A Question for People with National Irish Bank Mortgages?

[Butter]

Hi everybody,

I am sure that between everybody on AAM there is someone who can answer this question.....

Do you have a home loan mortgage on a variable rate with National Irish Bank?

If so, last year when the ECB dropped interest rates, did NIB pass on this interest rate cut on to you? The ECB cut rates on 21st Jan, 11th March, 8th Apr, 13th May.

If they did pass on the interest rate cut can you check or remember what the letter actually said about the change in interest rate being applied to your account?

If you could take the time to respond - I would be extremely grateful!

I should add that I'm a mortgage holder myself with NIB, but not on the standard variable rate, so I do not have this info.

 

[Protocol]

I have a variable tracker rate LTV mortgage from NIB.

Yes, they sent me a letter each time the ECB cut the rate.

Yes, the int rate and the repayment fell in line with the ECB rate.


I think you are asking about SVR mortgages??

 

[Butter]

Hi Protocol,
Thanks for the reply. I have the same mortgage myself as you have (variable rate tracker on LTV).
I am asking about the standard variable rate mortgage in particular and am especially interested in the language they used when informing customers of the cut in the interest rate.

 

[Butter]

Hi all,
Apologies for reviving this old thread.

I'm still interested in finding out if NIB sent a letter to anyone on the bank's standard variable rate last year about reductions in the interest rate of their mortgage; in line with reductions in the ECB interest rate?
If so can you tell me the wording about the interest rate reduction?
Thanks so much!

 

[twofor1]

As you know I have a variable Rate Home Loan with NIB.

3-4 weeks after each of the ECB reductions of July 08 – Jan 09, I received a letter passing on the reduction which was headed,

Notice of change in loan repayment amount on your Variable Rate Home Loan.

Reason: Change in interest rate.

Dear Mr Twofor1,

Please note that with effect from xx/xx/xxxx the revised monthly payment will be €xxx.xx. This amount will apply from the scheduled repayment date of xx/xx/xxxx. Please ensure sufficient funds are available………………….

The interest rate applicable to your loan is xx.xx%

This communication is for information only and does not alter the terms and conditions stated in your above numbered account.

If you have any queries…………………..

Yours sincerely,

 

[Butter]

^^^ Thanks for the response twofor1. That response would be as I thought as we know what happened after February 2009. I have similiar letters dated up to February 2009 too.
I wonder if any holders of mortgages for their PPR received a letter from NIB after February 2009 detailing reductions in their interest rate because NIB felt that it would be a good thing to do to offer a "special discount" to home loan mortgage holders? These "special discounts" happened to co-incide with reductions in the ECB interest rate. I'm especially interested in the wording of the letters detailing interest rate reductions after Feb '09.
Thanks!!!