rate increase -> 2.75%

J

juannjo

Registered User
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Hi all,

Today I recieved a letter from council informing me of the new rate of 2.75%(excl mortgage protection) on my housing loan.

Has anyone else received a similar notice?

I am surprised as I expected the rate to remain at 2.5% until the ECB
raised its rate. (In the past the rate used to follow the ECB rate movements).

juannjo
 
juannjo

I got my increase too and yes, I am very suprised. I thought I would have been safe with the council as they are not geard for profit like the banks. Whats going on. I thought it was a variable rate that tracked the ECB. There is nothing to stop them from putting it up to 10% 20%... why stop at 2.75... its the gradual increase to see the reaction. Death by a thousand papercuts.
 
yeah i received this aswell,but only a .5% rise .i rang up asking ,they said that i wasnt on a tracker and that the crowd fingal got the loans off raised there prices , i thnk they moved the goal post
 
It's a variable rate. It tends to track the ECB but not always. For example the last ECB decrease was not passed on.

The government's excuse, sorry explanation, can be found here.
 
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