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Mortgage rates
gezzs
Posts: 35 Forumite
Can someone tell me why my mortgage rate is 5.5% (0.5% higher than the fixed rate I had 5 years ago), when the Bank of England has cut the rates to the lowest ever? Is my lender just pocketing the difference???
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Have a wild wild guess!!!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Can someone tell me why my mortgage rate is 5.5% (0.5% higher than the fixed rate I had 5 years ago), when the Bank of England has cut the rates to the lowest ever? Is my lender just pocketing the difference???
Are you a higher risk borrower?
Is your lending on SVR and not a BoE tracker? (many mistake SVRs for trackers thinking that they should drop when there is no reason to)
Is your lender closing up shop and doesnt want you? (hoping you will move)
Is your lender heavy with savers and doesnt want to penalise savers?
Is your lender short of money and needs to have a wider margin to cover losses?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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