Many lenders benchmark their commercial mortgages against EURIBOR not the ECB rate so a reduction in the ECB rate will not affect your commercial rate.
In either case, lenders do not have to reduce their variable rates even if the ECB cuts rates or EURIBOR falls.
If you are on a commercial ECB tracker mortgage then you should have seen a reduction in your rate.
I have a number of buy to let mortgages with different Irish institutions and EBS is the only one not passing on the rate. I'm in the process of contacting my broker and then I'll be sounding off to EBS.
What's the point in having an ECB tracker mortgage if it doesn't track?
Tracker mortgages have to track - standard variable rate loans don't. You first post wasn't clear as to which the mortgage is. If it's a tracker - just contact EBS & ask when they will reflect change. Usually within 30 days of rate change being effective
They are being forced to do so because they over extended themselves and now have a lot of bad debts on their books. All other institutions played in the market at the same time and not all of them are in such a bad position - most are passing on the rate to their variable buy to let mortgage customers.
I am looking at moving - AIB is a strong contender
Yes its a variable with the EBS. I received a mail form them today stating that because of the high costs of borrowing money at the moment they are not passiing it onto Commercial loans.
I was going to move a few months ago and am regretting not doing it now.