No.Can anyone tell me if the ECB interest rates went up in September?
If it's a standard variable rate mortgage then they can probably change the rate whenever they choose (check the terms & conditions of the loan to find out) but this will often be in response to ECB rate changes. Maybe you lender is only passing on the June ECB rate hike now?I have been told that they didn't but my mortgage company put our mortgage up €100 "due to the ECB increase" (I'm on a variable rate). Can the banks only increase their rates if the ECB goes up or can they increase at their own leisure??
They did increase the rate in June and have always hiked the rate from the 1st of the month when ECB changes unfortunately. It is very concerning that they put up the interest rate in Sept as they have only ever done that when the ECB changed. I am worried that this will become a regular occurance and the ECB freeze will be of no help to us. We are currently paying approx. €400 more per month than we were this time last year!!
See we're screwed because we're with a sub lender (Start Mortgages) and are trying to switch our mortgage to a bank at the mo to get away from the now 8.050% rate we're paying now. We have to stay on a variable rate to avoid any ridiculous charges for paying the mortgage off early to switch to another bank. We've been with Start for 12 months but the other banks are saying we have to be with Start 24 months before they will consider our remortgage! God knows what we'll be paying in 12 months time with all these increases!!
See we're screwed because we're with a sub lender (Start Mortgages) and are trying to switch our mortgage to a bank at the mo to get away from the now 8.050% rate we're paying now. We have to stay on a variable rate to avoid any ridiculous charges for paying the mortgage off early to switch to another bank. We've been with Start for 12 months but the other banks are saying we have to be with Start 24 months before they will consider our remortgage! God knows what we'll be paying in 12 months time with all these increases!!
Same link in my first post above.ECB Rate history here
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