Good news for tracker mortgages!

chris85

ECB rates decreased.

http://www.independent.ie/business/european/boost-for-homeowners-as-ecb-cuts-interest-rates-2925263.html

D1stant

Its only good news if it is passed on. I love the way Noonan says that he thinks Banks *should* pass this on..... er we own them Michael. Make them

jsd1004

D1stant wrote: »

Its only good news if it is passed on. I love the way Noonan says that he thinks Banks *should* pass this on..... er we own them Michael. Make them

It is for trackers

D1stant

jsd1004 wrote: »

It is for trackers

So? AIB, NIB and BOI have tracker products

Pataman

Knowing my luck Ulster Bank wont reduce them. And Mr Elderfield can do shag all about it.

chris85

D1stant wrote: »

Its only good news if it is passed on. I love the way Noonan says that he thinks Banks *should* pass this on..... er we own them Michael. Make them

I did say good news for trackers. They will get rates lowered on this.

rameire

remember people.
the ecb announced the rate today.
it is not implemented until next wednesday the 9th.
your bank then has the set period as outlined in your contract to reduce the rates, be it 7 days, 14 days or 31 days.

Fittle

Will this affect variable mortgages at all???

dobsdave

Fittle wrote: »

Will this affect variable mortgages at all???

Depends on your bank to be honest, its their choice.

Speak Now

Fittle wrote: »

Will this affect variable mortgages at all???

Yeah most likely when the rate goes back up .25% we'll be hit for it even though we never got the reduction :mad:

Pataman

As I thought Ulster are not passing it on to variable holders. This is just sickening. Ulster are one of the most expensive. Mad!!

chris85

PTSB have confirmed they will pass on rate drop to both tracker and variable mortgages.

gerrycorrigan

I'm with EBS, and was on a fixed rate for last 4 years til this month. I think it was 4.someting% or thereabouts. I knew it was finishing in Nov 2011, so was looking forward to a decent drop in the monthly repayment, especially having seen rates go so low in last 3 years. But then I get a letter last week to say that fixed rate term is finished and I'm now back to a variable rate of........4.99% which translates into a 200eu per month increase!
Do I have any right to appeal this increase, especially as the ECB rate is so low, and it went down today, and Elderfield is always saying that these decreases must be passed on.
Or is it a case that the only mortgage holders that have protection in this regard are fixed raters and trackers, and hence us variables are left to the mercy of banks and building societies who loaned recklessly and are using us to recoup some of their losses?
Would love any responses.

BostonB

4 yrs ago you should have picked/gambled on a tracker. Bad gamble on your part. Lots of people in the same boat. However you may have on out if you were originally on a tracker.

http://www.askaboutmoney.com/showthread.php?t=153377
http://www.irishkop.com/forums/showthread.php?t=10914

Bullseye1

Hopefully it is passed on to variable rate mortgage holders since they have been made the scape goats by the banks for giving so many trackers out.

lubo_moravcik

KBC bringing it in, effective from 1st Dec

Trampas

lubo_moravcik wrote: »

KBC bringing it in, effective from 1st Dec

and if it went up it will be effective straightaway

lpjonesy

There are about 200k tracker mortgages in Ireland but 777k mortgages . Most people wont see a reduction especially those with foreign banks such as Ulster bank.
I think rates should have gone up inflation is 3% in the EU ...bad call Mario

chris85

Trampas wrote: »

and if it went up it will be effective straightaway

Some are never happy.

Speak Now

lpjonesy wrote: »

There are about 200k tracker mortgages in Ireland but 777k mortgages . Most people wont see a reduction especially those with foreign banks such as Ulster bank.
I think rates should have gone up inflation is 3% in the EU ...bad call Mario

You think Draghi may have had access to more data than yourself?

cookie1977

Inflation is rising due to energy costs not consumer demand. If consumer demand isn't rising then economies are not growing. I think it was a good call by mario. More than trichet ever did to be honest.