NIB Tracker and Rate Rise

B

blendedblue

Registered User
Messages
6
Hi,

I have a NIB LTV Tracker mortgage.
My mortgage interest rate increased in April as expected by 0.25% (I can see the change in online banking details and by the interest amount charged), however my payment has not increased nor have I been notified by NIB.

My mortgage is about 4 years old and I have overpaid around 5,000 to date.Would this be the reason why the payment has not increased?

In any case, does your bank have to notify you by letter of an interest rate change?

Has anyone else with NIB had their payment changed and/or have they been notified?

Thanks,

BB.
 
Im in exact same boat wouldnt imagine it is anything to do with the overpayment.
Everyu rate change before , a letter was posted so assuming hasnt been raised yet dont kno why though
 

I believe the rate rise kicks in for May payment and you should get a notification. Slim
 
blendedblue said:
Has anyone else with NIB had their payment changed and/or have they been notified?
Click to expand...

I also make overpayments on my NIB Tracker.

In my case anyway, when the interest rate changes, up or down, they recalculate - current balance over the remaining original term at today’s interest rate.

I received an email and a letter on 4th & 5th May advising the new reduced monthly repayment effective from 13/05/11 which will apply from the next scheduled repayment date.

When my required repayment goes down, I increase my overpayments.
 
Also with NIB on a tracker. I made an lump sum payment in Feb and when I did this I also chose to keep paying the same amount thus overpaying. I have not received anything about rate rise and no increase has appeared on my on line banking. I am assuming that they have recalculated what is owed over the original term and that it is still less than what I am currently paying.
 
I got a letter from KBC. They have updated my interest rate from 1st of May and are adding on interest accrued from April 16th to my next payment.
 
niceoneted said:
I am assuming that they have recalculated what is owed over the original term and that it is still less than what I am currently paying.
Click to expand...
Am in the same situation, and got the rate change letter from NIB today.

Rory
 
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