Abbey National Tracker rate

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menace100 Posts: 2 Newbie

9 December 2008 at 8:23PM in Mortgages & endowments

Hi there

I was wondering if anybody can help me with the following:

I took out an Abbey National Tracker mortgage at 5.0400% above the base rate 2 months ago, with the 1/2% BOE rate cut in November my payments only came down by £44.14, but by my reckoning they should have come down by £63.75

I have worked this out using the following formula: £153,000 x.5% divided by 12 should be the amount the payment is reduced by. £63.75 NOT £44.14.

Can somebody please let me know how this is worked out by Abbey or am I being just plain stupid??? Surely they should pass on the interest cut against the whole loan.....

Menace

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Abbey National Tracker rate

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