NIB tracker mortgage- my repayment hasn't reduced in line with ECB cut?

Is there anyone else here with an NIB tracker mortgage that has had their repayments reduced in line with the ECB rate cut? I went in to my account this morn expecting to see the scheduled payment reduced but it is still the same as last month! Payment due to come out on the 20th of this month and as they normally pass on the increases within days of an annoucement am a bit wary that they don't seem to have passed this on yet. Anyone else see any reductions in their NIB tracker repayments?
Many thanks

I'm in exactly the same boat. Next payment on 20th does not reflect the 0.5% cut. Have rang them and I am waiting on a mortgage advisor to get back to me.

I hope no one minds if I hijack this thread to ask about BOI customers in a similar situation. My payment came out of my account on the 16th, but was exactly the same amount as it was last month. Going to phone the bank when I get a chance, but if other BOI customers have any information it would be greatly appreciated.

As mentioned earlier - the ECb rate change was only efefctive from Wed 15th - so you will probably have to give the bank a few more days at least.

The new rate came into effect on my NIB tracker on the 15th. Look at the "Terms" tab for your mortgage account in eBanking. My interest rate is now 4.25% and you can see the accumulated interest here as well. They may not have changed the monthly repayment yet but you you are getting the reduced interest rate.

Thanks for your replies. Interesting that they issue letters confirming an INCREASE within days of an announcement, yet give it a few weeks before passing on a decrease...grr

marshmallow said:

Thanks for your replies. Interesting that they issue letters confirming an INCREASE within days of an announcement, yet give it a few weeks before passing on a decrease...grr

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The terms and conditions state any changes in ECB rate will be applied within 3 working days. This has always been done regardless of it being up or down.

Mine too reduced to 4.25% on the !5th but I don’t expect to see the revised repayment until November.

The increase in early July was applied after 3 working days but the revised repayment applied from August.

My tracker mortgage with aib has not reduced either.they say from the 21st very annoying as my monthly payment due on 19th.All ecb increases in last couple of years have been applied in less than 5 working days, as it states in my contract!!

The main thing is (as I see it) that they change the rate at which interest accrues at the same date as the rate change (and to be fair, it looks that they did do that as best as I could check online); I'm not too bothered about the actual monthly repayment lags a little in reflecting the new rate (every extra euro you pay off now will save you interest in the long term).

Case in point:
I owe 295k with 21 years left to run, repayments at 4.75% are 1852 (to nearest euro). Repayments at 4.25% should be 1772 (again, to nearest euro). By keeping my payments at 1852 (in effect, overpaying by €80), knocks around 12k off the total paid to the bank and 17 months off the term.
If I were to throw in the TRS against the mortage too (soon to be €75, so overpaying by €155), that knocks off around 21k in interest and 31 months off the term.

My plan is, for as long as I can, to keep the payments up to a notional interest rate of 4.75 (what I've become used to paying) and chuck the extra at the mortgage. If the ECB were to reduce rates tomorrow by another 50 basis points, then my repayments would fall to 1693 and overpaying by €234 knocks nearly 4 years off the mortgage.

There are a good few online repayment calculators around, try googling "" and plugging in your numbers, see what you find.

Still no change in the scheduled repayment for November, has it changed for anyone else? Whatever about a time lag being beneficial I simply cannot understand why it is taking so long to reduce the monthly repayments when I know from memory the letters for a increase go out almost immediately. Was on hold with the mortgage dept this morn for 25 mins trying to get a short answer. Very frustrating.

Last Friday my payment pending for November was at the amount I have been paying since June.

Today, it has dropped so I guess they are finally updating their system.

Got my letter today, reduced payment taking effect from next month, but interest rate change was dated 15/10.

Here's hoping there's another cut [broken link removed]!

I got letter from NIB on Monday confirming the 0.5% rate cut to 4.25% effective 15-Oct-08. However the letter showed that my new REVISED monthly repayments had not changed. Repayment amount was the same as before rate cut.

I rang NIB and was told that this was a computer problem and that many customers got the same erroneous correspondence. They assured me that my repayments amount would now be amended in line with rate cut.

Not sure what to think !

Yakuza said:

My plan is, for as long as I can, to keep the payments up to a notional interest rate of 4.75 (what I've become used to paying) and chuck the extra at the mortgage. If the ECB were to reduce rates tomorrow by another 50 basis points, then my repayments would fall to 1693 and overpaying by €234 knocks nearly 4 years off the mortgage.

There are a good few online repayment calculators around, try googling "" and plugging in your numbers, see what you find.

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That's a very good idea. I might just take advantage of the interest rate drop myself and try to knock a couple of years off my mortgage too! Thanks for that, Yakuza.

I have my tracker mortgage with Ulster Bank. My payment date is the 1st of every month. They did not pass on the reduction this month. I called this morning to ask why and I was given a standard one liner about it not coming into effect until 01 December. When I pushed it further my name has been taken for an advisor to call me back. This will take between 24 - 48 hours. Is anybody else experiencing difficulties with Ulster Bank? I have a lot of problems with them.

@Be Nice. Yep, UB didn't pass on the rate drop this month. After a call, they mentioned something along the lines of 30 days to comply with this.

Of course, they comply within days when it's a raise in rates. Multiple swear words came to mind when I found this out today.

Well, I just checked my NIB online and the repayments have finallly reduced so my Nov payment is now at the lower rate, yippee!

Hi there, should I be receiving a letter then everytime my rate changes either up or down? I'm on an LTV Tracker mortgage with AIB and I don't think they've ever sent me a letter. Just wondering?