Mortgage renewal time - but no reduction after BoE rate change?

Stevepd

Hi everyone. Our Santander mortgage is up for renewal on the 6th March when our last 5 yr fixed at 1.79% comes to an end. I've had new deal offers come through some 4 weeks ago and I was hanging on for the rumoured rate change, which we know happened. I found on Santanders website that they'd reduced their rates by the adjustment 0.25% from the 3rd Jan. So I hung out. The 3rd came and went but the offers remained the same, pre-BoE rate adjustment. So yesterday I did the online chat and to summarise the offers won't change and she said I have 2 options of selecting a deal from the ones already known or I can speak with an advisor who will advise which of the offers best suits us but will not be able to change the rate/deal offers. Now historically for us there hasnt been a rate change during the selection period. So is this correct, ie tough there you go...

la531983

Lenders price things in months ahead of time, if you were expecting them to cut everything by a quarter PC the same day then you are likely to be disappointed 

feynman33

Their stated 0.25 cut in line with BoE refers to their SVR, fixed term deals are judgment/prediction competitive/business decisions that individul banks make and typically factor in expected rate changes well ahead of time... Celebrate taking a 5y fix instead of 2y last time, and suck up your new rate!