Base Rate Cut By 1.5%

space_rider

moneyonmind wrote: »

I'm with Abbey - have a tracker 1% above base (been with them for a few years) they didn't pass on the last month's 1/2% - I'm hoping they will pass on this drop as they would soon put it up if it was gong the other way!!!

I have a tracker with them too and still waiting for the letter with the revised amount.

space_rider

Bozzy20 wrote: »

My fixed rate period expires early next year and due to the cuts I am keen to take out the best deal and "fix it" for as long as possible. Why are some people keen to take out trackers? The trackers could go up when then rates go up which will happen eventually so is it better to fix it at low rates for as long as possible???

Boz

I have always either paid the SVR as my mortgage was only 20,000 then when I increased it 2 years ago I went on a tracker. I make sure that I can afford at least 2 points above the interest rate. I was going to go for a fixed but I thought I would kick myself if the rates went down so I have carried on with a tracker but gone for 5 years this time.

Ashingtonian

Last year I begrudged paying a 695 quid fee for a 3 year -0.05 base rate tracker.

Probably the best money I ever spent:p

space_rider

Mrs_Pepperpot wrote: »

6 months ago I was ready to fix a rate of 6.25 for 5 years. Thank God that fell through and I ended up with a tracker!

C&G rejected me on affordability for fixed of 5.69 for 5 years. Halifax then down valued my house and offered me fixed at 6.59. Whoooho I accepted a tracker from my existing lender at 1.09 over base rate. Think they`ve both done me a favour for now at least!

cheapskatevicar

Having just left a 5yr fixed rate @ 4.39% with Nationwide, I switched to an HSBC deal of 0.38% above base rate for life of mortgage. No penalty for overpayments or early repayment. I took it because there was no decent fixed rates so took a punt on this tracker. I was moaning at the £599 fee and long protracted set up process. But no complaints from me now. I have never paid a mortgage with an interest rate as low as 3.38%! Will overpay as much as possible to get rid of mortgage.

Mrs_Pepperpot_2

Ashingtonian wrote: »

Last year I begrudged paying a 695 quid fee for a 3 year -0.05 base rate tracker.

Probably the best money I ever spent:p

Result! Well done you.

Ashingtonian

Mrs_Pepperpot wrote: »

Result! Well done you.

Thanks.....more by luck of timing rather than judgement.

mystic_bertie

i_have_a_68,000_mortgage_with_a_+0.24%_tracker_how_much_will_i_save_will_it_be_£12.50_per_10,000?_with_the_1.5%_decrease?

my
keyboard
is
broken

Emma2008

Hi guys, due to my northern rock fixed rate ending on 31st October, Last week I applied for the lifetime tracker mortgage with First Direct at 0.99% above base rate. I received an illustration and sent all the paperwork back. They received this yesterday and when I phoned this morning my application was being reviewed today.

Now that the interest rates are cut, is it likely that First Direct will end this 0.99% deal? and if they do, did I manage to get in just in time or would I be put on the new rate?

Baz_2

Emma2008 wrote: »

Hi guys, due to my northern rock fixed rate ending on 31st October, Last week I applied for the lifetime tracker mortgage with First Direct at 0.99% above base rate. I received an illustration and sent all the paperwork back. They received this yesterday and when I phoned this morning my application was being reviewed today.

Now that the interest rates are cut, is it likely that First Direct will end this 0.99% deal? and if they do, did I manage to get in just in time or would I be put on the new rate?

I think you should be fine, but that deal has been pulled today. It even says so on the website now.