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Beware:mortgage rate cuts may NOT be passed on automatically
SemiSkint
Posts: 2 Newbie
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:
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.
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