ECB cut rate by .5%

Several banks operating in the Irish market have said they will pass on the half a percentage ECB rate cut in full to their tracker and variable interest rate mortgage customers.

Ulster Bank and Bank of Scotland Ireland said the new rates will come into effect from December 1, while earlier AIB said it would pass on the rate cut in full.

Bank of Ireland and ICS Building Society also confirmed today that it will pass on the full ECB rate decrease to its existing standard variable rate and tracker rate mortgage customers.
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From RTE.

Bank of Ireland and ICS are being careful in their wording after Niall Brady caught them out in last Sunday's Times for not passing on the last 0.5% cut to all variable rate customers.
 
Dave Vanian said:
From RTE.

Bank of Ireland and ICS are being careful in their wording after Niall Brady caught them out in last Sunday's Times for not passing on the last 0.5% cut to all variable rate customers.
Click to expand...

fair play to the banks that are passing these on....
 
dont quote me but do they not usually all follow one anothers lead (well when 3 or so have) especially with it being a bit contenious in the current climate
 
Will there be any affect on fixed rates?
My 2 yr fixed rate is up soon and i hear most banks arent giving new tracker/variable mortgages, so was wondering will be be a diff in fixed rates if thats what i have to go for?

Im with PTSB.
Thanks
 
andrea79 said:
Will there be any affect on fixed rates?
My 2 yr fixed rate is up soon and i hear most banks arent giving new tracker/variable mortgages, so was wondering will be be a diff in fixed rates if thats what i have to go for?

Im with PTSB.
Thanks
Click to expand...

They might not offer you a tracker but should offer you a variable rate.
 
Ok, stupid question, but whats the difference? sorry, im bit clueless when it comes to all this mortgage stuff.
 
Trackers are linked to the current ECB rate (your rate tracks at a certain percentage above the current ECB rate)

Variables are not linked to anything, and a bank can increase/decrease the rates as they see fit.
 
andrea79 said:
Will there be any affect on fixed rates?
My 2 yr fixed rate is up soon and i hear most banks arent giving new tracker/variable mortgages, so was wondering will be be a diff in fixed rates if thats what i have to go for?

Im with PTSB.
Thanks
Click to expand...

New fixed rate mortgages will probably be coming down as well as the cost of money in the markets is falling. A bank will always offer you a variable rate mortgage. Few banks are now offering trackers. When your rate is up decide if you want to fix again or if you are happy with a variable rate. Then shop around the various banks to get the best deal.
 
Ok great, so would a variable be better to go with than a fixed? do you have to specify how long you take the variable for?
Thanks again, sorry for all the q's.
 
I have a suspision that NIB did not pass on the last rate cut, never mind this one. Can anyone confirm this?
 
trackers have to get it passed on. I do know what a tracker mortgage is and I have one. ECB + 1.25% here so going down to 4.5 however Only getting it down to the 5% tomorrow from the last cut so we'll see how long it takes. Doesnt matter really because we have just started an underpayment and then payment holiday for my unpaid maternity leave but will likely overpay and pay what we are used to paying once we come off payment holiday to build up some credit on the account in case of rainy day/ future need to underpay
 
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