help please on my tracker mortgage!

notwithit??

hope someone can help me understand!

we have a woolwich lifetime tracker at + 0.18% above the BoE rate, which when we took it out was 5.68%.
now it has dropped to 5%, why do we still pay the same monthly payments as we did a year ago?

Rikki

My Woolwich tracker changes each time the rate changes. It maybe worth giving them a ring and asking.

Base Rate has been at 5% since April.

notwithit??

thanks for that!

its on my to do list for tomorrow, we've only just realised that its never changed, so all this time we have been overpaying :beer:

minimike2

Woolwich review your payments annualy, but you will be being charged interest at the lower rate, so effectively overpaying at present - you should seea drop in your payments at your next annual review, however I woult advise you ask to keep them as they are...every little bit you overpay saves a lot in the long run.

Rikki

notwithit?? wrote: »

thanks for that!

its on my to do list for tomorrow, we've only just realised that its never changed, so all this time we have been overpaying :beer:

How did you get on when you called them?