Who is passing on the new rate reduction?

welshchocolatelover

r2mahara wrote: »

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

See above :beer:

Essenchill

Trying_to_be_good wrote: »

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

Really helpful table, thanks.

Mike1999

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

That is a really good table on the BBC. I also saw a table on a mortgage blog which has taken the BBC information and listed lenders according to their standard variable rate and base rate and the percentage benefit passed on to customers since Oct 08 - I hope no one has their mortgage with Chelsea as they are literally taking the p1ss!!




http://www.mortgagesforbusiness.co.uk/content/News/Blog/BuytoLetBlog.aspx

will-in-estoril

welshchocolatelover wrote: »

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

Unless there is a collar, they are contractually obliged to, otherwise it would not be a tracker! I reckon that we're so mistrustful of banks that we no longer take anything to do with them at face value, such as the above.

QTPie

Any chance this will effect the various fixed rates currently on offer to new borrowers? (i.e. if you are looking for a mortgage soon, will the fixed rates go down in a week or so?)

QT

Mike1999

Well it's the swap rates between banks that effect fixed rates I believe. You can track them here http://www.swap-rates.com/UKSwap.html and by the looks of it they have gone up slightly which may mean that fixed rates could actually go up not down at the moment!

welshchocolatelover

will-in-estoril wrote: »

Unless there is a collar, they are contractually obliged to, otherwise it would not be a tracker!

If I remember correctly there WAS a collar on a lot of these Halifax mortgages (mine included) which has since been scrapped, so I thought it's not a given right in this instance. But hey, I'm not a financey person (though even I know what a tracker is lol!) so I could very well be wrong :rotfl:

just thought I'd share what I'd been told with anyone else who was unsure.

koexelek

welshchocolatelover wrote: »

If I remember correctly there WAS a collar on a lot of these Halifax mortgages (mine included) which has since been scrapped, so I thought it's not a given right in this instance. But hey, I'm not a financey person (though even I know what a tracker is lol!) so I could very well be wrong :rotfl:

just thought I'd share what I'd been told with anyone else who was unsure.

I don't think Halifax have scrapped the collar altogether. I think, although they are not currently imposing it, they still reserve the right to, if they need to

welshchocolatelover

koexelek wrote: »

I don't think Halifax have scrapped the collar altogether. I think, although they are not currently imposing it, they still reserve the right to, if they need to

That's what I meant but you said it far more eloquently than I did :rotfl:

Wsb5tails

Mike1999 wrote: »

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

That is a really good table on the BBC. I also saw a table on a mortgage blog which has taken the BBC information and listed lenders according to their standard variable rate and base rate and the percentage benefit passed on to customers since Oct 08 - I hope no one has their mortgage with Chelsea as they are literally taking the p1ss!!




http://www.mortgagesforbusiness.co.uk/content/News/Blog/BuytoLetBlog.aspx

thanks for this, it came as a nice surprise as I called A&L re their reaction to the January rate cut only last week and they said their SVR was 5.34 and under review. So while it's good news it's still only a .25% reduction in responce to a BoE cut of 0.5%.

Wonder what we'll get for the Feb change.