# Property Investor PTSB Tracker RIP Mortgage - ANSWERED - It is passed on to RIP



## Cityliving (10 Nov 2008)

Hey all,

Reading on the site

"We are pleased to announce that all of our existing variable and tracker *residential *mortgage customers will benefit by the full 0.5% ECB rate reduction. The reduced rates will be effective from Friday 5th December."

What about RIP mortgages. I have an investment mortgage that is tracker - ECB + 1.05% and I`m wondering are they somehow not giving it to investors?

I was sold the mortgage on this basis and I think that if there are some fine print way of dodging it that has got to be unreasonable as the overwhelming majority of people would not understand that and surely the Financial Regualtor deals in fairness?

Very worried.


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## sandrat (10 Nov 2008)

*Re: Property Investor PTSB Tracker RIP Mortgage - Are banks dodging the cuts??*

what did they say when you rang them?


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## Dave Vanian (10 Nov 2008)

*Re: Property Investor PTSB Tracker RIP Mortgage - Are banks dodging the cuts??*



Cityliving said:


> What about RIP mortgages. I have an investment mortgage that is tracker - ECB + 1.05% and I`m wondering are they somehow not giving it to investors?


 
They must pass on any ECB cuts on an ECB tracker mortgage, unless they change the rate that your mortgage is tracking from ECB.  If they do that they will have to notify you.

The delay in passing on rate cuts has been discussed elsewhere on this forum.


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## Cityliving (10 Nov 2008)

*Re: Property Investor PTSB Tracker RIP Mortgage -ANSWERED*

I spoke to them today. 

The guy on the phone said that as I have a tracker it doesnt matter that it is an investment mortgage it will still track the ECB rate.

Good news for all investors!!


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## keeptabs (10 Nov 2008)

*Re: Property Investor PTSB Tracker RIP Mortgage -ANSWERED*



Cityliving said:


> I spoke to them today.
> 
> The guy on the phone said that as I have a tracker it doesnt matter that it is an investment mortgage it will still track the ECB rate.
> 
> Good news for all investors!!


 
*Its good news for Investors with Tracker loans ONLY* ... ithe Variable rate and Commercial loans are unlikely to see the rate come down... 2 rate cuts in the last 6 weeks have not and are not likely to be passed onto my BTL loans...


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## fifi27 (19 Mar 2009)

Hi all

I have a residential tracker mortgage my rate is currently 2.75%. The property is being rented out, I have stopped the trs on my mortgage. I need to change to one of these residential investment mortgages, as the max term is 25 years will I see a big increase on my monthly payments as my current mortgage is over 35 years? 

Would it be bad if I was to leave it the way it is and say nothing? I actually didn't know I had to change my mortgage I thought once I cancelled the TRS I was ok, I will be seeking professional advice to make sure I have not missed out on anything else?

Also do you think now would be a good time to fix if you have a rental property since the rates are low??

Fi


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