First Active Broker Rates Change.

jon it is madness and if you compare these rates to the cheapest rate in the sub prime it is only .4% cheaper !!! (springboard sitting @ cheapest rate 6.9%)

the way its looking dont be surprised if it breaches the 7% mark in the next 2 months
 
What exactly are you discussing here? Are these the mortgage rates that First Active offer to borrowers via brokers? The rates on their website haven't changed .
Is this their way of trying to cut out brokers?
 
Yes, but the say it's for new and existing business. Also, that they have other suites of products available in their branches. So, basically, brokers are getting screwed over again. This isn't even the tip of the iceberg, i'd expect subprime rates to average at 9% and for there to be a whole load of customers in a whole load of trouble.
 
RBS own ulsterbank and first active.

ulsterbank have better rates than first active, who in turn have better rates via the direct channel than via the broker channel

so the bank that brokers can access has the best price, then there is FA direct and then there are the broker prices which are the worst.

first active cut broker commissions a few months ago, apparently they can't afford them, but that aside, if the rates for brokers are higher shouldn't broker commissions go up?

in fact what they should do is just offer people better value for money and not make this differentiation in product offering as it only serves to dilute their overall proposal,

that coupled with the worst rates in the prime market assure me that the share price and market share of banks owned by RBS will be going in one direction only.
 
I had an approved application into First Active & they spen the last week delaying it every way they could then yesterday they threw this up.
This is NOT across the board it is just First Active saying they dont want to lend at the moment. Shop around I have changed application to ICS @5.2%
 
I also have an approved application with FA (via a broker) who has told me that I have until October 10th to draw down at the previous rate (i.e before FA announced they were increasing their rates to over 6%). I was under the impression that the rate I would get would be whatever the rate is on the day I draw down but he has assured me (and says he has written proof of this from FA) that I have until October to draw down at the previous rate. Could he be correct (I'm somewhat cynical)?
 
Yeah i want to know what demented asked below as well. I got the mortgage approval last month of 5yrs fixed. Now the broker told me that the bank will change it to the new rate bout 6.25%? thats a big big jump-increase!! so mad. anyone know which bank offers better rate at the moment? thanks!
 
What I was told yesterday was that the loan offer does not hold the rate . The rate is based on when its drawn down.
 
This Rate Change policy of First Active is very puzzling.
Demented has until October to finalise or FA will increase the rate to over 6% but Eskai is told that FA will increase the rate to 6.25% more or less immediately as I read it.
This is a strange contradiction. Does Demented have the same broker as Eskai ? Do some brokers get better deals from FA than others?
Meanwhile the Irish newspapers as at 4th and 5th July and also Finfacts.com website show all First Active Rates well below 6% for all options. Can you move from a broker to deal directly with First Active or another lender?
 
Demented said:
I also have an approved application with FA (via a broker) who has told me that I have until October 10th to draw down at the previous rate (i.e before FA announced they were increasing their rates to over 6%). I was under the impression that the rate I would get would be whatever the rate is on the day I draw down but he has assured me (and says he has written proof of this from FA) that I have until October to draw down at the previous rate. Could he be correct (I'm somewhat cynical)?
Click to expand...

I guess it depends on the lender, when I drew down early this year I got the LTV rate I had agreed to rather than the active rate at the time (had increased in the mean time).
 
I couldnt be really bothered argueing the toss with them, just told my broker to send the same application to ICS ( which I also have approval from.) For a rate of 5.2
I have never dealt with ICS before but I hear they are a lot quicker at processing loans. Anyone any experience with them
 
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