Base Rate Cut By 1.5%

marshallka

Just from 2.10 update



Treasury sources said that the bosses from Royal Bank of Scotland, Barclays, LloydsTSB, HBOS, HSBC, Nationwide and Standard Chartered all caved in after being read the riot act by Mr Darling over their failure to respond swiftly to help hard-pressed homeowners.

http://www.dailymail.co.uk/news/article-1083340/Interest-rate-latest-Bank-bosses-FINALLY-cave-agree-pass-1-5-cut-Britains-homeowners.html

Does this mean that HBOS have now joined in by dropping...can anyone tell me what this means...

:beer:

The_Architrave

A couple of people who are, like me, on Egg's 0.75% above base tracker were asking if Egg would be passing on the full cut or if there was a floor level below which the rate wouldn't fall.

I've just called them and there is no floor -woo hoo! Here's hoping rates go down even further. Sorry savers.

gilly109

Smurggle wrote: »

That is unbelievable- does anyone think that this cut will be passed on?

Not likely!! We've been with the Coventry Building society for 18 months on it's SVR, and they have never cut the interest rate. Before we'd even completed our property purchase, the monthly payment had gone up twice! In January this year, we were paying 5.6%, and 4 base rate cuts later, they still haven't reduced our rate! it's ridiculous-when the base rate went up, our monthly payment went up immediately, but now base rate is being cut ,we're still paying the same amount!!! rrrrrr, it's so infuriating.

mystic_bertie

bfgun wrote: »

With the reduction in your mortgage payments why not treat yourself to a new keyboard

ha_ha_good_advice_will_need_to_wait_a_month:p

LouBlue

Just saw this:-

WHO'S ON THE LIST OF SHAME
Which lenders are passing on the full interest rate reduction to mortgage customers?
HBOS Under review
Royal Bank of Scotland Under review - Come on!! :mad::D

Nationwide Under review
Northern Rock Under review
HSBC Under review
Alliance & Leicester Under review
Lloyds TSB Yes
Abbey Yes

bilbob_2

Still hugely impressive that the Govt is 'reading the riot act' to lenders, yet the Govt's OWN lender hasn't reduced rates...:rolleyes:

Johnkg

HBOS and RBS have just cut by 1.50% :beer:


http://news.bbc.co.uk/1/hi/business/7711689.stm

guidarufino

We have our mortgage with a very random, small and old fashioned building society, the Penrith. It was an absolute nightmare getting the mortgage but we went for it because the arrangement fee was tiny and we got a substantial discount on their SVR for 5 years with no tie ins. But I haven't heard a sausage from them since the last rate cut and I'm just hoping they'll drop their SVR following this cut. I've called them and they say the board meets in the middle of each month to decide what their SVR should be. I remember asking them if the offered any guarantee re their SVR relative to the base rate but they gave me a pretty wishy washy answer. It was a great deal at the time but if they don't pass the cuts on, we're a bit stuffed really. I think there are penalties if we leave within 12 months and we only took the mortgage on in May and obviously changing mortgages is very difficult and costly now so... :eek:

Does anyone know whether small building societies like this tend to pass cuts on or not?

mrnomoneybags

BOI said they will know by next week............ As i said before they have passed the previous ones on so here's hoping

marshallka

Northern rock have dropped theirs now to 5.84% giving the full 1.5%..