Should the recent ECB Deposit rate cut have been passed on to me?

[Notmadeofmoney]

Hi.

I have a tracker mortgage which was sold to pepper finance by Leeds building society last year.

Given the recent ECB rate cut should I expect my rate to come down?

I rang Pepper yesterday to enquire as I had not received a rate change letter from them as I would have done in the past from leeds and the advisor couldn't tell me anything.

She said she would enquire with a manager and ring me back next week..

Any thoughts?

Thanks!

 

[Lightning]

The ECB cut the ECB deposit rate but not the ECB refinance rate.

Tracker mortgages are based on the ECB refinance rate.

Hence, you are not entitled to a rate reduction.

 

[Notmadeofmoney]

Ahh... right... thanks for the quick reply.. shows I should have paid more attention.. I heard ECB rate cut and didn't listen to the details... no wonder the advisor at Pepper appeared confused