ECB rate cut for Buy to Let tracker mortgages

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gilboy

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Hi

Anyone know which banks are going to pass on todays ECB rate cut for people who have buy to let tracker mortgages.

I am with AIB, they have passed on the last few but a little unsure this time
Thanks
 
I was quite clear on that. It's still a tracker. If the tracker tracks ECB refi rate it will therefore fall in line with the drop in that rate, unless your letter of offer explicitly provides for variation from that rate (in which case it'll also specify under what conditions that may occur).
 
Happy days. I'd hate to have locked in at a fixed rate 12 months ago as many saw rates going up!
 
Thanks for the info folks.

I was only seeking clarification cause I was listening to some commentators on newstalk this afternoon who were uncertain regarding the rate cut in relation to non-PPR tracker mortgages
 
I saw mention of passing on for non-PPR mortgages being doubtful, but I've assumed that must mean investor standard variable rates. If you're really anxious, double-check your paperwork in case there's a clause about moving to track other rates.
 
I think if there was an option for the banks not to pass on cuts to investers on trackers, then they would have used this option by now. They have pass on previous cuts and will continue to do so because they has no choice..
 
Insolvent banks do not have a choice on whether to pass on rate cuts or not.

If the bank went bust, all it's assets, including your mortgage would be sold on by its creditors.

As the terms of the mortgage are set in stone by the contract, this would not change no matter who it was sold onto
 
This is all a bit silly.

The banks can do what they want on standard variable rates and have chosen to differentiate between PPRs and Investment properties.

They have no discretion to this on trackers which must track the ECB rate. There are very limited situations where trackers have an additional clause other than to track the ECB rate but I'm not sure if these were even sold in Ireland
 
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