Base Rate Cut By 1.5%

marshallka

LouBlue wrote: »

Hi there.

Our fixed rate with IF finished a couple of months ago. At the moment we have an Intelligent Finance SVR mortgage at 7.00%. Anyone think the cuts will be passed on at all?

Trying not get excited, if they don't.

Ours finishes next month and was offered 1.8 tracker and did not sign in time. I still have the papers from last month 8th October but thought might wait for a month. I rang intelligent finance tonight and asked about the cuts and they will HAVE to be passed onto trackers but like I say ours finishes next month. Didn't IF pass the 0.5% onto to everyone then last month. I got it on my tracker from 2nd November so I guess it was not passed to SVR which means I have really messed up here. I am going to ask if I am allowed to take up the tracker they offered still of the 1.8% last month. Does anyone think they will still let me..:mad: . Will they say "no" sorry they have now gone up?? It was an illustration they sent to me??

stressedoutmumof1

I received a letter today (dated 2 November) from IF cutting my SVR rate from 7.00 to 6.5 - wonder whether they will be passing on the 1.5?

Mudd14

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!!!

You really need to speak to Abbey. I am an Abbey customer and have a mortgage that tracks the base rate -0.04%. I have not seen last months cut either but it says in the terms and conditions rates are passed on after the 3rd of the following month.

ie as my mortgage is paid in arrears the 0.5% will take place on the payment taken 3rd Decemeber and the 1.5% cut on 3rd January

Abbey confirmed to me on the phone today the are passing on the complete cut.:p

It has saved me £300 per month!

LouBlue

stressedoutmumof1 wrote: »

I received a letter today (dated 2 November) from IF cutting my SVR rate from 7.00 to 6.5 - wonder whether they will be passing on the 1.5?

Really? I haven't had a letter yet. Hope I get one soon! Might ring them tomorrow.

marshallka

stressedoutmumof1 wrote: »

I received a letter today (dated 2 November) from IF cutting my SVR rate from 7.00 to 6.5 - wonder whether they will be passing on the 1.5?

So they have passed the 0.5 to the SVR customers. I want to know if the other 1.5 will also be passed to SVR customers too. I really need this.

Never got a letter though also??

stressedoutmumof1

My letter only arrived today - so fingers crossed you get yours soon

LouBlue

stressedoutmumof1 wrote: »

My letter only arrived today - so fingers crossed you get yours soon

Thanks. I would have been really pleased with a 0.5% cut, before today's news...hope they pass it on................never satisfied...........:rotfl:

waynedance

I have a tracker base rate + .3% but has a floor rate of 4%

Still happy its going down.

Do many trackers have floor rates?

pokey15

ceebeeby wrote: »

Just phoned NR - apparently there's a cut coming for SVR customers in December, but she couldn't tell me what it was (this is linked to last months 0.5% reduction), they're going to post out a letter.

There's been no decision yet regarding linking any further reductions to this latest base rate cut - she said it'll probably take a couple of days for them to decide .... !

I phoned NR this morning and was told they are staggering the letter being sent out re the 0.5% reduction from last month but should get it by the end of Nov.
Hopefully they'll pass on most or all of the 1.5% reduction when they get their finger out
Fingers crossed folks

marshallka

Just noticed on IF website that they do not do any Mortgages over 75 LTV now as well as putting their tracker rates up..:eek: