Brendan Burgess
Founder
- Messages
- 52,181
Extract from Michael McGrath's questioning of Jeremy Masding today at the Oireachtas Finance Committee.
1 in 3 has applied for the move from the SVR to the Managed Variable Rate.
51,000 customers are still paying 4.5%
Masding: 45,000 would be a fairer figure for technical reasons.
McGrath: 45,000 customers who are paying 4.5% could get a reduction. It applies to Negative equity as well?
Why is the uptake so poor?
Masding: We wrote to them in 2015 and 2016
Mitchell: The range of reductions is from 0.2% to 0.8% depending on the LTV
We sent a free valuation voucher in 2015 and again in 2016. All they have to do is sign the form and send it back.
McGrath: Only 1/3 who are entitled to a reduction have applied. It's extraordinary and hard to understand.
1 in 3 has applied for the move from the SVR to the Managed Variable Rate.
51,000 customers are still paying 4.5%
Masding: 45,000 would be a fairer figure for technical reasons.
McGrath: 45,000 customers who are paying 4.5% could get a reduction. It applies to Negative equity as well?
Why is the uptake so poor?
Masding: We wrote to them in 2015 and 2016
Mitchell: The range of reductions is from 0.2% to 0.8% depending on the LTV
We sent a free valuation voucher in 2015 and again in 2016. All they have to do is sign the form and send it back.
McGrath: Only 1/3 who are entitled to a reduction have applied. It's extraordinary and hard to understand.
Last edited: