Beware:mortgage rate cuts may NOT be passed on automatically

SemiSkint

I have a tracker mortgage. I talked to my lender: they said they would not automatically reduce the amount I pay in line with the coming interest cuts. Instead of reducing the monthly amount automatically , they would wait for me to ask to reduce the amount to be paid. In other words, if I didn't ask, I would be overpaying my mortgage.

Assuming you don't want to overpay your mortgage, here's what to do:

• Contact your mortgage lender
• Ask what you mortgage payment will be after any rate cut is applied.
• Tell them that's the amount you want to pay.