Tracker mortgages and base rate - a rant!

housebuyer143

eskbanker said:

housebuyer143 said:

Just found this! What do you think it means by "the 15th of the month following the month during which a boe base rate change is announced"??

Why isn't anything written clearly 😑

@Albermarle @vacheron

Not sure I'm understanding the difficulty - if (as is the case) the base rate is changed in November, the tracker rate will be changed no later than 15 December.

It's just the way it is written and probably the amount of times I have read it now which is just making it sound confusing I think 🤣🤣 
It's a little unfair but I guess the TOB allow it (as I expected). 

phlebas192

housebuyer143 said:

Just found this! What do you think it means by "the 15th of the month following the month during which a boe base rate change is announced"??

Why isn't anything written clearly 😑

@Albermarle @vacheron

Seems clear enough - base rate change is announced in November so the following month is December and hence the change takes effect no later than December 15th.

Unfortunately the wording does mean that they can increase rates immediately but delay cutting them until the 15th of the following month.

PixelPound

why's this not posted in the mortgage section?