Quick Question

Aliss08

Hi all,

New to this board today. Can't believe it took me so long to find it. My current mortgage deal ends 31st Dec. this year. I've been looking at various rates today. I found quite a good rate with Barclays which states that it tracks Barclays Bank Base Rate which follows the Bank of England Base Rate. It states their current rate is 4.5 which is the same as the Bank of England but I am a little concerned that it states it tracks Barclays Bank Base Rate when most lenders say that their products tracks the Bank of England base rate. Why not just say that it tracks the Bank of England base rate. Your opinion please.

Thank you
Aliss

dimbo61

The barclays base rate does not have to follow the bank of england base rate if barclays dont want to !
so its Barclays base rate plus 1.09% on there website and even if the bank of england cut rates to 3.5% Barclays could leave it at 5.59%
BE WARNED

feisty1

Aliss08 wrote: »

Why not just say that it tracks the Bank of England base rate.quote

Why not just say that it tracks the Bank of England base rate. quote
Simple answer........ because it doesnt.......it does what it says on the tin