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Change in mortgage interest rate

  • 15-02-2022 11:42am
    #1
    ClaptonBay
    Registered Users Posts: 187 ✭✭


    I signed up to a 3 year fixed term with EBS a year ago - the rate has dropped since to 2.75% from 2.90% (my current rate).

    Am I entitled to ask for my rate to be dropped to the current rate or should this have been applied to my account when it was announced, I thought I read somehow it would be applied to all accounts.

    Now maybe i'm wrong as I signed a fixed 3 year agreement and that's the nature of the game where it remains at the agreed rate for three year. If the rate had gone up, i wouldnt be querying it 😄

    Just want to clarify on it.

    Cheers



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    You need to read the agreement you signed up to. No one here knows what you actually signed up to all we can do is make a guess.



  • #3
    Cyrus
    Registered Users, Registered Users 2 Posts: 20,146 ✭✭✭✭Cyrus


    https://www.boards.ie/discussion/2058233073/change-in-mortgage-interest-rate

    you fixed at 2.9% for 3 years, if they offer lower or higher rates afterwards thats irrelevant, its why you fixed!

    that said you can ring and ask, and if they say no request the redemption charge on the mortgage, if its nil then you could break and refix at the lower rate.



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