Interest Rates Cut to 0.25%

HariM

My fixed-rate period is about to end (late May) and I've chosen the new option I want (fixed for 5 years). It's already better than my current rate (my premiums will go down by almost £50/month). Is there any point my contacting the lender to see whether there will be an even better rate on offer now, or is this pointless? I really don't know much about interest rates and how they affect mortgage rates so I don't know whether it's worth trying, or if it will make no difference. I'd been planning on sorting it out next week but am willing to wait a few more weeks if it means I can save money.

soupy600

I've just went sale agreed on a property hoping my timing is right for once and i might get some benefit from all this?

Chickenman1108

HariM said:

My fixed-rate period is about to end (late May) and I've chosen the new option I want (fixed for 5 years). It's already better than my current rate (my premiums will go down by almost £50/month). Is there any point my contacting the lender to see whether there will be an even better rate on offer now, or is this pointless? I really don't know much about interest rates and how they affect mortgage rates so I don't know whether it's worth trying, or if it will make no difference. I'd been planning on sorting it out next week but am willing to wait a few more weeks if it means I can save money.

Following this, as my fixed term ends early June and I was going to choose a new fixed term this week. Now thinking it'll be better to hold off and see what Nationwide do with their rates. Does anyone know roughly how long banks take to respond to changes like this? 

Clova138

HariM said:

My fixed-rate period is about to end (late May) and I've chosen the new option I want (fixed for 5 years). It's already better than my current rate (my premiums will go down by almost £50/month). Is there any point my contacting the lender to see whether there will be an even better rate on offer now, or is this pointless? I really don't know much about interest rates and how they affect mortgage rates so I don't know whether it's worth trying, or if it will make no difference. I'd been planning on sorting it out next week but am willing to wait a few more weeks if it means I can save money.

Might as well ask as you've already got an offer so the worst that can happen is they say no that's the best offer they can make you. My fix rate is due to finish at the end of April so I'm in a similar boat to you. I'm going to wait a couple of weeks and see what happens. Even if I have to pay an extra £75pm month or two at SVR it's small change compared to the 18 years remaining on the term.

Whats_your_forte

Worth noting HSBC are increasing all fixed rates.

akorn77

Whats_your_forte said:

Worth noting HSBC are increasing all fixed rates.

Why would they increase it? They dont want any business? 

amnblog

They want profit, not business

Whats_your_forte

Fixed rates are really nothing to do with Base Rate.

Today has gone out the window with the amount of calls with people thinking they will be saving 0.5% on their mortgage.

Thrugelmir

akorn77 said:

Whats_your_forte said:

Worth noting HSBC are increasing all fixed rates.

Why would they increase it? They dont want any business? 

Little point in lending at a loss. The virus outbreak has huge potential downsides for the banks. Which could be very costly. 

Dandytf

mamsiller123 said:

Nationwide have cut theirs already!

Honestly as I'm on 1.99 tracker until mid 2021 -that's 1.4boe -until today.
I need to  check, have Natwide been generous or is it part of .5% that's being passed on
Thanks!