Nettie Posted November 6, 2008 Report Share Posted November 6, 2008 1.5% Link to comment Share on other sites More sharing options...
mom2jesse Posted November 6, 2008 Report Share Posted November 6, 2008 that is good but not all banks etc are passing that saving on I heard on the news this morning - apparently Northern Rock and TSB are removing all tracker mortgages from their product list too Link to comment Share on other sites More sharing options...
gooster Posted November 6, 2008 Report Share Posted November 6, 2008 Dammit I took out a fixed rate mortgage back in September, and am paying 6.88% for 2 years Link to comment Share on other sites More sharing options...
Rudi Posted November 6, 2008 Report Share Posted November 6, 2008 I think Gordon Brown will put pressure on the banks to pass on the rate change. I have a tracker which stays 0.5% above base rate, so I think mine will come down automatically. However, if it doesn't I shall be screaming blue murder at the bank and my MP - banks can't expect to be bailed out with public money when they're failing and then not pass on rate changes to those same tax payers. Link to comment Share on other sites More sharing options...
murtle Posted November 6, 2008 Report Share Posted November 6, 2008 unfotunately until the interbank rate comes down the banks are struggling to pass some of the savings on as they are still being stuck by high transfer fees - funny how it's always the consumer that looses out in these... Link to comment Share on other sites More sharing options...
Nettie Posted November 6, 2008 Author Report Share Posted November 6, 2008 (edited) I think Gordon Brown will put pressure on the banks to pass on the rate change. I have a tracker which stays 0.5% above base rate, so I think mine will come down automatically. However, if it doesn't I shall be screaming blue murder at the bank and my MP - banks can't expect to be bailed out with public money when they're failing and then not pass on rate changes to those same tax payers. That's a good rate, we have a tracker too at 1% above base and according to a phone call with the company the last half percent rate will be applied at the beginning of next month and today's rate will be applied in January, this is with Bank of Scotland Edited November 6, 2008 by Nettie Link to comment Share on other sites More sharing options...
Rudi Posted November 6, 2008 Report Share Posted November 6, 2008 That's a good rate, we have a tracker too at 1% above base and according to a phone call with the company the last half percent rate will be applied at the beginning of next month and today's rate will be applied in January, this is with Bank of Scotland Hmm, mine could be 1% now you mention it . Why can't they apply it straight away!! I wonder how long it will take them to drop the rate on savings accounts, they probably did that about 10 minutes after the announcement Link to comment Share on other sites More sharing options...
merledogs Posted November 6, 2008 Report Share Posted November 6, 2008 If you've got a tracker your rate will drop automatically as it will be written into the contract. I have a tracker, I think it's 0.25% above the base rate, but it runs out in July next year, so after Christmas I will be looking to see what's out there, cos I don't fancy jumping to the standard variable rate Link to comment Share on other sites More sharing options...
kola Posted November 9, 2008 Report Share Posted November 9, 2008 good news, just hoping that our lender passes it on as we're tracking 1.50 above amanda Link to comment Share on other sites More sharing options...
Happylittlegreensquirrel Posted November 9, 2008 Report Share Posted November 9, 2008 I got a letter dated 2nd November saying my mortgage rate has gone down by 0.5 % Link to comment Share on other sites More sharing options...
Nettie Posted November 10, 2008 Author Report Share Posted November 10, 2008 I got a letter dated 2nd November saying my mortgage rate has gone down by 0.5 % That would have been the previous rate cut, so you'll probably get another to say its gone down 1.5% so that's a 2% drop in two months, not so good if you've got savings as opposed to loans! Link to comment Share on other sites More sharing options...
Happylittlegreensquirrel Posted November 10, 2008 Report Share Posted November 10, 2008 That would have been the previous rate cut, so you'll probably get another to say its gone down 1.5% so that's a 2% drop in two months, not so good if you've got savings as opposed to loans! fab thanks Nettie , I must have missed the previous cut when I was away last my mortgage is one of those offset ones so any savings offset the loan , most of my real savings are in ISA's ( I dare not look ) and Preminum bonds ( which have done very very well for me so far ) what I really need is for the pound to recover against the Sri Lanka Rupee as its down 60 rupees to the pound ( about 30 p ) and it means the Dogstar Account is worth 30 % less that it was a few months ago Link to comment Share on other sites More sharing options...
Rudi Posted November 13, 2008 Report Share Posted November 13, 2008 Times article I expect other people are more on the ball than me, but I didn't realise that trackers could have 'collars' on them - so they can't go below a certain rate, I thought they just happily tracked away! Can't say I'm surprised - but it's damn sneaky. Link to comment Share on other sites More sharing options...
merledogs Posted November 14, 2008 Report Share Posted November 14, 2008 (edited) That's not good. Thankfully I'm with Cheltenham & Gloucester and the rate cuts are passed on straight away (ie the month following the cut) so I have already felt the benefit of the initial 0.5% cut on 1 November. Just hope I can get another deal with them in July next year when my mortgage runs out Edited November 14, 2008 by merledogs Link to comment Share on other sites More sharing options...
Happylittlegreensquirrel Posted December 11, 2008 Report Share Posted December 11, 2008 my mortage did indeed come down the extra 1.5 % and when I rang the bank today re another matter there was a automated message saying its coming down another 1 % by next month so that means my mortage rate will be 4 % do people think it could really get any lower than this ? I have keep my payments at the September level as I know the rates wil at some point rise and I may as well over pay for a few months while I wait to see what happens next Link to comment Share on other sites More sharing options...
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