ECB Rate Cut

[adox]

According to RTE website:

Halifax /Bank of Scotland says only customers with variable loans incorporating the bank's 'price promise' element will see the reductions passed on


Mine started out as a fixed loan but became standard variable a few months ago, I've no idea whether I will get the cut, as I don't know whether my loan has the "Price Promise" element, whatever that is..!

I presume that Halifax havent passed on this latest cut at all to variable customers?

I`ve just changed my mortgage to them in the last few weeks as my last provider was passing on very few of the recent rate cuts. Now they have stopped passing them on lol.

Still a much cheaper rate than my last provider though.

 

[candyman]

aib are passing on the cut to variable owner occupiers

Surely AIB have to pass this cut onto its existing tracker mortgage holders no?

 

[Guest116]

To tracker mortgage holders? - Yes they have to. Unless there is a clause in the mortgage contract stating a floor for the rate, but I don't think there is.

 

[rameire]

I think its crazy that banks are so slow to pass on rate cuts. I think EBS said they are passing on the lastest cut

please be advised,
the rate reduction announce on the 7th of may, was not implemented by the ecb on that day.
the new rate is only applicable on the ecb system from today.

so if your contract for a tracker says the rate will be reduced within 7, 10, 20, 30, 60, days of a rate reduction, they have from now till the period outlined in the contract expires to reduce your rate.