Interest rate change

[KAZZA]

My mortgae interest rate is currently 3.24% , have been put on a three day a week and money is now tighter. If approached, do the lenders ever reduce the rate on an individual basis or is it only reduced when the interest rates are reduced by the ECB.

 

[STEINER]

I can't see then reducing the rate for you, but you can always ask.

You may be able to lengthen the term or go for an interest only period.

 

[Commercial]

Banks won't reduce your interest rate. They will (a) put you on interest only for a period, until you get full employment back (b) extend the term or (c) work out a payment plan based on how much you can afford. If at all keep your rate that you are currently on, because they will more than likely increase it.
If you are on atracker do your best to keep this as it is a thing of the past. Good for the borrower, bad for the lender