Bank of Scotland tracker query

Kashkai

I can't get through to this shower with whom I have my mortgage. The ECB cut their interest rate at the beginning of July but I still haven't heard from BOS when they will be reducing my tracker rate in line with the ECB cut. My mortgage comes out on the 20th of each month and so I would have expected that I would have heard from the bank by now that my next repayment would be reduced.

Anyone else with BOS and have you heard from them re. the interest rate cut?

[Jackass]

Within the regulation, lenders are given a time frame to implement the rate change effective on the account (something like 28 business days after the rate change, but open to correction on the exact time frame), so they may delay it by one month before applying it, which would be the end of this month, and also, mortgages are usually paid 1 month in arrears (i.e. your payment at the end of the month is for the previous month...)

So the rate might only change on your account at the end of this month, but wont be reflected until your repayment next month (Septembers payment).

They'll surely write to you to confirm it, but I'd say it'd be your September payment before you see the reduction in payment.

Shane Fitz

[Quote=[Jackass];80181455]Within the regulation, lenders are given a time frame to implement the rate change effective on the account (something like 28 business days after the rate change, but open to correction on the exact time frame), so they may delay it by one month before applying it, which would be the end of this month, and also, mortgages are usually paid 1 month in arrears (i.e. your payment at the end of the month is for the previous month...)

So the rate might only change on your account at the end of this month, but wont be reflected until your repayment next month (Septembers payment).

They'll surely write to you to confirm it, but I'd say it'd be your September payment before you see the reduction in payment.[/Quote]


As above. We are with BOS also and I have had this discussion with them before. The ECB rate cut announced in July, will not reflect in your repayments until September, you should receive something in the post soon outlining this.
Do you not remember what happened with all the other rate cuts since you took out your mortgage??

Gumbo

Bank Of Scotland Mortgage section - 01 2674000

Find it hard to believe you cant get through to them

Anyway, ECB announced cut in July. BOS implement it in August, you should see a difference in your September payment.

Kashkai

Tried to get through four times last week, put on hold and got cut off each time.

Thanks to all for clearing this up, but am I wrong in thinking that when rates go up, they usually push that through quicker?

Gumbo

Prosperous Dave wrote: »

Tried to get through four times last week, put on hold and got cut off each time.

weird? I rang them last week too and got through in less than 4 mins.

Prosperous Dave wrote: »

Thanks to all for clearing this up, but am I wrong in thinking that when rates go up, they usually push that through quicker?

yes you are, im afraid
the same time frames are involved.

Raytown Rocks

I got my letter this morning outlining the cut. Just FYI.