Interest Rates cut by 0.5%

waynedance

good news for me i have a life tracker Base rate +.30

Bring it on...........will save me around £14 per month it all helps.

Gorgeous_George

koexelek wrote: »

Good to see lenders entering into the spirit of things .....

I quoted a client on a 6.99% buy to let fixed rate yesterday. After today's rate cut, they have raised it to 7.29% :rolleyes:

That is hardly an advert for mortgage brokers!

GG

koexelek

Gorgeous_George wrote: »

That is hardly an advert for mortgage brokers!

GG

Well....... I did tell her not to delay yesterday, but she did not see the urgency to get me all the details there and then :rolleyes:

I've had this happen to a few clients recently. I quote them a deal and tell them to jump on it as soon as possible, but they always want to hang on ( on the advice of someone on the TV/ in the paper/ at work/ down the pub) in case something better comes along.

Dan_1976

Lots of clients will hit the phones and internet and see that the BOE have made a nice gesture but it will not make much difference at the mo!

At least it may give a few confidence and trackers will go down!

oilit

so which lenders have ACTUALLY passed the rate cut on?

There is a lot of strange reports in the mail & times websites, they claim between them the following:

Barclays
Halifax/HBOS
Lloyds TSB
RBS (Which I know is not true at the moment as I spoke to them today)

any others?

Mudd14

Great news for us. Our current mortgage currently tracks the base rate -0.04 so will be 4.46%

oilit: Abbey pass on the rate cut in full to borrowers

minimike2

4.19% For me now

oilit

minimike2 wrote: »

4.19% For me now

May I ask who that is with?

I am in the unique position that my mortgage has just expired, and I sent (begrudgingly) my forms for a NWB + 1.1 tracker, but it seems they claim they have never received the forms, but they did say I could still accept the offer yesterday - even though it shoudl have expired 30 days ago! (Yeah right!)

So I am now able to shop around quickly to see what I can get elsewhere - I woudl only go for a tracker though...

ad9898_3

'Lets not start sucking each others di*ks just yet gentlemen', wait until you go for a re-mortgage and check the 'arrangement fee', which is of course is interest up front.

oilit

ad9898 wrote: »

'Lets not start sucking each others di*ks just yet gentlemen', wait until you go for a re-mortgage and check the 'arrangement fee', which is of course is interest up front.

Interesting language...

nevertheless, your point - hidden amongst the metaphors is a valid one - you can get base -.01% for a 2.5% fee (gulp - thats a 12.5k fee on 500k), but you can get trackers at reasonable rates for 499 and 999 fee - which in the scheme of things (depends of course on size of mortgage) may not be such a big thing?


My point was that the uniqueness of the situation is that teh deadline for acceptance had passed, yet they still werevery keen to sell it to me - im sure if interest rates had gone up they would be saying 'sorry paperwork lost - but tough luck'!