Interested in other people opinion on this one. I have an investment property mortgage with NIB which was called a "Variable Rate Home Loan". NIB have now written to me to say they are renaming the account to "Variable Rate Investment Mortgage". They are also renaming the interest rate to the "Investment Mortgage Rate".
As NIB say in the letter "we have simply created a new loan name and rate to better reflect the type of product you hold with us". I have rung NIB and at the moment they say that there is no change to rates on the account.
I personally think they are doing this so that the next ECB Rate Cut will not be passed onto investment mortgage holders who hold variable rate mortgages.
Or am I just being a cynic???
As NIB say in the letter "we have simply created a new loan name and rate to better reflect the type of product you hold with us". I have rung NIB and at the moment they say that there is no change to rates on the account.
I personally think they are doing this so that the next ECB Rate Cut will not be passed onto investment mortgage holders who hold variable rate mortgages.
Or am I just being a cynic???