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...
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.
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 ? ?
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.