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19/11/2008
Progressive Joins Rate 'Cuts', But Deals Vary
News that one of the few locally-based mortgage companies, the Progressive Building Society has now announced it will follow the big national banks and cut its standard variable mortgage rate by 1.24%, doesn't necessarily mean a lower rate.
The move, from December 1, follows the decision by the Bank of England's Monetary Policy Committee to reduce the base rate by an historic 1.5% from 4.5% to just 3% and brings the Progressive Standard Variable Rate (SVR) to 5.5%.
"We need to sustain the profitability of our mortgage business in order to ensure that the society's capital position remains strong," said a spokesman for the lender.
"This is necessary to offset the heavy charges being passed on by Government relating to the rescue of Bradford & Bingley and the UK savers who had accounts with Icelandic banks.
"We also wish to maintain our healthy savings inflows as these funds help to fund the mortgage book and our savings rates need to be competitive," he said.
However, there remains a substantial difference between the new low bank rate and that being charged in complex deals by a variety of lenders.
Other High Street banks have already made a move with the First Trust Bank cutting its base rate and the Northern Bank saying its rates would be cut by 1.5% to 3%.
Bank of Ireland will also pass on the cut to new customers and to existing customers from next month. The Ulster Bank also said it would pass on the cut.
The Bank of England's original decision to cut interest rates to 3%, means they are at their lowest since 1955.
However, lenders are still increasing the margin on new mortgage products.
Halifax released a new range of trackers at the weekend, which charge between 1.99 and 2.39 percentage points above the Bank rate.
Last week, Lloyds, Abbey and Alliance & Leicester also released new trackers - all priced at least 1.79 percentage points above the new bank rate.
Overall, in Northern Ireland, homeowners with existing tracker mortgages are set to see large cuts in their monthly payments, but consumers looking for new tracker deals are actually likely to be paying a bigger margin above the rate than they would have done just a fortnight ago.
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
The move, from December 1, follows the decision by the Bank of England's Monetary Policy Committee to reduce the base rate by an historic 1.5% from 4.5% to just 3% and brings the Progressive Standard Variable Rate (SVR) to 5.5%.
"We need to sustain the profitability of our mortgage business in order to ensure that the society's capital position remains strong," said a spokesman for the lender.
"This is necessary to offset the heavy charges being passed on by Government relating to the rescue of Bradford & Bingley and the UK savers who had accounts with Icelandic banks.
"We also wish to maintain our healthy savings inflows as these funds help to fund the mortgage book and our savings rates need to be competitive," he said.
However, there remains a substantial difference between the new low bank rate and that being charged in complex deals by a variety of lenders.
Other High Street banks have already made a move with the First Trust Bank cutting its base rate and the Northern Bank saying its rates would be cut by 1.5% to 3%.
Bank of Ireland will also pass on the cut to new customers and to existing customers from next month. The Ulster Bank also said it would pass on the cut.
The Bank of England's original decision to cut interest rates to 3%, means they are at their lowest since 1955.
However, lenders are still increasing the margin on new mortgage products.
Halifax released a new range of trackers at the weekend, which charge between 1.99 and 2.39 percentage points above the Bank rate.
Last week, Lloyds, Abbey and Alliance & Leicester also released new trackers - all priced at least 1.79 percentage points above the new bank rate.
Overall, in Northern Ireland, homeowners with existing tracker mortgages are set to see large cuts in their monthly payments, but consumers looking for new tracker deals are actually likely to be paying a bigger margin above the rate than they would have done just a fortnight ago.
See: Bank Of England Slashes Interest Rates To 3%
(BMcC)
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10 April 2018
Rate Bills Due To Be Issued To Homes And Businesses
Rate bills are due to be issued to homes and businesses in Northern Ireland from Land & Property Services (LPS), part of the Department of Finance. The bill outlines the amount due for the billing period 2018/19 and includes any debt from previous years that has not been paid, along with any rate relief where applicable.
Rate Bills Due To Be Issued To Homes And Businesses
Rate bills are due to be issued to homes and businesses in Northern Ireland from Land & Property Services (LPS), part of the Department of Finance. The bill outlines the amount due for the billing period 2018/19 and includes any debt from previous years that has not been paid, along with any rate relief where applicable.
02 April 2015
Ratepayers To Receive New Rate Bills
Homeowners and businesses throughout the new Belfast District Council area are to receive their rate bill for 2015/16 this week. The bill will show the amount due for the new billing period 2015/16, including any debt that may have been carried forward from previous years, along with any rate relief, where applicable.
Ratepayers To Receive New Rate Bills
Homeowners and businesses throughout the new Belfast District Council area are to receive their rate bill for 2015/16 this week. The bill will show the amount due for the new billing period 2015/16, including any debt that may have been carried forward from previous years, along with any rate relief, where applicable.
30 March 2015
Finance Minister Announces New Annual Rate Statement
A new annual rate statement for all domestic rate payers in Northern Ireland has been introduced by the Finance Minister. From April 2015, the annual rate statement will show how households' rate payment contributes to the provision of public services such as health, education and roads, as well as a range of other important regional services.
Finance Minister Announces New Annual Rate Statement
A new annual rate statement for all domestic rate payers in Northern Ireland has been introduced by the Finance Minister. From April 2015, the annual rate statement will show how households' rate payment contributes to the provision of public services such as health, education and roads, as well as a range of other important regional services.
05 February 2009
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
Three NI Banks Cut Interest Rates
Most of Northern Ireland's big banks have agreed to adopt the latest UK interest rate cut. First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the reduction. The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
04 December 2008
National Rate Cut Prompts Local Response
Some Northern Ireland banks are already getting ready to cut their mortgage rates as the national cost of borrowing falls again. It has been reduced by a full percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
National Rate Cut Prompts Local Response
Some Northern Ireland banks are already getting ready to cut their mortgage rates as the national cost of borrowing falls again. It has been reduced by a full percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
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