BOE base Rate cut to 1%

Kavanne

nv200 wrote: »

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!)

I worked out that by saving the excess into my 6% saver for 12 months I will shave another month off my mortgage (ie: the interest I make in profit, so saving interest - mortgage interest = equals another month's mortgage) so I am paying off quicker.

One_Day_Rodney

Nationwide are passing the 0.5% cut in full on their BMR (SVR) mortgages (3% from 1st March) and for all trackers issued since 1st Dec 2008.


http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1341


Suits me fine 'cos my 5.23% fixed rate ends next month and I'll automatically go onto BMR :j

roddydogs

Savers suffer once again.

Ashingtonian

roddydogs wrote: »

Savers suffer once again.

Best to have neither savings or unsecured debt at the minute. Just spend what you can afford and be happy (unless you went for a 6% fix four months ago!).

Squish_21

One_Day_Rodney wrote: »

Nationwide are passing the 0.5% cut in full on their BMR (SVR) mortgages (3% from 1st March) and for all trackers issued since 1st Dec 2008.


http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1341


Suits me fine 'cos my 5.23% fixed rate ends next month and I'll automatically go onto BMR :j

:eek: Yipeeeee!!:j Mine ends with Nationwide next month too!

JMitchell_2

What are the chances of interest rates on new fixed rate mortgages dropping again? I'm looking at remortgaging now - should I hold off a few weeks to see what happens?

The best deals I've found have been 3.74% + £559 fees for a 2 year fixed and 4.89% + £299 fees for a 5 year fixed. (~25% deposit)

beecher

http://www.google.com/hostednews/ukpress/article/ALeqM5hHcVnX72-phuzZrl1BFC6_Qu7-Pg

Four of the UK's biggest mortgage lenders said they would be passing on the latest interest rate cut in full to their variable rate customers.
Lloyds TSB, which also lends under the Cheltenham & Gloucester brand, Nationwide, Halifax and Barclays' lending arm the Woolwich are all reducing their standard variable rate (SVR) by 0.5%.

JMitchell_2

If that reply is to me beecher then thanks but I was talking specifically about fixed rate mortgages which aren't mentioned in that article.

savemoney

Who is that with. Thanks

My fixed ends this month and because we have only borrows 60k the fixed rates put me off with the high fees, that doesnt sound to bad below

JMitchell wrote: »

What are the chances of interest rates on new fixed rate mortgages dropping again? I'm looking at remortgaging now - should I hold off a few weeks to see what happens?

The best deals I've found have been 3.74% + £559 fees for a 2 year fixed and 4.89% + £299 fees for a 5 year fixed. (~25% deposit)

MikeyC123

I have an offer that is being sent out today for a c&g mortgage fixed for 2 years followed by SVR it was for 4.39 and SVR 3.5%. The valuation was done two days ago and fees includes legals.

I now have 2 issues.

1. I notice Nationwide have brought out a similar product with a lower arrangement fee (£995 instead of £1995 also including valuation and legal fees). If I changed to their product to save on the fee would I be liable for any costs incurred thus far e.g. the valuation and legals that were all included ?

2. If C&G bring out a product in the coming days can I just ask for a revised offer to reflect the new product, or is there fees involved ?

I am very impressed that Nationwide have passed on the cut in full and made the announcement so quickly today

Thanks