Tracker mortgage - rate reduction

andy_geo

I have a tracker mortgage with Santander since November 2018. I have not received anything from them yet about reducing my rate following the base rate cut. How long does it take until they reduce it?

dimbo61

We also have a base rate tracker with Santander and have not yet received news of the BOE base rate cut from 0.75% to 0.25% never mind the Futher cut to 0.1%
I am sure Santander will get this sorted ASAP and ready for 1st April.
Barclays sent out text messages on the same day as the rate cuts if you were on a tracker deal but they don't take effect till the 1st of April

Sandyra

I have a Santander tracker mortgage too and when I inquired a couple weeks back, they said the 3rd April but MSE says the 1st. It says on the website we will get a letter at least 5 days before your monthly payments change.

fewcloudy

I have an Alliance and Leicester tracker mortgage, (but nowadays it's all Santander address/contact numbers etc on the headers and footers of any correspondence that I receive).

I got a letter a few weeks ago stating that the rate of interest payable on this account has been decreased by 0.500%, tells me what new interest rate will be, what new payment will be, from 1st April 2020
I will get another letter in a few weeks time regarding the further decrease in interest rate, etc as above, with a starting date of 1st May 2020

I know this, as I still have the numerous identical letters I received from about 10/11 years ago, when the interest rate did an even more spectacular free fall over the course of a year or so.

Mulder00

Also on a tracker mortgage here with Santander.  Base rate still shows 0.75% and it appears that yesterday's interest was calculated based on that.  At what point do we contact them and ask them to correct it?  This should be something they are geared up for?

RunFast

Mulder00 said:

Also on a tracker mortgage here with Santander.  Base rate still shows 0.75% and it appears that yesterday's interest was calculated based on that.  At what point do we contact them and ask them to correct it?  This should be something they are geared up for?

Same here, not received any correspondence regarding the change either. I'm messaged them.

RunFast

Not helpful, used their secure message service via online banking, got a reply stating that service no longer available. Chaos at Santander it seems.

Sandyra

I spoke to Santander last week, they said that payment are in arrears, so in my case my May 1st payment will show the first drop of the BOE and the second BOE decrease will be on June 1st.

RunFast

Payments are in arrears, correct, but I didn't receive the promised correspondance about a rate change. Spoke to Santander, rate changing 3rd April (why on their website they would say beginning of April is beyond me) and they could not explain why I was not notified as promised. Fingers crossed it's all sorted tomorrow.

Sandyra

RunFast said:

Payments are in arrears, correct, but I didn't receive the promised correspondance about a rate change. Spoke to Santander, rate changing 3rd April (why on their website they would say beginning of April is beyond me) and they could not explain why I was not notified as promised. Fingers crossed it's all sorted tomorrow.

Hmm, I was told the 1st April. I too asked about the letter and they said its meant come 5 days before your new payment is due, so in my case late April.

pramsay13

I'm with Scottish Widows and pay in arrears, so my 1st May payment will reflect the interest rate change, not the 1st April payment.