Base Rate Cut By 1.5%

Jvic28

I understand, don't get me wrong, and have never been under the impression that my mortgage is directly linked to Base Rate. I just feel I'm being robbed as the only way my variable mortgage seems to vary is by going up. It seems I took a gamble that I'm never going to be able to win.

Still waiting to hear off Leeds regarding the decision following this rate cut. They said they'd call me back, but suprise, suprise, nothing yet.

g0atface

I am in the process of gettign an SVR mortgage with Leeds - i got it on svr for 2 reasons

1 - it was the only way i could get a mortgage
2 - it has jus £199 exit fee and no fees for taking it out, which were important to me as im purchasing a property 25k below value and want to remortgage next year after renovation.

anyway - i emailed them yesterday and the response i got was


Thank you for your recent email,

Our standard variable rate is still currently under review following the recent Bank of England rate reductions.

A change to the Society’s SVR is a complex decision and must take into account the interests of both the Society’s borrowers and savers.

Once the decision is made with regards to what change will be implemented, messages will be communicated in the standard ways i.e. Notices in national press (Times & Telegraph) and in the Society’s branches and website.

Based on the current market volatility full consideration needs to be given to all the factors involved and this is the reason that no announcement has yet been made.

Jvic28

Yeh, I called them and they've said they will be calling back once a decision is made. I'm not holding my breath though.

Jvic28

Bernard_Coleslaw wrote: »

I would not take something as gospel just because it's on MSE.

I would just like to add that I don't take everything on MSE as gospel and the article I quoted wasn't from MSE. It was from the Mortgage Advice Bureau.

Anyway, no news from Leeds yet. Thats no reduction at all since the B of E Base rate has dropped 2.25%

Hodgehappy

I have had an rbs tracker mortgage for the last 10 yrs my rate cut letter states the rate will decrease to 5.19% yesterday - planning on ringing them as thought I was going to get more than that....