First Active/Ulster Bank Variable Mortgage ECB Cut

Hi,

I called First Active this morning and they say an announcement is still to be made on whether they're passing on yesterdays (April 2 2009) ECB rate cut to variable mortgages. Anyone opinion on whether they will or not?

They didn't pass on the full cut last time.
F

just some ammo for people

before the last rate change the ecb was 1.5%
ulster banks buying rate was 1.7%

rameire said:

just some ammo for people

before the last rate change the ecb was 1.5%
ulster banks buying rate was 1.7%

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What does this mean?

And as far as I can tell, FA have a very uncompetitive rate. If I was on a varaible with them, surely AIB/BOI are much better value for money....even to fix?

Am absolutely disgusted to learn that once again UB/FA not passing on cut.
They say this is out of consideration for their mortgage holders and depositors.
Basically they are ripping off their mortgage holders to offer not very competitive deposit rates.
I have a mortgage with them as well as 2 current accounts and a business account. Even if I can't move the mortgage due to negative equity I am strongly considering moving all my other business from them and I suggest other people should 'vote with their feet'.

Randombloke

Have a commercial loan with them, they told me yesterday it was coming down to 3.75%.

Kine said:

And as far as I can tell, FA have a very uncompetitive rate. If I was on a varaible with them, surely AIB/BOI are much better value for money....even to fix?

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Agreed, seems like they are not serious about gaining or even keeping market share in Ireland. Personally I'm waiting to see where rates are by summer's end, I will then move my mortgage.

I may fix it at the same time as inflation and rising interest rates are a real possibility once a US recovery begins and all the stimulus money starts to flow.

I`m in the process of moving from First Active to Halifax.

Theres a huge gap in the variable rate and its costing me nothing to switch.