Nationwide pass on the full 1% for trackers (i.e No Collar)

BaileyB

Excellent news

Nationwide has followed the lead of its rival Halifax and said it would pass on interest rate cut to its tracker mortgage customers in full.

The building society's tracker deal contains a collar, stating once interest rates fall below 2.75% it no longer has to pass on the reduction.

But the group said following the 1% fall in the Bank of England base rate it would be waiving the clause.

http://www.teletext.co.uk/news/national/01a3197ed7cc2b78f2f490279f829ba7/Nationwide+passes+on+rate+cut.aspx

dave76

thats great if its true - I really didnt expect them to drop below 2.75

BaileyB

Also posted here

http://www.google.com/hostednews/ukpress/article/ALeqM5jFLnOI26q8CyQDtT91M32Rrx_8HA

Stormy

This is very good news and I am surprised too as an earlier statement from a spokesman said they would not do so... ???

jumbopants

Can anyone confirm this is 100% correct ? I'm also on the nationwide tracker which is .74 above the base rate.. Did not think for one second that they would remove the collar !!

Would be Xmas come 3 weeks early if they go to new base rate + .74 !!!

If it drops anymore they'll have to pay me money to stay in my house..LOL..

Cos2k3

Good news! I was looking for another source of the information but Mrrrrrrrrrrrrrrrrrrr Kennedyyy found one.

dave76

woo hoo - I'll be down to 1.93% then :beer:

I assume they will stop passing it on before it gets to 0%

BaileyB

I thought they would not do this either as they do have a solid legal ground not too. But i asume the bad press as the only one that will not cut the rates for the trackers was to big not too.

Stormy

I'll be down to 2.64% which is still great . I really hope its not a December Fool. :P

BaileyB

2.64 for me too

dejongj

Yeah I am on 2.64% now, well from the moment they pass it on, which is great. Now fingers crossed they start doing some decent fix rate ones and lets use the switch option!

As my mortgage was still over £400k this is some very decent savings indeed...I'm overpaying all that I am allowed and saving the rest for the next round though....No spending any of that....