Interest Rates Cut to 0.25%

dimbo61

We received by Text the rate cut of 0.50% within 4 hours of the BOE base rate cut from Barclays Bank.🤗

Penelopa.Pitstop

Looks like Nationwide changed rate on their tracker. Now cheapest one is 1.04% and it's +0.84 above Boe Rate. Previous one was 1.44% and +0.69% above BoE (which will go down to 0.94% from 1 of April for existing customers)

Glover1862

Anyone heard if Coventry Building society are lowering their Flexx for the Term products, it has historically tracked the base rate but not heard if they will pass on the 0.5% cut, I know they don't have to as it's not contractually linked but generally they have.  

akorn77

Halifax is passing on rates on 1st April. I wonder if I wait that long if will still be ok to switch mortgage products? Had my original offer end of Feb 

2nd_time_buyer

I phoned the Coventry earlier today. The guy I spoke read out a load of gufff about reviewing rates, market conditions, trying to be fair tor all members...
In short no decision yet. However, I have a strong suspicion they will not pass it on in full.
 

thriftypatos

Any inside scoop on Natwest and likelihood of them offering lower fixes? Got a meeting with our broker tomorrow. He of course has told me that if rates haven't been lowered by then (tomorrow), they won't be...

Glover1862

2nd_time_buyer said:

I phoned the Coventry earlier today. The guy I spoke read out a load of gufff about reviewing rates, market conditions, trying to be fair tor all members...
In short no decision yet. However, I have a strong suspicion they will not pass it on in full.
 

I hope they do pass it on, however they normally announce it quicker, they certainly passed the two rises from .25 to .75! 

It’s a no ERC product so I might consider moving to a new lender if they only consider it fair to move rates upwards. 

I suppose the problem they have is that the term product is still available to new customers, if they reduce it by 0.5% it makes it a very attractive rate and they probably don’t want that business, they could always withdraw it and pass it on to existing customers.

pintxo_21

Hello!
My current fix term ends on the 30th April. Best i can get with my current lender Nationwide is 1.34%  2 years fix or 1.24% 2 years variable. Both with 999£ fee 70% ltv. Do you think that I should stick to one those rates of go for the 0.99% HSBC variable with similar fee? Or wait to see if nationwide reduces the rates a bit?
Thanks!

ericlered7

Fixed rates are already at historic lows, I can't see them being brought down much more. To those who ask why aren't they "passing it on" why would they reduce a 5 year fix by 0.5% based on a very short term reduction by BoE that might increase again in 6 months or a year? They'd be mad!

Tildaplum

Now cut to 0.1%