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Bank of Scotland/Halifax tracker mortgage query

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  • 06-12-2011 6:38pm
    #1
    Kashkai
    Closed Accounts Posts: 3,399 ✭✭✭


    I'm on a BOSI/Halifax tracker mortgage which is paid on the 20th of each month. The ECB dropped its rate last month but I've yet to hear when my bank will be cutting my tracker rate in line with the mortgage agreement, i.e. I presumed it would be cut for this month's repayment. However I haven't received any letter from them to announce the cut. I tried to ring them but I was put on hold several times and cut off. Has anyone an idea when the rate is due to drop?


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    #2
    rameire
    Registered Users Posts: 4,117 ✭✭✭rameire


    in the next week, and it will show for dec payment

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #3
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    I've rang twice to enquire as I'm in the same boat as you. This months payment has already gone out without any reduction.

    The first time I called they told me a letter was posted to me on Nov 30th and should be with me soon(although it still hasn't arrived. I rang again today and the girl I spoke to said that it would only be sent out this month and the rate cut wouldn't come in to effect until January as they have a 60 day notice for any rate change!

    With regard your phone call, I got through both times within two to three minutes. It was a 1800 number I found on my last mortgage statement.


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    #4
    rameire
    Registered Users Posts: 4,117 ✭✭✭rameire


    60 days.
    swines

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #5
    baddebt
    Registered Users Posts: 691 ✭✭✭baddebt


    Prosperous Dave wrote: »
    I'm on a BOSI/Halifax tracker mortgage which is paid on the 20th of each month. The ECB dropped its rate last month but I've yet to hear when my bank will be cutting my tracker rate in line with the mortgage agreement, i.e. I presumed it would be cut for this month's repayment. However I haven't received any letter from them to announce the cut. I tried to ring them but I was put on hold several times and cut off. Has anyone an idea when the rate is due to drop?


    BOSI/HALIFAX are very slow to send out there letters , I'm also on a tracker with them ...they have stated in the media that they are passing on the cut , so we should see it in this months mortgage


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    #6
    gc1971
    Closed Accounts Posts: 13 ✭gc1971


    Prosperous Dave wrote: »
    I'm on a BOSI/Halifax tracker mortgage which is paid on the 20th of each month. The ECB dropped its rate last month but I've yet to hear when my bank will be cutting my tracker rate in line with the mortgage agreement, i.e. I presumed it would be cut for this month's repayment. However I haven't received any letter from them to announce the cut. I tried to ring them but I was put on hold several times and cut off. Has anyone an idea when the rate is due to drop?

    I was talking to them today about it. They said it will be passed on next month so with the next reduction on Thursday (hopefully), it will mean you'll see the cuts in January and February.


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    #7
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    I've deleted a load of off-topic/nonense. Keep it on the thread topic folks.


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    #8
    Kashkai
    Closed Accounts Posts: 3,399 ✭✭✭Kashkai


    Thanks for the replies.

    Am I wrong or do they put up the rates quicker than they take them down?


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    #9
    gc1971
    Closed Accounts Posts: 13 ✭gc1971


    Prosperous Dave wrote: »
    Thanks for the replies.

    Am I wrong or do they put up the rates quicker than they take them down?

    I'm pretty sure they do. It never seems to take 2 months when the rates go up.


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    #10
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    Well eventually got a letter from them yesterday confirming that the rate was being reduced from December 1st and that it would come in to effect on January 1st.:eek:


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    #11
    millie81
    Registered Users Posts: 23 ✭millie81


    Can I ask are they not supposed to pass on the rate cuts immediately? My brother has a mortgage with AIB and got the letter about the rate cut a week after they were announced by the ECB-Im in the same position as everything above with BOSI-and still havent got a letter about the first cut!


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    #12
    Shanek320
    Registered Users Posts: 15 ✭Shanek320


    Hi there. My tracker is also paid on 20th of each month. I don't remember them being this slow with the payment reduction before. I must have a look through my previous statements and see how long it took before. I have a feeling the rate increases were implemented immediately.

    What a pain in the proverbial, however at least the reduction will be in by next month going on what people have posted here.


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