base rate cut - mortgage not drawndown - can i reapply?

ronaldmacdonald

Just signed a fixed rate mortagage offer but not drawndown - could i cancel it and reapply to take advantage of teh .25 base rate cut?

herbiesjp

Your fixed rate will not have reduced though so no point.

Also, lenders have already been pricing up their tracker deals to increase their margins.

ronaldmacdonald

herbiesjp_the_psychic_setter_of_all_banks_mortage_rates_said wrote:

Your fixed rate will not have reduced though so no point.

Well obviously if the fixed rate doesn't reduce there is no point :rolleyes:

MarkyMarkD

There's a clue in the word "fixed" ronald. Fixed rates don't necessarily move down when base rates move.

Somehow I don't think it's herbiesjp who deserves the :rolleyes:.

With most mortgage offers you can choose not to take them up. If you have paid fees (valuation, application, or other) up-front, you'll lose them.

Many mortgage lenders would let you change the product you've chosen, post-offer, but this will normally require an additional fee.

It's worth considering if your lender does suddenly offer a cheaper fixed rate deal, or a competitor does so. But in the current market, it seems somewhat unlikely.

~Beanie~

Lenders probably won't drop their rates to include todays rate change so I wouldn't bother.

MarkyMarkD

Fixed rates were set with the expectation of a rate cut sometime - either April or May - so it's no surprise to anyone really. Hence no reason for fixed rates to fall.

_Andy_

ronaldmacdonald wrote: »

Well obviously if the fixed rate doesn't reduce there is no point :rolleyes:

Why bother posting if you're just going to make saracstic comments to someone who's taken the time to respond?

herbiesjp

Go on ronaldmacdonald, to help us mere mortals understand your post in the first place then:

1)Explain why you want to come off the fixed rate you have signed up for
2) Tell us what the interest rate is that you have signed up for
3) Tell us what interest rate you have seen that you think will be better

Then tell us all the ins and out of your income/expenditure, credit history, employment history, address history etc etc etc

In actual fact, I think a full customer review would be in order, oh hold on, silly me I forgot being a psychic I should have got all the answers to these questions in your original post!

Before getting silly with your responses, take a step back and see what information you have provided with which one could give a response!

chappers

Yes how appropriate to have a name like ronaldmacdonald

ronaldmacdonald

_Andy_ wrote: »

Why bother posting if you're just going to make saracstic comments to someone who's taken the time to respond?

..because IMO it was a stupid response and did nothing to answer the question, instead made gerneral sweeping statements on the actions of banks.

HTH.

ronaldmacdonald

herbiesjp_the_cerabally_challenged_grunted wrote: »

Go on ronaldmacdonald, to help us mere mortals understand your post in the first place then:

1)Explain why you want to come off the fixed rate you have signed up for
2) Tell us what the interest rate is that you have signed up for
3) Tell us what interest rate you have seen that you think will be better

Then tell us all the ins and out of your income/expenditure, credit history, employment history, address history etc etc etc

In actual fact, I think a full customer review would be in order, oh hold on, silly me I forgot being a psychic I should have got all the answers to these questions in your original post!

Before getting silly with your responses, take a step back and see what information you have provided with which one could give a response!

As I said, some people post stupid responses, apparently not able to understand the simplest of questions :rolleyes: