BoE base rate reduction.

clarew

Im on a fixed rate of 5.18% till 2011, but although if i were on a tracker i would love to be ploughing in the extras into my overpayment fund, i am still happy with the security aspect of knowing our large mortgage won't go above 'x' amount, particularly whilst im off work as a sahm.

cbrpaul

WestonDave wrote: »

First Direct SVR which is now down to 3.69% pending any decision on yesterdays cut. It was tracking 1% over base but they widened that to 1.69% when the 1.5% came off - hopefully now they've spread the margin a bit they will continue to track down - 3.19% would be very nice considering there was no set up charge and its an offset.

im in the same boat as you Dave a FD SVR with no fees

abouttimetoo

Good thread FB

Yes, I'm benefitting - my mortgage is down to 1.5% now and the BTL 3.5%

Kaz2904

No benefit for me. Fixed rate of 5.29 fixed until June 2010. We're losing money because DH won't transfer his savings into the mortgage where they would earn 5.29% so they are earning around 1.3% (our ISA) and I dread to think for the other accounts. It's too depressing to l,ook at when I keep trying to point out that if it was all stuck on the mortgage it could be viewed as an 18 month bond with no withdrawals allowed.

Interestingly, I just checked my providers SVR to see if I would be better being on that. It is presently 5.34% so no I wouldn't!

dangers

We're with the Woolwich as well. Most of our mortgage is at .19% over base with additional borrowing at .89% over. Once our extension has been completed, I will be throwing as much money as possible to the additional borrowing. However, as our payments haven't changed since Oct (?), we are overpaying.

CopperPlate_2

No benefit at all - currently on fd's offset fixed rate at 5.89% until June 2010 so a long time yet to go (and by that time rates will likely be back up again!). Never mind - you pay your money, you take your chances! Just makes me more determined to pay it down faster and look at more ways to stop money pouring out of the current account every month!

financialbliss

Just bumping this back up, as I set the closing date for the vote 1 month on from the original post, ie 7th February.

FB.

dazzaofdagenham

currently on a sub prime rate of 7.74% for another two payments then i switch to a BOE tracker plus 1.99%

Should save me a few quid every month i hope

darren

SparkleBlack

Down by 0.2% at the start of Feb. I wasn't expecting them to pass on anything, so I'm happy with that.

dazzaofdagenham

can it go any lower ?

darren