BOI not passing on ECB drop to mortgage customers

I

irishlinks

Guest
BOI stated in October that they would pass on the ECB 0.5% rate cut in full (they were one of the first to announce they would) See
The BOI variable rates have changed as of today - but only by 0.3%.
Is it any wonder people don't trust the banks?
They must think we are all stupid .
 
Same with AIB. Rang last Tuesday to inquire and was told I'd hear back by end of week. No response yet. I'm on Tracker mortgage
 
That may well be, but they have not notified this customer of the new monthly repayment based on recent ECB cut. When rates increased in July, I was notified within days..
 
Some lenders only need to inform their customers of a rate increase (so the customer can make sure there is enough in the account for the increased payments). Maybe AIB has such a condition.
 
My rate has been reduced. AIB have not written to me to confirm - but then they never once did when the rates were increased either. And my contact details with them are up to date.
 
I am with BOI tracker and got the reduction, we got a letter from branch last week, and payment went out on Monday at €100 less than last month. I would ring your branch. We have our tracker nearly 3 years, maybe it depends how long you have it?
 
My original point was that BOI had not decreased variable rates for existing customers by 0.5% - as they promised they would. I was not talking about trackers - they have to cut those .
 
BOI must pass on the full rate reduction on a tracker mortgage.

On the variable rate mortgages, they are just passing on 0.3% (not the 0.5% as they promised)
 
Last edited:
I have tracker mortgage with TSB and my payment came out today without the reduction!!
 


My mortgage with BOI went on the 3rd and there was no rate decrease.. Should it have happened with this months payment..

As for only dropping by 0.3% it will be bye-bye from me to BOI at the first available opportunity, once my discount rates run out..
 
tipping said:
My mortgage with BOI went on the 3rd and there was no rate decrease.. Should it have happened with this months payment..
Click to expand...

For variable rate mortgages, it only became effective on 3 November, which is why your payment wasn't lowered this month.

That's disgraceful that they have backtracked and are only lowering the variable rate by 0.3%, after initially saying that they would pass on the full rate cut.
 
Just spoke to my lender - ICS.

They stated when I rang them last month that they would be passing on (most) of the interest rate reduction.

When my payment didn't reduce this month I rang again only to be told that the rate reduction was only taking effect from 1st December.

Still, to quote the TV ad, they probably have to pay for the bubbly at the shareholders meeting this month!
 
Seems to me banks are loosing all you finacial info at the moment, soon as you make a comment to that they get rude. If you want your mortgage adjusted as they promised to do they are rude, any query more rudeness.

If you are in business and do the same as the banks we will all be out of business is there anything we can do as in population wise. Or do none of us have th guts (that includes me) to do anything!!

Is it not about time we stand up against the banks!!!
 
irishlinks said:
My original point was that BOI had not decreased variable rates for existing customers by 0.5%
Click to expand...

You are talking about variable rate. AFAIK, it is at their discretion to pass in full, partially or not at all the rate change.
This is why i can not understand why people were still getting variable rate instead of tracker mortgages when these were widely available.
 

I realise that they don't have to lower variable rates - but BOI released a press release (linked in my original post) saying they would pass the decrease in full on to existing variable rate customers - and as far as I can see they didn't do that.
 
You must log in or register to reply here.
Menu
Log in
Register