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How quickly do banks adjust rates after base rate change.
harvey180
Posts: 127 Forumite
Hi All,
Been offered a mortgage earlier this week on a decent 5yr fixed deal, but wondering if the rates are likely to change if the BOE drop their rate.
I wondered if anyone had an idea of how quickly banks adjust rates, if they do at all, following a change by the BOE.
Many thanks
Jon
Been offered a mortgage earlier this week on a decent 5yr fixed deal, but wondering if the rates are likely to change if the BOE drop their rate.
I wondered if anyone had an idea of how quickly banks adjust rates, if they do at all, following a change by the BOE.
Many thanks
Jon
0
Comments
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Can they go much lower? Lenders have to make a margin. Savers won't deposit money for no interest either.0
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I think trackers will increase slightly and fixeswill come down slighty. Some changes will start filtering through tomorrow most will be next week I would think. We have already seen this week quite a few lenders withdrawing rates in anticipation of today's announcement.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
You cannot expect your currently offered 5 year fixed deal to be replaced imminently with a better one. It doesn't work like that.
If you are purchasing you will need to go with what is available at the time. On a re-mortgage, you can wait, but don't assume a wait equals a result.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Current mortgage products usually reflect expectations for future interest rates generally.
If we get a 0.25% cut today, don't expect the entire mortgage market to cut everything by 0.25% tomorrow.
It is unlikely to happen.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I will be going onto a SVR at 31/07 of 4%. I've tried to view the historical rates on Natwest site but can't find them. Any chance this will be reduced? I want to remortgage at the end of August anyway.
Thanks.0
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