Question....Do banks have to publish their rate changes in national news papers TV etc before they hike up their rates (fixed rates or variable) ?
I have my mortgage with ulster bank and I rang this morning to fix my mortgage because I heard the standard variable rate is going up. When i called I was told that the fixed rate went up on the 4th of Feb. Obviously I'm raging cause I missed the better fixed rate. I was sure when rates go up it has to well published before hand.
I had a good rant at the manager about the fact the standard variable was well published because people have no controle over that but I was told that the fixed rate change was announced on the 4th on went up on the 7th which was over the weekend. Sneaky!
I was also told that banks don't have to publish rate increases before hand only after the rate goes! I'm sure the girl on the phone was right but I just thought the central bank places these type of conditions on banks....
Raging and wanted to ask the question!
I have my mortgage with ulster bank and I rang this morning to fix my mortgage because I heard the standard variable rate is going up. When i called I was told that the fixed rate went up on the 4th of Feb. Obviously I'm raging cause I missed the better fixed rate. I was sure when rates go up it has to well published before hand.
I had a good rant at the manager about the fact the standard variable was well published because people have no controle over that but I was told that the fixed rate change was announced on the 4th on went up on the 7th which was over the weekend. Sneaky!
I was also told that banks don't have to publish rate increases before hand only after the rate goes! I'm sure the girl on the phone was right but I just thought the central bank places these type of conditions on banks....
Raging and wanted to ask the question!