Shared ownership - interest rate decrease?

B

Brooklyn

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Has anybody heard whether the ECB cut will be passed on to people with shared ownership mortgages?

My council will not give me an answer yet, they say they're waiting for instructions from the Department of the Environment.
 
Hi Brooklyn,
From experience they rarely make a decision immediately, the increases over the past few years have not been added on for at least a month after the ECB decision. I hope so though!!
M
 
They still haven't made a decision, this is ridiculous. My TD is going to put in a question about it (I would suggest others with shared ownership loans contact their TDs too). How can a mortgage lender that is effectively part of the government not pass on an interest rate decrease?
 
Hi Brooklyn,

I'm contacted the Government TD's in Dublin Mid West this afternoon requesting they raise a question with Minister Gormley re the decrease (with the exception of Mary Harney as her website is under construction and the PD's one didn't direct me to an e-mail address for her) I also contacted Minister Gormley as his Department have the ultimate decision.

Any other Shared Ownership Scheme mortgage holders out there want to join in and we may get a chain thing going?

M
 
Last edited:
gillarosa said:
I'm contacted the Government TD's in Dublin Mid West this afternoon requesting they raise a question with Minister Gormley re the decrease
Click to expand...

Well done,
I wouldn't limit it to the Government TDs though. Any TD can put in a question, and I've found that opposition TDs are more likely to adopt your question as a "cause" :)
 
The reply came back, totally non-committal, said that the Housing Finance Agency sets the rate and it is "generally" adjusted in line with the ECB.

In other words the Minister isn't going to do anything :mad:

Has anybody else heard from their Council?
 
Hi Brooklyn,
No decrease of the rate in South Dublin Co. Council either! and zero response from our local TD's. In fact the sole response I have received was from John Gormley's office acknowledging receipt and advising that as the issue was more specific to the Housing and Urban Renewal Section of the Department my e-mail was forwarded to Michael Finnerton TD...who has not responded.
I guess its not an election year!!
M
 
I phoned DCC and they said it "will" be passed on but they're waiting for instructions to pass it on. I guess we just have to wait and see...
 
Good news! I got a letter from the Council yesterday saying that the initial .5% decrease will come into effect as of December 1st.

Hopefully the second decrease will come in after that...
 
South Dublin have informed us of a decrease effective 1/12 to 4.75%
equating to an APR of 4.85%.....any other Local Authorities made an announcement? I do presume this is their response to the first .5% ECB decrease and not to the accumulative 1% decrease to date.
 
Good news, December decrease of .75% will be applied as of Feb 1.

No decision yet on January decrease.
 
Thanks Brooklyn,
Have you just received the confirmation? I'm with South Dublin CC and was just thinking yesterday that I'd have to recommence the letter writing as we haven't had our decrease for either of the last two ECB decisions!!! What is the rate you will be repaying at from Feb 1st?
M
 
I haven't received anything but the Minister confirmed it in the Dáil on Tuesday. Can't remember the rate off the top of my head. All the councils should be on the same rate though.
 
More good news, the January cut is being passed on. I made a note of the rate this time :) it's going down to 3%.
 
Just got a letter yesterday stating that the interest had dropped by 0.75% to 3.5% so now it's dropping again? I assume this will reflect of the March payment.

Great news.
 
nathan210705 said:
Just got a letter yesterday stating that the interest had dropped by 0.75% to 3.5% so now it's dropping again? I assume this will reflect of the March payment.

Great news.
Click to expand...

Which Local Authority are you Nathan? I don't have the letter to hand but I thought the last reduction by SDCC brought ours to 3.5% which was dating from changed to ECB during December and applied to payments from February 1st. But don't quote me on that!! I'll have to dig the letter out and confirm.
 
I'm with DCC. I got the letter yesterday basically the same as what you said down by 0.75% to 3.5%.

Has anyone confirmed the mentioned cut to 3% with DCC?
 
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