IIB ECB rate drop

Status
Not open for further replies.
N

Newbie!

Registered User
Messages
894
Hi,

Has any homeloan customer of IIB heard anything from them regarding the recent ECB interest rate drop? We are variable rate customers and havent heard anything and cant get through on the phone. Does anyone know when it will be applied?

thanks.
 
It will be passed on in your December repayment - variable rate is reduced by 0.5%
 
hmmm... I have a tracker mortgage with them and have also heard absolutely nothing.

If it's december then I'm going to be very p%$# off with them!

Anytime the rate has gone up in the past 2 years, even if the rate went up after my mortgage payment had gone out, I've gotten a letter from them the following month saying they were taking a back payment from me for last month's missing amount (????)

If you do that, then you really have to do it in the other direction as well or else you're not an upstanding & reputable business IMO :(

Absolutely disgraceful what they're allowed to do to us!
 
Not sure about tracker rates, the email we got just specified the 0.5% reduction in the Standard Variable rate - effective as of 1st November but wont be seen in repayments until 1st December
 
Very disappointed with IIB/KCB, if it was a rise there would be no delay in passing on the extra cost to mortgage holders.
 
It's gotten on my wick enough to make me want to move mortgage to other bank! I'm going to wait and see how they behave with the next rate drop...
 
sukiesue said:
It's gotten on my wick enough to make me want to move mortgage to other bank! I'm going to wait and see how they behave with the next rate drop...
Click to expand...

The problem with moving is that the tracker that you have is rapidly becoming a thing of the past so you might not be able to get another one. There is no guarantee that future likely rate reductions will be passed on ( at all or in full ) to standard variable rate products whereas they will be passed on to trackers even though there might be a time delay.
 
I'm on a 5.24% fixed rate with IIB. Would it be worth breaking this now to catch the rate cut? Rang last week and at that time they said it would cost nothing to break the fixed rate agreement, but may next time I enquired.
 
Last edited:
Hi, anybody who has a tracker mortgage will see the ECB rate reduction in their next monthly repayment, automatically, because the tracker is linked to the ECB rate.
If you have tracker mortgage, keep it as they are almost extinct!
Harry
 
Indeed, IIB darken my letterbox days after interest rate hikes. ..not so quick on the reductions.

I was hoping our government would wave their 'big stick' on this one....didnt they?

BM
 
Spoke to them today and they eventually have an exact answer

Rate cuts from October started from 1 November and will be reflected in 1 Decmeber payment, as mortgage payment is in arrears

Will not be backdated to the actual rate cut announcement, unlike increases which are, as per a "managment decision"

Once off is €1.37 per day per €100k borrowed for a 0.50% rate cut

That's 22 days (from 9th October to 31st October) at €1.37 which €30.14 per €100k borrowed

And then repated for the current month, roughly same date

And with almost every economist predicting at least 2 more similar cuts of a similar size, it is starting to look like the banks are saving a lot more than they are pretending

A typical €300k mortgagee will lose out on roughly €360 if the further two cuts are passed on the samw way

Stuart
 
i still have not got the letter stating what was going on. So I called them up today. As previous post says, the .5% cut is effective from 1st Nov & not 9th Oct. Letters will be sent out this week.

Apparently they have 30 days grace before they have to pass on the rate. I think i will check my contact anyway to make sure.

Its disappointing becasue all other banks gave the cut from the 9th oct on their tracker mortgages, i think anyway.
 
Breaker said:
i still have not got the letter stating what was going on. So I called them up today. As previous post says, the .5% cut is effective from 1st Nov & not 9th Oct. Letters will be sent out this week.

Apparently they have 30 days grace before they have to pass on the rate. I think i will check my contact anyway to make sure.

Its disappointing becasue all other banks gave the cut from the 9th oct on their tracker mortgages, i think anyway.
Click to expand...

just checked my statement, have a tracker with UB. they are not passing on the cut until 1st dec. all the increases were passed on the same day they occured. there's nothing in my contract about when they have to pass on the cut >:-/
 
Anybody hear about First Active on radio today?

Apparantly they were only offering the rate cuts to customers who sent in a letter requesting that they get the cut!

Technically they were correct by saying that they are passing on the rate cut to their customers but they neglected to tell their customers that they wouldnt receive the rate unless they received a written request from them!

How can that be right ? ?
 
NorthDrum said:
Anybody hear about First Active on radio today?

Apparantly they were only offering the rate cuts to customers who sent in a letter requesting that they get the cut!

Technically they were correct by saying that they are passing on the rate cut to their customers but they neglected to tell their customers that they wouldnt receive the rate unless they received a written request from them!

How can that be right ? ?
Click to expand...

Didn't hear that but would be fascinated to hear more.

I wonder did it refer to the First Active Offset Mortgage and get misunderstood. Offset customers are on a tracker interest rate, so they do get the benefit of rate cuts. But their monthly repayment doesn't get automatically reduced unless they specifically request it, so with every rate cut, Offset customers are overpaying.
 
My brother and his wife are on a variable rate with FA and they got the rate cut. Don't think they sent in a letter to get it though. I'll check that out though.
 
Last edited:
In all fairness, that information about F.A. was just the last call or so on a radio show about the Interest rate cut. There was no chance for F.A. to reply so I could not confirm if it was the case for all their customers.

Just wondering if anybody else had heard about this (the show was lunchtime on newstalk as a reference!).
 
We are with First Active on a tracker and received notice in the post of our rate cut (applying from 1st November) and we didn't have to request in writing. Think this need to request applies to offset mortgage only.
 
fobs said:
We are with First Active on a tracker and received notice in the post of our rate cut (applying from 1st November) and we didn't have to request in writing. Think this need to request applies to offset mortgage only.
Click to expand...

That probobley explains that then, thanks for that.
 
Good news for some i'm stuck on fixed for another 18 months.
 
Status
Not open for further replies.
Back
Top