More interest rate cuts :)

Fatloss08

another .75 % knocked off so thats €43 per every €100k borrowed

happydays

providing you still have a job

nouveau_4.0

Will these cuts be passed on by the banks in full?

How long before the banks pass on the interest rate cut?

Paulw

nouveau_4.0 wrote: »

Will these cuts be passed on by the banks in full?

Hopefully

nouveau_4.0 wrote: »

How long before the banks pass on the interest rate cut?

Probably 1-2 months, depending on when in the month your mortgage is paid.

pebbles21

nouveau_4.0 wrote: »

Will these cuts be passed on by the banks in full?

How long before the banks pass on the interest rate cut?

yes how long does it take ????????? im with bank of scotland and they havnt passed on any interest rate cut to me at all since they started to go down but were quick enough to put it up when the rate went up:mad:

ntlbell

pebbles21 wrote: »

yes how long does it take ????????? im with bank of scotland and they havnt passed on any interest rate cut to me at all since they started to go down but were quick enough to put it up when the rate went up:mad:

It takes as long as it takes.
all banks will be different contact yours for clrification

Fatloss08

as far as i know its instant , so if u have just paid u have to wiat till next month

dny123456

Not instant.... I got the first rate cut (which was announced 3 months ago), just 2 weeks ago. The next two will probably kick in the next two payments. The announcement happens before the rate goes active and then the bank have I think around a month in which to pass it on. Also there's the timing of your actual repayment.

I'm on a tracker with AIB.

Moonbeam

Depends if your mortgage is tracker or variable too.

Fatloss08

dny123456 wrote: »

Not instant.... I got the first rate cut (which was announced 3 months ago), just 2 weeks ago. The next two will probably kick in the next two payments. The announcement happens before the rate goes active and then the bank have I think around a month in which to pass it on. Also there's the timing of your actual repayment.

I'm on a tracker with AIB.

well im on aib trackers also

and i had first rate cut instant and then 2nd one just there on wed , and will get third on 4th jan when my next mortgage repayment is due

sunnydelight

Fatloss08 wrote: »

another .75 % knocked off so thats €43 per every €100k borrowed

happydays

providing you still have a job

Hi

i am only new to all this my frist morg, repayment is this month, and i was very luck to get the tracker rate. when you say 43 euro per 100k does it make a difference how long your morg is for eg: 35years and if its a 100% or like 80%? hope i am explaining myself properly

The_Conductor

sunnydelight wrote: »

Hi

i am only new to all this my frist morg, repayment is this month, and i was very luck to get the tracker rate. when you say 43 euro per 100k does it make a difference how long your morg is for eg: 35years and if its a 100% or like 80%? hope i am explaining myself properly

No the term doesn't matter- interest is charged on a monthly basis on the outstanding amount owed on the mortgage. The rate of interest is whats changing- not your capital repayments. A .75% reduction in interest rates is a reduction of EUR750 per year per 100,000 owed- divided by 12 you get a monthly reduction sum of around EUR60 per month (if the whole .75% is passed on).

Its actually quite an easy calculation.

BendiBus

smccarrick wrote: »

No the term doesn't matter- interest is charged on a monthly basis on the outstanding amount owed on the mortgage. The rate of interest is whats changing- not your capital repayments. A .75% reduction in interest rates is a reduction of EUR750 per year per 100,000 owed- divided by 12 you get a monthly reduction sum of around EUR60 per month (if the whole .75% is passed on).

Its actually quite an easy calculation.

Yes, per 100K owed, not borrowed.

The_Conductor

BendiBus wrote: »

Yes, per 100K owed, not borrowed.

Lol- yes, perhaps I should have bolded that myself.....