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Further ECB rate cut this week ?


mmrebel

Well-known member
Joined
Jan 24, 2009
Messages
758
Bank of Ireland says it expects the European Central Bank to reduce interest rates again this Thursday.

The ECB had been expected to hold off from any further decreases until the summer.

However, Bank of Ireland says it expects rates to go down again this week because of declining manufacturing output in the Eurozone.

It says the ECB will probably cut its main lending rate to 1%.
BoI predicts further ECB rate cut this week | BreakingNews.ie

More good news for under pressure mortage holders.
Has anyone any information on which lenders are passing on the rate cuts and who are not ?
 

Oriel27

Active member
Joined
Apr 25, 2008
Messages
286
i hope some of you out there might know what i can do,

I would love to take part in this ECB rates cut but i cant.

Im on a fixed mortgage for 5 years. i set it 2.5 years ago. i have 2.5 years left. My rate is 4.2%.
I met my bank manager the other day and he told me i would have to pay 11000 euro to get out of it.
If i took todays rate it would save me 200 euro a month.
Now im thinking my bank manager got his numbers wrong. how can he come up with this ridiculous number?
I wnet in to him before christmas and he told me i would only have to pay 6K to get out of it.....

Any one out there in a a similar situation?
 

mmrebel

Well-known member
Joined
Jan 24, 2009
Messages
758
i hope some of you out there might know what i can do,

I would love to take part in this ECB rates cut but i cant.

Im on a fixed mortgage for 5 years. i set it 2.5 years ago. i have 2.5 years left. My rate is 4.2%.
I met my bank manager the other day and he told me i would have to pay 11000 euro to get out of it.
If i took todays rate it would save me 200 euro a month.
Now im thinking my bank manager got his numbers wrong. how can he come up with this ridiculous number?
I wnet in to him before christmas and he told me i would only have to pay 6K to get out of it.....

Any one out there in a a similar situation?
Im not in the same situation as yourself i been lucky enough to reap of the cuts but 11k seems very excessive to change, the most i have heard off so far is 4k .
Try this website might help It's your money :: Mortgages - introduction
 

ivnryn

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Joined
May 20, 2007
Messages
1,304
Im on a fixed mortgage for 5 years. i set it 2.5 years ago. i have 2.5 years left. My rate is 4.2%.
I met my bank manager the other day and he told me i would have to pay 11000 euro to get out of it.
If i took todays rate it would save me 200 euro a month.
200 * 12 * 2.5 = 6000

So 11k seems reasonable, they may be expecting further cuts.

In fairness, if the rate was rising and the bank asked you to switch, you would tell them where to go.

A fixed rate protects you from rate rises and protects the bank from rate reductions.
 

wysiwyg

Well-known member
Joined
Jun 29, 2008
Messages
366
Can't see it go down to 1% on Thursday... that would be a full 1% cut

Wouldn't mind it though... because I do know what a tracker mortgage is :D
 

deepness

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Joined
Feb 4, 2008
Messages
2,529
Dunno about anyone else but these cuts are having a great impact on my outgoings..mortgage down to less than 600 bucks a month from r 840 or so a couple of months ago..all welcome (but will no doubt taken back in the budget)
 

louball

Member
Joined
May 24, 2007
Messages
8
Can't see it go down to 1% on Thursday... that would be a full 1% cut

Wouldn't mind it though... because I do know what a tracker mortgage is :D
it would only be a 50 bps cut not a full 1% and from even two weeks ago it has been the most popular prediction for this thursday.

roll on the tracker :)
 

atlantic

Well-known member
Joined
Jan 25, 2008
Messages
649
Could you change your mortgage supplier or is there a penalty?
i hope some of you out there might know what i can do,

I would love to take part in this ECB rates cut but i cant.

Im on a fixed mortgage for 5 years. i set it 2.5 years ago. i have 2.5 years left. My rate is 4.2%.
I met my bank manager the other day and he told me i would have to pay 11000 euro to get out of it.
If i took todays rate it would save me 200 euro a month.
Now im thinking my bank manager got his numbers wrong. how can he come up with this ridiculous number?
I wnet in to him before christmas and he told me i would only have to pay 6K to get out of it.....

Any one out there in a a similar situation?
 

Seos

Active member
Joined
Nov 19, 2005
Messages
153
it would only be a 50 bps cut not a full 1% and from even two weeks ago it has been the most popular prediction for this thursday.

roll on the tracker :)
yeah, the last cut didn't get much publicity here though. So I can understand why someone could think we're still at 2%.
 

hammer

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Joined
Jul 6, 2009
Messages
58,514
Strong possibility that tomorrow rates could be reduced to .25%

What a boost that would give the domestic economy.
 

Marcos the black

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Joined
Feb 3, 2009
Messages
18,708
Strong possibility that tomorrow rates could be reduced to .25%

What a boost that would give the domestic economy.
Are they not that already?
 

gerhard dengler

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Joined
Feb 3, 2011
Messages
47,554

ffc

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Joined
Nov 6, 2007
Messages
5,167
Strong possibility that tomorrow rates could be reduced to .25%

What a boost that would give the domestic economy.
It won't give any boost to the economy, though some tracker mortgages will be a bit cheaper. The banks will maintain all variable rates at the same level, and will increase some to compensate for their losses on trackers. The interest rate cut will only help Richie Boucher to strangle a few more desperate mortgage, business and personal loan holders.
 

Cato

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Aug 21, 2005
Messages
20,561

Victor Meldrew

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Joined
Jun 8, 2007
Messages
7,184
It won't give any boost to the economy, though some tracker mortgages will be a bit cheaper. The banks will maintain all variable rates at the same level, and will increase some to compensate for their losses on trackers. The interest rate cut will only help Richie Boucher to strangle a few more desperate mortgage, business and personal loan holders.
Yep.

The tracker thing is really fecked up...
 

Cato

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Aug 21, 2005
Messages
20,561

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,514
It won't give any boost to the economy, though some tracker mortgages will be a bit cheaper. The banks will maintain all variable rates at the same level, and will increase some to compensate for their losses on trackers. The interest rate cut will only help Richie Boucher to strangle a few more desperate mortgage, business and personal loan holders.
Agree with you are variable. There are 400,000+ trackers I believe.

Major boost to them.
 
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