BOE base Rate cut to 1%

patchman

as thread title

nesssie1702

will it have any effect on the economy though?

nv200

Not to boast or anything, but I am sure happy I took out the fee free FirstDirect +0.79% base rate tracker last October. When I started the application process the interest rate on the mortgage the interest rate was 5.24% now down to 1.79%.

I have taken the decision to keep paying at the 5.24% rate and seeing lots of lovely capital being reduced off the mortgage!

savemoney

My fixed ends this month so I will be paying 2.89% on SVR

I want a fixed rate perhaps 5 years as its fairly low compared with many who borrow under 60k

Does anyone know where that spreadsheet posted on forums called Mortgage Schedule Calculator v1.6 link is.

For some reason my copy is password protected, but I havent password protected it

Kavanne

nesssie1702 wrote: »

will it have any effect on the economy though?

No but it's sure had an effect on my mortgage!! Was £433 per month when I started in May and now I imagine it will be sub £300.... it's £301 atm... (BoEBR + 0.75%)

nv... Have you thought about taking out one of those regular saver accounts as their interest rates are higher paying than your mortgage rate is charging. I have a Halifax account at 6% which I am putting my overpayment into.

mikeopvc

lets see which (if any) banks pass on the cut to their customers:rolleyes:

Kingsd316

nationwide wont cut anymore, kid of makes a mockery of there "thats for new customers only adverts" as new deals have a 1% collar!

mattwallisuk

HSBC Tracker doesnt have a collar mentioned I believe, so we should all benefit right away.

Im tracking +0.69% and very happy.

£1800 a month repayments now down to about £1100 since I took mortgage in october. Of course im overpaying anyway

nv200

Kavanne, good thinking, maybe I should go down that route for 12 months but I kinda like to see my mortgage going down quickly.

If only the less practical side didn't always rule!

Question if I then paid my overpayments I saved for a year and the interest into my mortgage at the end of the year would I be saving more in mortgage interest in the long run?(Hope that makes sense!)

savemoney

I found the spreadsheet

http://forums.moneysavingexpert.com/showthread.html?t=1157173

http://www.locostfireblade.co.uk/Downloads/Mortgage%20Schedule%20Calculator%20v1.7.xls

Ashingtonian

45 quid a month interest on my mortgage now, madness but I ain't complaining........