intelligent finance - halifax

pam_smith

Yiphee - at last today I got the letter from inteligent finance that my
payments will reflect the 1.5% recent drop in interest rates BUT not till January.....like other mortgage providers.
Everyone had their letters then?

Should save me over £100 a month !!


Pam

chardir

pam_smith wrote: »

Yiphee - at last today I got the letter from inteligent finance that my
payments will reflect the 1.5% recent drop in interest rates BUT not till January.....like other mortgage providers.

Not like other mortgage providers - My ING Direct mortgage dropped 1.5% from 1st December and should drop another 1% from 1st January.

GOLFER

mine to

our nov pyt dropped for the .5% cut as will our dec pyt for the 1.5% cut and we will get the 1% latest cut from 1/1/09 so it will affect my Jan 09 pyt

But i do think it all depends if you pay int upfrom or in arrears

donglemouse

i have a tracker mortgage with IF is it correct they aren't applying any collar for the forseeable?

WillowCat

Talking apples and oranges here........

The IF 1.5% rate cut takes place 1st December. Your interest will accrue at that reduced rate during December and therefore your payment (of Decembers interest) on 1st January will be lower.

I expect that's the same as ING.

And yes, if you're on an IF SVR your rate will drop by another 1% on 1st Jan (and 1st Feb's payment will be lower again).

blackcoffee

our letter arrived yesterday, our mortage payment will go from £788.27 to £508.97 on Jan 1st !!! was such a nice letter to open !!!

we should be getting another letter in January and the Feb payment will be lower again !!

cactiphile71

Yes I had this as well, although I agree its nice, there is a slight rip off involved.

That letter you got 5th December was regard to the BOE cut 5th? November. Eg there is a delay of upto 30 days between BOE cut and the date the new IF rate takes effect.

I checked back over the last couple of years and noted that when rates were going up IF took 14 -18 days from BOE increase to effective increase.
Odd when they are going down it takes typically 26 -28 days?

You add that extra 10 days difference worth in interest up over 1000's of customers and its a nice little earner for someone.

blackcoffee

wow, yesterday we had the 2nd letter, our mortage is now £371.78 a month from Feb 1st.

koexelek

donglemouse wrote: »

i have a tracker mortgage with IF is it correct they aren't applying any collar for the forseeable?

Anyone know ?

Radarjet

Take a peek at this Intelligent Finance thread too to see if it applies to you.

http://forums.moneysavingexpert.com/showthread.html?t=1339309

donglemouse

don't take this as 100.0% guarantee but this article from december 2008 said halifx (and presumably if) had no intention of using the collar
http://www.guardian.co.uk/money/2008/dec/04/halifax-mortgages-property

if your offset is like mine though it takes until the first day of the next month before they react to the boe rate change so todays cut, for me is effective from feb 1st