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BOE new rate not applied on mortgage
Nj04
Posts: 20 Forumite
I was going to remortgage with my current lender, Coventry however they have not updated their rates to the new BOE base rate. Could it be a possibility they will not update their rate? Can mortgage lenders not lower their rate even if BOE reduces the rate? Thank you
1
Comments
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Not only might they not lower them, they may increase them, as has already happened as the risk rises.1
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Lenders do not fund mortgages using BOE base rate. Lenders will currently be monitoring the broader economic situation. With financially difficult times ahead for many.3
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