BOE Base Rate Cut by 0.25 to 5.5%

brightbuy

pollyanna24 wrote: »

When people say strict lending criteria, what exactly do they mean?

Is 3.2 x joint income, about 80% mortgage, no debt, no bad marks against your name and staying with the same lender all good?

It can be anything, not necessarily a limit on borrowing but more to do with a focus on status requirements. So credit status, length of employment etc….

abaxas

My only question is.

Will it be Jan or Feb when we see petrol > £1.20 a ltr?

JF77

cm233lh wrote: »

I just moved to a tracker last week. I'm glad I did.

Me too. My 2 year 4.29% fixed rate ends soon and I've secured a Term Tracker to replace it. :j

brightbuy

I am just hearing on the news that some mortgage companies have confirmed that they will be passing on the benefits of these rate cuts to mortgage customers 'in the new year'.

Anon

http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1123

Date issued: 6 Dec 2007
NATIONWIDE TO DECREASE MORTGAGE RATES BY 0.25%

Nationwide Building Society today announces that it will decrease its Base Mortgage Rate (BMR) from 1 January 2008. The BMR will be decreased by 0.25% from 7.24% to 6.99% leaving it around 0.50% lower than the standard variable rates of most other major high street lenders assuming that they also decrease their SVRs in line with the Base Rate. This follows the decision by the Bank of England’s Monetary Policy Committee to decrease the Base Rate by 0.25%. Savings rates are under review and any changes to these rates will be announced in due course.
Assuming other major lenders decrease their SVRs in line with the decrease in the Base Rate, the savings a customer would make with Nationwide on a £100,000 mortgage will be up to £12,000 over a 25-year term.*
Tracker mortgages will move in line with the Bank of England Base Rate and this change will be effective from 1 January 2008.
A range of flexible features are available on all new Nationwide mortgages, offering the borrower the ability to overpay, underpay or take a payment holiday. Nationwide does not charge a Mortgage Indemnity Guarantee (MIG) or fees for high percentage borrowing.

http://www.hbosplc.com/media/pressreleases/articles/halifax/2007-12-06-Halifaxred.asp?section=halifax

Halifax reduces mortgage rate

Thursday 6th December 2007


Following the announcement today by the Monetary Policy Committee of a 0.25 per cent decrease in the Bank of England Base Rate, Halifax will be reducing its standard variable rate (SVR) from 7.75% to 7.50%.
As usual, the decrease for existing borrowers will come into effect at the same time as any change in savings rates on 1st January 2008 (full details of which will be announced later this month).

Good to see such a quick response - but it doesn't mention any affect on their fixed rate products on offer etc - how many people would stay on the SVR anyway?

Anon

MortgagesInc

Nationwide and Halifax have both passed on the full .25% reduction w.e.f 1st January - historically and rate changes, up or down, for exisiting customers take effect from the 1st of the following month - so just word play that it's next year, not some conspiracy theory

Anon

According to the BBC the lower rates will be available to existing customers from 1st January and new customers from today ...

http://news.bbc.co.uk/1/hi/business/7130826.stm

Anon

geoffky

£16 per £100,000 per month less

honest_guv

So how will this affect fixed rate mortgages? Can we expect the fixed rates to come down anytime soon?

My nationwide discount mortgage is coming to an end. I'd like to move to a fixed rate, but don't know whether it's worth waiting (hoping) for the fixed rate deals to come down?

nej

My bank waited all of about 3 seconds before putting my rate up on all the recent increases. If they don't put it back down again I will be incredibly annoyed.