ECB Rate Cut

I pay my mortgage (tracker) at the start of the month. Will I see the 0.5% cut in my Nov payment or will I have to wait till Dec?
 
Would be nice. Anyone AIB will reduce their fixed rate on this news? Have currently been quoted 5.2% fixed but have not drawn down yet.
 
Good news......for those in debt.

You never know some people might breakeven after the budget next week now!!!
 
aristotle25 said:
You will see it in the Nov payment.
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I think it depends on the bank. When the interest rates went up in the summer it took us about two months before we got increased payments, they said it would be the same if rates went down. Whereas with my old mortgage they used to be applied at the next payment.
 
aishling99 said:
I think it depends on the bank. When the interest rates went up in the summer it took us about two months before we got increased payments, they said it would be the same if rates went down. Whereas with my old mortgage they used to be applied at the next payment.
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Were you on a variable mortgage perhaps?

If you are on a tracker it should take effect now.
 
aishling99 said:
I think it depends on the bank. When the interest rates went up in the summer it took us about two months before we got increased payments, they said it would be the same if rates went down. Whereas with my old mortgage they used to be applied at the next payment.
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As long as they are consistent. I wouldn't put it past the banks to pass on raises straight away but delay the cuts :rolleyes:
 
aristotle25 said:
Were you on a variable mortgage perhaps?

If you are on a tracker it should take effect now.
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nope both times they were tracker mortgages, just different banks. The change in interest might have taken effect immediately, but the direct debit amount didn't change for two months.
 
aishling99 said:
nope both times they were tracker mortgages, just different banks. The change in interest might have taken effect immediately, but the direct debit amount didn't change for two months.
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Bizarre, maybe depends on the terms of your mortgage but at least with NIB the changes take effect straight away.
 
aristotle25 said:
Bizarre, maybe depends on the terms of your mortgage but at least with NIB the changes take effect straight away.
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yep is a bit strange and slighly annoying but as long as they are consistent with rates going up and down then its not too bad. I won't be moving from them anyway :)
 
I pay my mortgage (tracker) at the start of the month. Will I see the 0.5% cut in my Nov payment or will I have to wait till Dec?
Click to expand...

I pay mine around the 10th of each month, I'll hardly see the reduction this month ?? Is the reduction effective immediately ?
 
its bank of scotland and its all in their terms.

In the event of an increase or decrease in the published European Base Rate (European Central Bank Main Refinancing Operations Minimum Bid Rate) we will require up to one month from the date of such increase or decrease to fully implement any amendment to our rates.

and then
We will give you notice of any change in the rate at which interest is to be charged. The interest rate applied to the Loan will be altered with effect from the date specified in our notice. A new interest payment/repayment instalment will be requested with effect from the next monthly payment date after the end of the month in which the alteration in the interest rate occurs.

not as nice as the immediate effect one, but once its consistent it should hopefully even out.

So I guess most people will see the effect in their next payment, but not everyone.
 
aristotle25 said:
But that means the bank owe her money back?
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Yeah, they'll reduce it off her final instalment in June 2035.

Ah no, to be serious though, my 14th of each month repayments didn't increase until 14th August following the increase on July 3rd, so maybe hers is just a more extreme example of that if you know what I mean.
 
FTSE & DOW futures both falling

Well that co-ordinated rate cut hit the spot.

Try another another .5% percent tomorrow?
 
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