ECB Rate Cut

To be fair Trichet hasn't announced the rate cut yet - so it's a bit premature to be looking for announcements from individual banks ...
 
You got to laugh at the lenders when they say they will pass the cut onto tracker mortgages.

Isn't that is what tracker mortgages all about
 
Sorry to go off topic, but are there major legal ramifications for banks were they to scrap all current tracker mortgages? Would it be as costly to them as it would be to, for example, a customer to break out of a fixed?
 
Kine said:
Sorry to go off topic, but are there major legal ramifications for banks were they to scrap all current tracker mortgages? Would it be as costly to them as it would be to, for example, a customer to break out of a fixed?
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They can't just scrap them all. It is a legally binding contract.
 
From RTE Website ...

Permanent TSB, KBC, EBS, Bank of Ireland and ICS Building Society have confirmed they will pass on the 0.25 point rate cut announced today to all tracker mortgage customers and to customers on standard variable rate mortgages who are owner occupiers.


Ulster Bank and First Active say they will not be passing on today's ECB rate cut to their standard variable rate mortgage holders. Ulster Bank says this decision is being taken in consideration of the needs of savers as well as borrowers.


The two lenders' tracker rate mortgage holders will see their rates cut by a quarter of a percentage point, however.
 
Bank Manager said:
Ulster Bank and First Active say they will not be passing on today's ECB rate cut to their standard variable rate mortgage holders. Ulster Bank says this decision is being taken in consideration of the needs of savers as well as borrowers.
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Once again ulster bank not passing on the rate cut.
 
Anyone know of a discussion or list which shows over the past year for example which of our less than honest lending institutions passed on each rate cut? Be a nice comparison chart to see indeed.
 
According to RTE website:

Halifax /Bank of Scotland says only customers with variable loans incorporating the bank's 'price promise' element will see the reductions passed on


Mine started out as a fixed loan but became standard variable a few months ago, I've no idea whether I will get the cut, as I don't know whether my loan has the "Price Promise" element, whatever that is..!
 
I think its crazy that banks are so slow to pass on rate cuts. I think EBS said they are passing on the lastest cut
 
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