B.O.E Lowers rates to 5%

nickmack

Al_Mac wrote: »

But tracking what? The BOE base rate, or the mortgage companies rate? The latter may not move.

Are you aware of any Tracker Mortgage products that are not tied to BoE base rate?

I thought that was the point of the tracker was you are guaranteed to move with BoE rate, otherwise I would have thought linking it to a the mortgage companies rate would be pretty pointless.

nickmack

Al_Mac wrote: »

To be honest, not had a mortgage for a few years, but when I last got one, 1997, it was something that was discussed.

I can't find any examples, but apparently you could get products tracked to LIBOR. Does anyone actually have one of these mortgages?

MrDT

Andyfonics wrote: »

What does it mean though?

Inflation is gonna rise further but Gordon and his boys will lie to our faces and reassure us that it's not?

More of the same then...

Vincenzo

nickmack wrote: »

Are you aware of any Tracker Mortgage products that are not tied to BoE base rate?

I thought that was the point of the tracker was you are guaranteed to move with BoE rate, otherwise I would have thought linking it to a the mortgage companies rate would be pretty pointless.

Discounted mortgages are effectively tracking the lender's SVR. I have one with Bristol & West and even before today's cut I am on 5.04% (a 2.3% discount off their SVR of 7.34%). So far Bristol & West have reduced thier SVR in line with the BOE base rate although I am not so hopeful this time round. Especially as B&W have withdrawn so much of their range.

While I understand the issues surrounding LIBOR, I am beginning to come round to the thinking that the banks are profiteering in this time of uncertainty. All caused by themselves, needless to say!

mlz1413

Markyt wrote: »

I wouldn't, if it means my fuel, heating, power, and any goods I purchase have gone up by more than that.

nothing to say these wouldn't go up if BoE rates stayed put and I doubt if BoE had put their rate up any of the utility companies would reduce their rates.