We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bank Rate Today and Mortgage deal deadline
Options
ballisticbrian
Posts: 3,993 Forumite
Hi there, I have until the end of June to choose a new mortgage deal (fix) with Nationwide and the Bank rate announcement is due out at midday today. Nationwide doesn't always react to the bank rate immediately, but more randomly. It is expected rates will remain the same, but I just wondered if anyone thinks (particularly with inflation and world events) interest rates could go up?
Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.
0
Comments
-
I dont think anyone is expecting the base rate to change (but I am just going off what I hear).
However, even if they did, unless it was something crazy the products available today will still be available tomorrow.
What you tend to find is banks know what will happen before it happens. If they were going to change their rates, chances are they would have done it in the last week or 2.I am a Mortgage AdviserYou 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.1 -
Just by complete coincidence I just had the following email from Nationwide (affective 1 July) :
Your savings interest rates will be going down.
It's just that if I wait until 1 July to see if mortgage rates come down, I will pay one months mortgage at the ridiculous default rate which was something like 6 or 7 % if I recall.Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.0 -
That will be on the back of last months drop.I am a Mortgage AdviserYou 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.0
-
Mortgage products reflect movement in money market swap rates rather than base rate. That's what you are attributing as "more randomly."
Have a look at SONIA swaps here;-
https://www.chathamfinancial.com/technology/european-market-ratesI 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.0 -
No change in rate.Life in the slow lane0
-
For anyone else reading this, don't forget some financial products have a 14 day cooling off period in case you need to change your mind.Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards