Interest Rates cut by 0.5%

curlyboy

i fixed mine at 5.89 % with halifax last week, im very happy with that 5 years peace of mind

ddavis

jasmin10 wrote: »

Hmm confused... I have just renewed by tracker with Nationwide (starts 1st Nove) and I phoned them today to ask what my new monthly payments will be and the rate I will be paying with the interest rate cut. The woman said that Nationwide haven't decided if it's going to be passing this onto it's customer.... uh.... surely my tracker tracks the BOE rates.

Do you think that she just didn't have a clue what she was on about????

You might be tracking the 'Nationwide Base Rate'. I just read that mine tracks the 'NatWest Base Rate'.

Not really sure how these base rates work but maybe a mortgage advisor on here can shed some light on it?

[Deleted User]

According to the Nationwide BS Web page on tracker mortgages, it says "your interest rate tracks the Bank of England base rate" with a footnote that reads "If the Bank of England base rate is 2.75% or less during the tracker period, the rate you pay will track a rate of 2.75% until the base rate rises back above this. Following a change in the Bank of England base rate, our tracker rates will change on the first day of the next month."

http://nationwide.co.uk/mortgage/existingcustomers/tracker_interest_rates.htm
http://nationwide.co.uk/mortgage/remortgage/tracker_interest_rates.htm

So if you're on an existing deal, as far as I can tell Nationwide BS should pass on the rate cut. YMMV if it's a new deal, though if you've signed on the dotted line for an existing product, I'd have thought that they would honour it and knock 0.5% off the rate from 1 November.

HTH. IANAMA, though, so I may be mistaken about this.