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Latest interest rate reduction - when should it be passed on?

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  • 28-11-2011 10:44pm
    #1
    iPearly
    Registered Users Posts: 246 ✭✭


    Hi,

    I am on a tracker rate with permanent tsb. The ECB lowered the interest rate on Nov 3rd which should have decreased my payment. My mortgage came out today and there was no change in the amount? Does anyone know how long before the bank has to adjust my rate?

    Any input greatly appreciated


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    #2
    transam
    Registered Users Posts: 94 ✭✭transam


    i rang ptsb today , same story with my mortgage ....thay said that the rate will be reduced next month . when d rates go up we get a letter from them same week with d new repayment but when thay go down well .... not so fast..... sad bankers ...


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    ptsb rate reduction came into effect from the 21st November 2011...so wont be reflected until your December repayment


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    #4
    iPearly
    Registered Users Posts: 246 ✭✭iPearly


    It's disgraceful as to how long it takes them... Even the smallest amount of decrease means so much nowadays for so many... Thanks


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    #5
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    My payment to KBC was not reduced as of my payment of the 1st of December. So the November rate reduction will not come into effect until 1st Jan.


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    #6
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Pablo Sanchez wrote: »
    My payment to KBC was not reduced as of my payment of the 1st of December. So the November rate reduction will not come into effect until 1st Jan.

    Kbc's rate reduction only came into effect from the 1st Dec. All Banks can choose whichever date they want to actually implement the rate reduction


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    #7
    Liam Mac
    Closed Accounts Posts: 1 ✭Liam Mac


    Just checked my bank today...No reduction in Mortgage with PTSB, I'll be onto them tomorrow, they told me two weeks ago it would be reduced from 01/12...


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    #8
    marywary
    Closed Accounts Posts: 44 ✭marywary


    Its actually in the terms & conditions of your mortgage contract that mortgage provider has 60 days to pass on rate changes & most will pass on reductions/increases as quickly as they can within that timeframe.


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    #9
    SteoL
    Closed Accounts Posts: 1,545 ✭✭✭SteoL


    Liam Mac wrote: »
    Just checked my bank today...No reduction in Mortgage with PTSB, I'll be onto them tomorrow, they told me two weeks ago it would be reduced from 01/12...

    If rate change was to take effect on 01/12 it will be Jan payment that will be reduced. It will only start accruing at the lesser rate on 01 st.


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