Yellow Belly
Registered User
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"We are pleased to announce that all of our existing variable and tracker mortgage customers will benefit by the full 0.5% ECB rate reduction. The reduced rates will be effective from the first week in November."
FROM PTSB website
We have a commercial mortgage with PTSB since 2002. The rate had increased (in line with the market) to 6.56% over the past few years.
We expected that with the ECB reduction by 0.5% recently that our repayments would reduce- just checked the bank statments & found that this months repayments are as usual.
Has anyone else had similar experience? Am I expecting too much too quickly that they would have reduced the rate within the month?
Commercial loans are more often funded on a Euribor basis... check you loan offer letter for the INterest rate basis... if this is the case... you will be unlikely to see a reduction of 0.5% or 1% in coming months... If your Commercial loan rate is an ECB + Margin rate.. you should see a decrease in payments soon..
If you are on a SVR Commercial rate... it can be at the Banks Discretion to pass it on... at the moment they will be unlikely to do so... becasue the Euribor has not fallen significantly..
Hi,
I am new to this, could you brief me about "Euribor" please...
Thanks a lot in advance...
Commercial loans are more often funded on a Euribor basis... check you loan offer letter for the INterest rate basis... if this is the case... you will be unlikely to see a reduction of 0.5% or 1% in coming months...
PTSB are a joke, my mortgage went out yesterday. Im on a tracker. I have been advised if anyone is on a Tracker mortgage their bank are LEGALLY oblidged to pass on the ECB rate straight away. Also my so called bank sent me a letter advsing me that my mortgage broker can keep us in touch of the great offers they have in the PTSB bank. If my bank did their homework did would realise that my mortgage broker Rea went out of business 6 weeks ago!!
So when does the next rate come to bare for tracker mortgages?
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