ECB cut rate by .5%

These cuts need to be passed on to new homebuyers too - if the housing market is to get moving again. Passing on to existing customers is great - but the first time buyers could do with a reduction too.
PTSB dont appear to have cut variable rates for new customers at all since the summer (stiill 5.94)
BOI and ICS didn't cut variable rates for new customers last time by the full 0.5% just ny 0.3% - whilst AIB Halifax , EBS, NIB IIB BOS did cut them by the 0.5% for new customers .

Also - we can't expect all the lenders to move variable rates exactly in line with ECB rate cuts . Some lenders already have lower variable rates than others - so a further cut for them will be harder than for others.

Woopy Do for EBS passing them on...any word on IIB/KBC?

Anyone able to do a quick calc and tell me how much i will be better off when the next cut is applied.

Rate is 1.1% above ECB

30 year term on €310,000

Or is more info required.

Cheers
SB

irishlinks said:

These cuts need to be passed on to new homebuyers too - if the housing market is to get moving again.

Click to expand...

I don't theink the ECB is particularly concerned about the housing market. They cut interest rates to encourage business to invest and grow, not really to encourage people to buy houses. Much of our present woe is due to an over-reliance on 'the housing market'.

St. Bernard said:

Anyone able to do a quick calc and tell me how much i will be better off when the next cut is applied.

Rate is 1.1% above ECB

30 year term on €310,000

Or is more info required.

Cheers
SB

Click to expand...

http://www.jeacle.ie/mortgage/

murphaph said:

I don't theink the ECB is particularly concerned about the housing market. They cut interest rates to encourage business to invest and grow, not really to encourage people to buy houses. Much of our present woe is due to an over-reliance on 'the housing market'.

Click to expand...

in fairness i think the poster was on about its implications in Ireland only...

Gmac said:

http://www.jeacle.ie/mortgage/

Click to expand...

Thank u

I have a tracker with First Active (ECB + 0.9%) and I got a letter since the last cut to say it would come into effect until November payment - unfortunately my payment date is 28th of the month so this new cut won't affect me until nearly January. Pity they don't put it into effect immediately and adjust your next payment accordingly for the amount of days since rate changed.

MentalNote said:

Irish Times is saying PTSB are passing on the full cut for variable and tracker mortgages.

[broken link removed]

Click to expand...

The article doesn't state when they will pass it on though . Perm TSB hasn't passed on the previous one yet, the crooks.

PTSB Website states ECB Cuts will be applied to all Var & tracker ...

[broken link removed]