.25% rate cut, how fast will it trickle down :)

gadgets.loco

I have a Halifax mortgage and 2nd mortgage with Elderbridge, I wonder how fast if ever will the cut trickle down to me 😀

lee111s

If they're fixed, then it won't. If they're trackers, I'd expect from tomorrow.


I don't think it'll affect many SVR/SMR's of lenders.

Bossworld

Natwest already updated their intermediary prices about a week ago. Don't know if they'll do them again, I've managed to knock 0.20% off my previously agreed rate via the IFA.

stator

Break out the Champers :dance::beer:

Marvel1

Mine won't drop as I'm on Base Rate with Nationwide, currently it's 2.5%, I hope to see a cut of 2.25%

luckwudaveit

NRAM saying no change to SVR.

http://www.n-ram.co.uk/rate-change-information

"At this point in time, there is no change to the Standard Variable Rate (SVR) for NRAM customers. We will update this website if there is any change to our SVR."

I'm very disappointed that they aren't reducing their SVR considering I am stuck with a rate of 4.78% and no equity to move elsewhere.

SailorSam

But will it really make much difference ?

kingstreet

The rate reduction has already been discounted by the market in new mortgage products.

Trackers usually change on 1st of the month following the reduction.

SVRs are at lenders' discretion, so you may get all, some or none of the reduction passed on.

hufc2002

cjdavies wrote: »

Mine won't drop as I'm on Base Rate with Nationwide, currently it's 2.5%, I hope to see a cut of 2.25%

I'm also on the SVR(1.99% + BOE = 2.49%) with the Mortgage Works which is part of Nationwide. Should I not expect my rate to change?

kingstreet

If you are on a BOE related tracker the rate should fall from 1st September provided there is no collar or drop-lock on the rate preventing it falling further.

marathonic

Some mortgage documentation specifies different timescales following a rate drop before it'll be reflected in a tracker mortgages calculations.

For my own case, with First Direct:

As mortgage interest is calculated daily, Tracker rate will change from the day following a base rate change announcement; this will be reflected in the next payment taken following a change.