Interest Rate reduction on invest. prop

M

Maid Upname

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The Bank (AIB) that we hold our 2nd mortgage with hasnt passed on its interest rate reduction to us (past 3 times) .... could anyone advise if this is correct procedure for investment mortgage ?
Thanks
 
You haven't said whether your mortgage is variable/fixed. In any case, even with a variable rate mortgage, banks do not have to pass on interest rate cuts.
 
NIB have passed on last years 3 reductions to standard variable rate investment mortgages, they have also said they will pass on last weeks reduction, but might not pass on any more after that. Their current rate without last weeks reduction is 4.15%

I would have thought AIB would have passed on at least some of the recent reductions.
 
BOI have not been passing the rate cuts on to their R.I.P products either. Variable rates currently at 5.2/5.3% - more than 3% above ECB.
 
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