Base Rate Cut By 1.5%

Pssst

With respect to Stuart30- I am not lucky as he/she puts it. I am an ordinary working person probably like he/she. I have a house too thats mortgaged though it is of a conservative size. If banks wish to have the use of my money then they must pay for it. I am not letting them have it at cheap rates just because they never had the guts to keep rates up. In the same way as Stuart and others wish to have mortgages and houses,and to get those,they enter into commercial arrangements with banks and BS,so too do i and other savers. The difference is i can whip my money out at a moments notice whereas its much more difficult to downsize/sell a house or too remortgage.

marshallka

stuart30 wrote: »

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.?

Yes, when they have passed 1.5 on...;)

Jvic28

mr_mortgage wrote: »

Call them for sure ... can't hurt.

7.45% is pretty high - perhaps it be worth shopping around, if only so you have something to arm yourself with them you talk to Leeds BS.

You might be best to wait a day or two to see if Leeds drop their SVR (and by how much), since you may just automatically benefit from that.

I called them this morning and they said they are waiting for a decision to be made. Their SVR hasn't changed since the beginning of the year so fingers crossed there should be a substantial change soon.:think:

e1london

Dualcyclone wrote: »

I'm confused now.
Anyone else with a OneAccount feeling a bit hard done by?

Check out his link (still not changed)
https://service.oneaccount.com/DAPP/rates.do

Also if you click on "contact us" you can start a live link with them
http://www.oneaccount.com/onev3/cont...-landing.shtml

I thought it was worth a try so...

This is a transcript of your chat with our customer service advisor.

General Info
Chat start time Nov 10, 2008 11:52:29 AM EST Chat end time Nov 10, 2008 11:57:26 AM EST Duration (actual chatting time) 00:04:57 Operator Christian Chat Transcript
info: Please wait for a representative to respond, it will only take a minute.
info: You are now chatting with 'Paul'
Paul: Welcome to our live chat service.
Paul: Before we go on, I'd like to tell you that I can't give you any advice, but what I can do is give you information on some of the One Account mortgages and protection products provided by the Royal Bank of Scotland group. I will also confirm this in writing for you.
Paul: We are part of the Royal Bank of Scotland and are a member of the Royal Bank of Scotland Group
Paul: We will share your information within our Group of companies for business and operational purposes. We will also share your information with other organizations for credit risk and fraud prevention purposes.
Paul: If you proceed, your terms and conditions will contain further details of how we and others use and share your information
Paul: Hello. How may I assist you?
Patrick: hi - can you tell me if OneAccount plan to lower it;s rates by 1.5% given the BoE's rate reduction?
info: Please wait while I transfer the chat to 'Christian'.
info: You are now chatting with 'Christian'
Patrick: hi - can you tell me if OneAccount plan to lower it;s rates by 1.5% given the BoE's rate reduction?
Christian: The One Account variable rate remains under review. Further details will follow shortly. It is important to remember that while this product is not linked to the base rate, we are using the recent base rate decision to review our interest rates.
Patrick: do you offer any tracker mortgages then?
Christian: The only mortgage product we currently offer is The One Account.
Patrick: ok - thanks - I'll look elsewhere then. Any bank that's not going to pass on the rate reduction, especially when they are part of RBS - is not a bank for me.
Christian: You're welcome. Thank you for your time.

stuart30

Pssst wrote: »

With respect to Stuart30- I am not lucky as he/she puts it. I am an ordinary working person probably like he/she. I have a house too thats mortgaged though it is of a conservative size. If banks wish to have the use of my money then they must pay for it. I am not letting them have it at cheap rates just because they never had the guts to keep rates up. In the same way as Stuart and others wish to have mortgages and houses,and to get those,they enter into commercial arrangements with banks and BS,so too do i and other savers. The difference is i can whip my money out at a moments notice whereas its much more difficult to downsize/sell a house or too remortgage.

The reason i was so off with your post was the way you suggested that people were solely out too make money from buying houses...for me i couldn't care less what my house is valued at as it was bought as a home for me and my family.

Apologies if i was rude but as my mortgage takes a big chunk of my income any help i can get im very grateful for...ive no doubt the rates will go back up soon enough.:beer:

lynneandrea

I am with HSBC and received this message:

'Following the decision by the Bank of England to decrease its base rate, we have now decreased our mortgage rates.

Your interest rate of 6.00% changed on 7November2008.

The new interest rate is 5.50%, this is our Home Buyer Mortgage variable rate.

Our Home Buyer Mortgage variable rate may vary but we guarantee not to charge more than 1% above the Bank of England base rate'.

What I don't understand is the last sentance as 5.50% is 2.00% above the Bank of England rate!!!!

I have emailed them but I don't expect there will be a further reduction particularly as they did not pass on the previous rate cut.

lju

lynneandrea wrote: »

I am with HSBC and received this message:

'Following the decision by the Bank of England to decrease its base rate, we have now decreased our mortgage rates.

Your interest rate of 6.00% changed on 7November2008.

The new interest rate is 5.50%, this is our Home Buyer Mortgage variable rate.

Our Home Buyer Mortgage variable rate may vary but we guarantee not to charge more than 1% above the Bank of England base rate'.

What I don't understand is the last sentance as 5.50% is 2.00% above the Bank of England rate!!!!

I have emailed them but I don't expect there will be a further reduction particularly as they did not pass on the previous rate cut.

This is in response to the 0.5% cut last month when the base rate was reduced to 4.5%. Next month you will get a message saying the rate is now 4%.

knitter

Does anyone know if Barclays/Woolwich have passed it on to their SVR mortages yet .?

karenj

Nationwide passed on the 0.5% cut from 1st November. Now they will pass on the full 1.5% cut from 1st December which means the BMR will drop from 6.19% to 4.69%. I'm a happy chappy as our fixed rate ended on 1st October and that was 4.59%, so shouldn't be much more than what our fixed rate was originally. Yippee! Hope they introduce another fixed rate at this low rate!

poppy10_2

knitter wrote: »

Does anyone know if Barclays/Woolwich have passed it on to their SVR mortages yet .?

They haven't, it's still "under review." Unfortunately as they didn't accept the government bailout they don't need to bow down to the pressure to pass on the cut.