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

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!

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.

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