I very much doubt that.From my understanding is that the rate charged is not subject to ECB rate increases so although it is variable this should not increase (note I am waiting on further information from my credit union about the wording of this).
Wow. Is that really true?They obviously can't and don't advertise this but their variable products are de facto fixed. They change their rates for new business all the time but I've never come across a credit union - other than one that is on the brink of failure - increase the rate on the current loan book.
I don’t follow? They’re allowing variable rate customers enjoy the benefits of fixed rate certainty? So when you take out a variable rate loan with them you don’t need to worry that they will increase your rate if ECB rates start climbing.Wow. Is that really true?
Imagine the uproar if one of the bank lenders treated variable rate customers like that depending on when they drew down their loan loans?!
They can't say it, because its not correct. I wouldn't assume a rate is fixed for the next 30 years based on what's happened during a flat interest rate period in short term loan products.They obviously can't and don't advertise this but their variable products are de facto fixed.
Yes, I came across that post and many Credit Unions offer a more attractive rate. Unfortunately due to my location I can only apply to a single Credit Union.
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