"Bank Base" mortgage rate delay

lisyloo

Probably not.
It's quite common that rates take until the next month to go down, but go up immediately.
Sorry.

magburner

Mr_M wrote: »

"None at all - why would there be?. And you weren't 'stitched up' in any way." - - well it feels I am being disadvantaged !

Would you feel stitched up if it had gone up .50% and it wasn't passed on until 1st November?

apcorbett

lisyloo wrote: »

Probably not.
It's quite common that rates take until the next month to go down, but go up immediately.
Sorry.

Indeed, the T&C for my mortgage states that the bank will adjust their tracker rate 'within 30 days of the BoE base rate changing'. What this tends to mean is that if the rate goes up, they do it very quickly, but if the rate goes down it tends to be towards the end of that 30 day period!

Therefore, mine is still sitting at the higher rate, despite the rate changing on October 8th... However, it will be changing this week, and am expecting the letter any day soon advising what the new payment will be...

That's the way the banks play it unfortunately!:mad: