Interest Rates Gone Down but no letter?

xnetco

Hi All,

Has anyone received their letter from their mortgage company yet with their new payments? I'm still waiting for mine with Natwest.

Tim

Froggitt

Maybe your on the "annual adjustments" scheme, when any over or under payments are spread over the following year(s).

MortgageGenie

I think the easiest thing for you to do is to give them a call and ask why, then at least you'll know for certain.

lisyloo

Has anyone received their letter from their mortgage company yet with their new payments? I'm still waiting for mine with Natwest.

You need to be more patient.
My lender usually changes rates a month after the BOE.
They do not get it sorted out by that date.
What happens is I have to pay too much for one month, then get double discount next month.

This is not ideal, but you have to appreciate that this is a lot of admin for lenders so will not get sorted instantly.

Joe_Bloggs

I got my letter from Nationwide on Friday 19th. It was dated 13 August (2nd class postal service !). The new rate and payments become effective from 1/9/2005. They mention that there lines are busy due to the rate change.
J_B.

Little_Miss_Winner

Ditto to Joe Bloggs, got mine from Nationwide too.

santana-mx3

xnetco wrote:

Hi All,

Has anyone received their letter from their mortgage company yet with their new payments? I'm still waiting for mine with Natwest.

Tim

I'm with Egg. They changed their savings rate as soon as the BofE base rate dropped but I kept checking their website and there was nothing about the mortgage rate. I emailed them and they said they will be reducing their rate to 5.49% with effect from 1/9/05.

While I woudn't necessarily expect a letter straight away to inform me of the change, it would have been nice if they still made the change and wrote to customers afterwards (like they did for the savings account). Of course they will probably say they don't change mortgage rates immediately without giving customers notice because if the rates had increased, it would cause a problem for their customers. I'll have to check what happens next time the rate does increase (I can't remember how quickly the change came into force then).

dunstonh

I got my C&G over change end of last week. Can only ditto above comments.

Big_Butts

I'm with the Halifax and have a staff rate mortgage which reflects the BOE rate at all times.

So as soon as it went down my repayments went down, they were recalculated and available to view online the next day.

Not sure if the standard Halifax mortgage works this way

ManAtHome

Joe_Bloggs wrote:

(2nd class postal service !)

If I sent you a letter inviting you to pay me less I'd send it without a stamp..

MortgageGenie

ManAtHome wrote:

If I sent you a letter inviting you to pay me less I'd send it without a stamp..

very funny