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Thread: Further ECB rate cut this week ?

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    Politics.ie Member mmrebel's Avatar
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    Default Further ECB rate cut this week ?

    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 ?

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    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?

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    Politics.ie Member mmrebel's Avatar
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    Quote Originally Posted by Oriel27 View Post
    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

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    Quote Originally Posted by Oriel27 View Post
    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.

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    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

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    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)

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    Quote Originally Posted by wysiwyg View Post
    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
    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

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    Could you change your mortgage supplier or is there a penalty?
    Quote Originally Posted by Oriel27 View Post
    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?
    A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.

    WEAVER, HENRY GRADY,

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    Quote Originally Posted by louball View Post
    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%.
    "She'll hold together. Hear me, baby? Hold together!"

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    Politics.ie Member hammer's Avatar
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    Strong possibility that tomorrow rates could be reduced to .25%

    What a boost that would give the domestic economy.

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