Who is passing on the new rate reduction?

lauren1983

Does any one know??

Thanks

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/mediacen...is.asp?ID=1341

beecher

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%.

http://www.google.com/hostednews/ukpress/article/ALeqM5jhrdSYBagWEddHuQoCbDbk7DW5rg

r2mahara

Does that imply those of us on Halifax tracker rates will also get the full rate cut?

welshchocolatelover

Halifax haven't made a decision yet regarding whether they are passing the full cut on to tracker customers. I just called to enquire and they said they should know by tomorrow.

r2mahara

Ok thanks for that - please keep us posted if you hear anything.

welshchocolatelover wrote: »

Halifax haven't made a decision yet regarding whether they are passing the full cut on to tracker customers. I just called to enquire and they said they should know by tomorrow.

abouttimetoo

I believe C&G have stated that all rate cuts will be passed on even if this means some customers are charged at 0%. I did see it on their website somewhere but now can't find it to copy it here

davidm1961

I am not expecting the Newcastle building Society to pass on the cut. Their standard rate is 5.99%. Organisations like this are just feeding the credit crunch and making it worse for people like me by artificially inflating mortgage payments.

Trying_to_be_good

The BBC have quite a good table showing changes (and a column for Total SVR cut since Oct 08):

http://news.bbc.co.uk/1/hi/business/7872344.stm

opinions4u

davidm1961 wrote: »

I am not expecting the Newcastle building Society to pass on the cut. Their standard rate is 5.99%. Organisations like this are just feeding the credit crunch and making it worse for people like me by artificially inflating mortgage payments.

In their defence, they are probably in danger of not existing because of the credit crunch.

They won't be artifically inflating your mortgage costs. Those costs will genuinely reflect the cost of raising the funds that are lent on to you.

While not ideal for you, I doubt very much that anything cynical is happening.

welshchocolatelover

Have just been told by Halifax that they ARE passing on the 0.5% decrease to tracker mortgages :-)