How long before mortgage interest rate goes down with the base rate?

dllive

Hi all,
My fixed term mortgage is about to expire in the next month. Seeing as the BoE has reduced the base rate down to 0.1%, how long does it take banks to normally follow suit? Days, weeks, months? Im thinking about staying on the variable rate (4.2%) and then fix (current fixed rate is 2.09%) when the bank lowers its interest rate.
What do you think?
Thanks

[Deleted User]

Just look for the best fixed rate you can now I reckon.

In the last 24 hours I have had several emails from lenders. 1 has announced rate increases across the board, 1 has just pulled all trackers off until it assess the damage. 
I don't think this will be a chance for people to get cheap mortgage.  Lenders generally can't afford to reduce prime rates much more than they have

Thrugelmir

Lenders will be factoring in the risk of their customers defaulting. No one knows how long it maybe neccesary to grant mortgage holidays. 

kev2009

My fixed rate ends towards the end of this yer, i was hoping to get a good rate & re-fix for 5 years again so i really hope they don't start to put them up...
Kev

[Deleted User]

I spoke to one mortgage broker yesterday. He said that only one mortgage rate has gone down, but in general rates are going up slightly - presumably because we are entering a period of economic uncertainty and higher risk for lenders. I guess rates were already historically low, so we shouldn't be greedy.

Dandytf

Natwide tracker is going down from 1st April, though that's my existing mortgage after 1st of recent BOE cuts to .25%, haven't heard since. the 0.1 cut
My deal is 1.24%+BOE.

Thrugelmir

Dandytf said:

Natwide tracker is going down from 1st April, though that's my existing mortgage after 1st of recent BOE cuts to .25%, haven't heard since. the 0.1 cut
My deal is 1.24%+BOE.

This weeks change maybe to late to be implemented from 1st April. Normally BOE rate changes (if any) are announced at the beginning of the month. Which allows sufficient time for lenders to make the necessary administrative changes. You won't lose out however.