ECB Rate Cut

Elainee40 said:
we could only get it at the time (september 2007) as my partner had bad credit over Visa bills, which have all been cleared and cancelled before drawdown of the mortgage
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This is a major problem. Not commenting on Elaine40's case but I don't think people (particularly younger people) are educated enough about the serious long-term impact of running behind on debts.
 
Elaine,
Even in the present climate and if you have been paying a mortgage since Sep 2007 you should be able to get a better rate than 8.44% ....get shopping girl , may not be the easiest thing but should be possible .
 
Does anybody know if EBS are cutting their rates inline with Halifax and AIB?
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From breakingnews.ie -

EBS building society today confirmed that following the announcement of the planned reduction in ECB rates that the Society is decreasing its Standard Variable Rate by .5%.

This will bring the standard variable rate to 5.38%.

EBS tracker products will also reduce by .5%.

These changes will be reflected in existing members’ November mortgage repayments.
EBS tracker products will also reduce by .5%.
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That's nice of them isn't it !
 
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Thanks for the update Havealaugh, ah sure they are lovely people!
 
Seems breakingnews.ie knows more than PERMTSB own customer services..
[broken link removed]

09/10/2008 - 16:44:06
National Irish Bank and permanent tsb today confirm that they intends to pass on the full 0.5% interest rate cut announced yesterday by the ECB to its standard variable rate and tracker mortgage customers.

NIB’s rate cut will be effective from the Wednesday, October 15 for tracker mortgages and from Monday, October 17 for standard variable rate mortgages.

This will mean that the NIB standard variable mortgage rate will fall from 5.90% to 5.40%.

Permanent tsb bank’s headline standard variable rate will fall to 5.44%.

The reduction will save customers on a €300,000 mortgage approximately €95 a month.




Seems NIB & PTSB have joined the "We will give you what YOU are owed" Club ! ..such nice people
 
we have a sub prime mortgage with GE money and they are not reducing rates apparently, thats what partner was told when he phoned
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Knowing them they will put them up. They don't need a ECB increase to jack up the rates.
 
For any Bank of Ireland customers, the following appeared on their website yesterday:

Bank of Ireland today, Thursday 9th October 2008, confirms that it will pass on the full ECB rate decrease of 0.5% to our existing Standard Variable Rate (SVR) and Tracker Rate Mortgage customers. The new Standard Variable Rate will be effective on Monday 3rd November 2008 and the new tracker rates effective from Wednesday 15th October 2008.


That's just in time for my mortgage payment this month. Woo hoo!
 
Any idea if/when AIB will drop their rate for new fixed-rate mortgage customers?
 
simon333 said:
Any idea if/when AIB will drop their rate for new fixed-rate mortgage customers?
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Sorry, but I doubt very much that fixed-rate mortgages will see a drop. The whole point of a fixed rate is that it stays the same for a set period of time. Tracker and variable rate mortgages are the only ones affected by the fluctuating ECB rate.
 
Ok, but I thought the fixed rate offered to new potential (not yet sign up) mortgage customers might drop along with the variable and tracker rates.
 
simon333 said:
Ok, but I thought the fixed rate offered to new potential (not yet sign up) mortgage customers might drop along with the variable and tracker rates.
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Apologies - I thought you meant a fixed-rate mortgage that you had just signed up to. Dunno about new mortgages. It's a possibility, I suppose.
 
I wonder is it worth holding off signing mortgage agreement? Might a fixed rate come down? If I sign agreement now for a fixed rate, if their fixed rate changes before I draw down, which would I get?
 
You will get the rate that is available on drawdown. Fixed rates might come down or they might not. It's that open. Nobody knows.
 
Thanks. Just calculated that the variable part of my mortgage will reduce by €40 a month. If the fixed bit fell before drawdown that would be great
 

Celtwytch,

Can you post a link? I'm with BOI too and it seems to me that they have increased, slightly, some of their rates as and from 10th October (last week). [broken link removed]
 
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