NIB pass on interest rates - At Last :)

Y

yop

Registered User
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Just reading there that NIB are to pass on the interest rate cuts, thats not a bad thing as my offset rate went up last month!!

So is now a rate of 5.15% down from 5.65%, I know a few here were wondering.

 
My experience with my NIB LTV tracker mortgage:

1 ECB rate cut to 3.75% announced on Wed 8th Oct.

Letter from NIB dated 16th Oct
Rate cut to 3.75 + 0.50, effective from 15th Oct
Effective from repayment due on 28.10.08.

2 Second ECB rate cut, to 3.25%, announced on Thur 6th Nov

Letter from NIB dated 13th Nov
Rate cut effetive from 12th Nov. Effective from repayment due on 24.11.08.
 
It did not mention the LTV in the newspaper, thats why I suppose!

What is the rate on the LTV currently?
 
The margin depends on your LTV.

The lowest margin was 0.50, then 0.60, then 0.80, I think.

Of course, these margins are not available anymore.
 
For NIB ECB trackers, I believe the rate cut has to be applied withing 7 days (think I saw this in T&Cs but cannot dig it up at the moment).

Yesterday's ECB rate-cut by 0.75% takes effect on 10-Dec-2008. So NIB will certainly pass it on by 17-Dec-2008, regardless of when you get the official communication from them.
 
well they still havent passed on the cut to me yet, my payment came out today and its no lower than Oct or Nov. So as of yet the Offset have not seen any cuts
 
I just checked the interest rate applying on my mortgage online, it was 3.75% yesterday, it's 3.00% now, and the day not even two hours old. I expect to get a letter in the post soonish with the new repayment on it for January, but as I've said on another thread, I'm not too bothered if the payment decrease doesn't kick in yet, as long as the interest rate change is reflected, which it has been
 
Yeah, mine is now down to 3%.

I agree the most important issue is to get the benefit of the reduction from today.
 
Excellent, my rate is down to 3% today, it was showing 3.75% yesterday.

I was wondering about this as I was reading that some of the banks have T&C that dictate they wouldn't drop the rate below a certain threshold even on a tracker mortgage. I couldn't find anything on this with my loan and it certainly seems that the threshold hasn't been reached yet, if one exists.
 
If there is nothing in the terms and conditions of your mortgage about a threshold level then you have nothing to worry about.
 
I got my third letter from NIB today.

The ECB announced the rate cut from 3.25 to 2.50% on Thur 4th Dec, effective from Wed 10th Dec.

The NIB letter is dated the 10th Dec, and says that my new repaymnet will be effective from 10th Dec 2008.

So fair play to NIB, they pass on the rate cuts straight away.

My LTV tracker rate is now 2.5 + 0.5 = 3%.
 
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