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New rate reduction, how long are you waiting?

Pulpdiction
Pulpdiction Posts: 230 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Got a text saying after reduction of BOE interest rates (I'm on a tracker rate currently thanks to Lizzie's budget disaster) they are reviewing rates and new rates will apply from 25th August.  I think over 2 weeks to enact a 0.25% reduction is a bit long isn't it?

What have your experiences been?

Comments

  • Hoenir
    Hoenir Posts: 5,252 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 19 August 2024 at 10:33AM
    That budget was nearly two years ago. Events have moved on since then. Interest rates were always going to normalise. Though not at the speed they eventually did. 

    Takes time to implement changes in systems. Is the summer , staffing is normally at it's lowest with many on holiday. 
  • HobgoblinBT
    HobgoblinBT Posts: 264 Forumite
    Fourth Anniversary 100 Posts
    What do the terms and conditions of your mortgage say?  The lender that I worker for changed rates, up or down as the base rate moved for existing customers after 28 days.  
  • kingstreet
    kingstreet Posts: 39,066 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Typically, lenders move their trackers on the 1st of the following month. Have you checked your mortgage offer to see if that is how yours works? Have you ever experienced a rate reduction previously?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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