Quick Question Re : ECB Rate Cut

[kceire]

sorry if this has been posted before, but i am with Bank of scotland with my mortgage on an ECB tracker. my introductiory (sp) offer was up last month so this month im back onto the standard tracker rate of 5.5%.

so when i heard about the the rate cut i rang BOS and asked when would is ee the rate change reflected in my mortgage payments and she said it will be reduced to 5% in the December payment.

so my quick question is : is 2 months the norm to wait before we receive the new "cut" rate?

thanks.

 

[rmelly]

I checked the wording for my mortgage over the weekend (different provider), it states a rate change will be applied within a month of an ECB change, so I expect to see it reflected in my November payment but realistically not my October one.

What do your terms & conditions say?

 

[kceire]

I checked the wording for my mortgage over the weekend (different provider), it states a rate change will be applied within a month of an ECB change, so I expect to see it reflected in my November payment but realistically not my October one.

What do your terms & conditions say?

i will double check them tonight, never even thought of checking the T&C of the mortgage.

thanks.