ECB Rate Cut

Any news on what First Active are doing?
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PaddyW
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#109
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09-10-2008, 05:30 PM
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Re: ECB Rate Cut
Oops, sorry. They're passing on the rate cut apparently!



Sorry, can I just check where you heard the rate cut would be passed on by First Active ? I cannot see anything on their website ? Nor have we received a letter.
 
Did AIB ever pass on the cut?

I would normally receive a letter from them any time the rate changes on my mortgage, but have got nothing so far.
 
Sorry, can I just check where you heard the rate cut would be passed on by First Active ? I cannot see anything on their website ? Nor have we received a letter.
Click to expand...

Was in with them today and queried it, the rate cut will be in effect from 1st November for Variable Rate mortgages.
 
any sign of Ulster bank cutting their rate haven't received any letter....
 
PTSB hope to apply this change to all variable and tracker rates by early November.


Just a query - does that mean they backdate i.e from the date it came in?!
 
Think AIB are trying to pull a fast one here.

I have a tracker rate mortgage and the monthly payment came out today. I fully expected that I would therefor some benefit from this months rate cut, with the full effect being received next month.

The payment was the same as last month. Contacted AIB who stated that rate had changed from close of Business on 21st, since ECB did not action rate cut until 15th and they had 5 days to action it. They agreed that given that I was due one day interest charge back, but since payments were already processed I was "unfortunate" it that it had been taken into account.

I have been reviewing this thread and it is clear that other banks have passed on the rate cut form the 15th. I will be following AIB up on this, but just to let others know. I guess AIB are hoping that for everyone that notices, only a handful will bother to follow up, and thats free money from them!!!!!
 
Someone I know who worked in banking for many years maintains that a bank's biggest asset is the apathy of the borrowers...accepting everything and questioning/pushing for nothing. Certainly true. I know in my case I question EVERYTHING to do with my mortgage and I know I cause them headaches...it took me 2 MONTHS of asking for them to send me out a letter outlining how they calculate my mortgage payments. Simple enough request, I would think, but it was only when I threatened the financial ombudsman that the letter was produced....
 
Meant to say that I did not threaten the financial ombudsman himself, but threatened to take my request to him, citing refusal of the bank to disclose to me how they calculated the money that I owed them.
 
Im hearing there is a strong possibility of another significant rate cut too. Wait for the spin from the banks so they can wiggle out of passing it on.
 
Leroy42 said:
Think AIB are trying to pull a fast one here.

I have a tracker rate mortgage and the monthly payment came out today. I fully expected that I would therefor some benefit from this months rate cut, with the full effect being received next month.

The payment was the same as last month. Contacted AIB who stated that rate had changed from close of Business on 21st, since ECB did not action rate cut until 15th and they had 5 days to action it. They agreed that given that I was due one day interest charge back, but since payments were already processed I was "unfortunate" it that it had been taken into account.

I have been reviewing this thread and it is clear that other banks have passed on the rate cut form the 15th. I will be following AIB up on this, but just to let others know. I guess AIB are hoping that for everyone that notices, only a handful will bother to follow up, and thats free money from them!!!!!
Click to expand...

I am in the same boat. I got an immediate letter in July when there was an increase. Mortgage has just gone out, and the rate change was not passed on. Not impressed. Presume they will then pass on in November, as well as the expected further decrease
 
was on to ptsb the other day about payment holiday for unpaid maternity leave and was told they have 30 days to implement the interest rate change. When/how much is the next rate cut expected to be?
 
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