously trying to dodge the questions. Looked on website and can see no release about it in August. Interestingly the letter is dated 31/8/2012 but only received today.

    How the banks ever committed to trackers without the funding behind them beggars belief! Soft touch if you are unlucky enough to be on a variable mortgage - its the involuntary cross subsidisation that really pains me!


  • Options
    #6
    Galwayguy35
    Registered Users Posts: 16,551 ✭✭✭✭Galwayguy35


    cookie1977 wrote: »
    But if and when the ECB increase their rates I'll bet you both the trackers and the std variables will rise. Next year I think will be when the mortgage crisis really peaks


    I don't think the ECB will increase their rates any time soon.
    I hope not anyway.


  • Advertisement
  • Options
    #7
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    Galwayguy35 wrote: »
    I don't think the ECB will increase their rates any time soon.
    I hope not anyway.

    True, but rates are so low now that the only way is up. When that point is no one knows for sure but it will happen.


Advertisement