Base Rate Cut By 1.5%

stuart30

marshallka wrote: »

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

Ive just phoned Northern rock as im on there variable rate on an interest only mortgage (had too as the repayment rocketed after fixed term ended) and they confirmed there was a interest rate reduction but refused too give me any more information...was told ""you"ll be notified in due course"".

So am i correct in thinking that the 5.84% quoted is there standard variable rate.?

Pssst

The banks should not have cut the rates to mortgagees by so much. They should have allowed them a small cut but retained the rest for themselves.

Now,due to Government pressure and public embarrassment,many institutions HAVE passed the full cut on. They are now trying to take it out on savers instead !

Bradford and Bingley have informed me they are slashing the rate on my saver account. I have informed them that i will be pulling all my money out.

I am not the one who gambled on housing as an investment. I'm not the one living in a big fat over valued house. I have been sensible,lived well within my means and saved a little. I'm not paying for banks mistakes or for the mistakes of those who have bought big fat houses at over cooked prices and now are heading for neg equity.

Why is it that its always those who use caution who get shafted? Not me,im not having it.

I keep getting letters and emails from ING because i pulled out of their account after icesave shafted me also.

Andy_Hamilton

From the BBC website, Northern rock have dropped there rates from 7.34% to 5.84%.

Most lender said there rates for the SVR customers will drop on December 1st, is this normal?
My thinking is that on 6th december they are hoping customers will be happy with this drop to care about any drop in december (Doubt they will anyways)

knitter

Does anyone know why Barclays have not announced they are passing on interest rate cut. Is it because they opted out of the bailout from the goverment and raised money in Japan
It would be worth £50 to £60 pound a month to us So hope they change their minds

02skn

Barclays have dropped the rate for tracker mortgages by 1.5%. Not sure about SVR customers. Have a look at their website.

Hutchch0920

Hi,

i have a tracker mortgage with nationwide, last month the rates got cut by .5% and nationwide put in its t&cs that it would drop its rate on the 1st of the month following the rate change but when our mortgage payment went out this month it had not changed. Is nationwide obliged to pass on the cuts for both the .5% last time and the new 1.5%?? i was under the impression that it was being a tracker mortgage and all, and it's not reached the lower limit yet.

illgetthere

we are with the vultures aka 'motrgage express'. they are wholly owned by the bradford and bingley.
Have they passed the cut to their SVR customers?

_Andy_

illgetthere wrote: »

we are with the vultures aka 'motrgage express'. they are wholly owned by the bradford and bingley.
Have they passed the cut to their SVR customers?

Ring them and ask?

stuart30

Pssst wrote: »

The banks should not have cut the rates to mortgagees by so much. They should have allowed them a small cut but retained the rest for themselves.

Now,due to Government pressure and public embarrassment,many institutions HAVE passed the full cut on. They are now trying to take it out on savers instead !

Bradford and Bingley have informed me they are slashing the rate on my saver account. I have informed them that i will be pulling all my money out.

I am not the one who gambled on housing as an investment. I'm not the one living in a big fat over valued house. I have been sensible,lived well within my means and saved a little. I'm not paying for banks mistakes or for the mistakes of those who have bought big fat houses at over cooked prices and now are heading for neg equity.

Why is it that its always those who use caution who get shafted? Not me,im not having it.

I keep getting letters and emails from ING because i pulled out of their account after icesave shafted me also.

No neither am i however ive struggled like hell too pay my mortgage so my family have a safe secure place too live so im bloody grateful for the cuts.

If my biggest problem was simply not making as much profit due too the rate drop id be bloody happy...so why dont you belt up and try and realise just how lucky you are.

Parisien

I looked on Birmingham Midshires site, but couldn't find any up-to-date info about what they are going to do, especially about SVT borrowers, anyone shed any light on their intentions?