...do you have a Nationwide tracker mortgage with a floor rate?... - HotUKDeals
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...do you have a Nationwide tracker mortgage with a floor rate?...

magicjay1986 Avatar
[mod] 7y, 11m agoPosted 7 years, 11 months ago
Does your mortgage state that it will track the Bank of England base rate as long as it doesnt go below a floor of 2.75%?

If so, Nationwide have decided to waive this floor and it will just follow the base rate.

Eg..your mortgage rate is 1.13% over the Bank of England Base (2%) rate which will not go below a floor of 2.75%. This will mean your rate will be 3.13% as opposed to 3.88% and then this will further track the Bank of England base rate...

Link in first post.
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magicjay1986 Avatar
[mod] 7y, 11m agoPosted 7 years, 11 months ago
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[mod]#1
#3
This is great news magicjay - I had a floor of 3.05% + 0.34% - so from Jan 1st, my rate will go down to 2.34% - thanks for this info - have some rep!
#4
I am really confused... my broker told me my mortgage will go down 200 quid per month... ive just received a letter and it looks like it hasnt reduced by much at all.
weirddd
#5
pcnutta
I am really confused... my broker told me my mortgage will go down 200 quid per month... ive just received a letter and it looks like it hasnt reduced by much at all.
weirddd


If your mortgage was falling by 200 a month due to a 1% interest rate cut - you must have a massive mortgage.:w00t:

Perhaps your broker isn't that great at calculations?
#6
moob
If your mortgage was falling by 200 a month due to a 1% interest rate cut - you must have a massive mortgage.:w00t:

Perhaps your broker isn't that great at calculations?


nope i dont at all, which is very odd... nearly 600 permonth ish... before the rates started dropping. He then told me that its gone down approx 200 quid with the recent cuts... like i said my statement thing from mortgage company didnt tally with that at all!
#7
pcnutta
nope i dont at all, which is very odd... nearly 600 permonth ish... before the rates started dropping. He then told me that its gone down approx 200 quid with the recent cuts... like i said my statement thing from mortgage company didnt tally with that at all!


With all the cuts it probably will, as long as your bank passes it on.
#8
pcnutta
nope i dont at all, which is very odd... nearly 600 permonth ish... before the rates started dropping. He then told me that its gone down approx 200 quid with the recent cuts... like i said my statement thing from mortgage company didnt tally with that at all!


In that case it's your broker's fault as it appears he can't make simple calculations.

My mortgage was around £500 and is now just over £400, so given that and dependant on what type of mortgage you have, he was well off the mark.
#9
moob
In that case it's your broker's fault as it appears he can't make simple calculations.

My mortgage was around £500 and is now just over £400, so given that and dependant on what type of mortgage you have, he was well off the mark.


Wrong, it depends on how much of the amount is interest anyway.

As long as the rate changes have been passed on (remember we're talking about several here, not just the one), then you should be charged about half the interest you were before.

So assuming £400 interest, £200 capital. You should now get charged about £200 interest, £200 capital. Reduction of £200 per month
#10
Benjimoron
Wrong, it depends on how much of the amount is interest anyway.

As long as the rate changes have been passed on (remember we're talking about several here, not just the one), then you should be charged about half the interest you were before.

So assuming £400 interest, £200 capital. You should now get charged about £200 interest, £200 capital. Reduction of £200 per month


How can I be wrong when I clearly stated it 'depends on the type of mortgage' she has?
#11
moob
How can I be wrong when I clearly stated it 'depends on the type of mortgage' she has?


Sorry, I only meant this bit was wrong:

moob
In that case it's your broker's fault as it appears he can't make simple calculations.
#12
Benjimoron
Sorry, I only meant this bit was wrong:


Well, how would you or I know if that is wrong or otherwise, other than the fact she stated that her statements from her mortgage company doesn't tally up to what her mortgage broker has calculated for her?

As long as the broker had all the details of her account etc, he should have given a realistic calculation of what amount she should be paying. He has clearly failed to do so and is therefore unable to make the calculation accurately.
#13
moob
Well, how would you or I know if that is wrong or otherwise, other than the fact she stated that her statements from her mortgage company doesn't tally up to what her mortgage broker has calculated for her?

As long as the broker had all the details of her account etc, he should have given a realistic calculation of what amount she should be paying. He has clearly failed to do so and is therefore unable to make the calculation accurately.


That's the point, we don't know whether he's got the calculation right or not yet.

I expect he has but it'll take some time to show. The last rate change was only 2 days ago!!!
#14
Benjimoron
That's the point, we don't know whether he's got the calculation right or not yet.

I expect he has but it'll take some time to show. The last rate change was only 2 days ago!!!


Yeah, it dropped by 1% earlier in the week, so I fail to see how that would equate to £200 off a £600 a month mortgage.
#15
We are with Nationwide and mortgage was £830 a month, just gone down to £560 ish so with this it will go down even more - yay!
Still gonna pay extra though - it all helps

Thanks x
#16
moob
In that case it's your broker's fault as it appears he can't make simple calculations.

My mortgage was around £500 and is now just over £400, so given that and dependant on what type of mortgage you have, he was well off the mark.


omg what a **** he totally mislead me.
Its woolwich mortgage on variable rate.
#17
actually im gonna ring my broker, its what i paid them for, to deal with all this so i dont have too.. Will let u know
#18
moob
Yeah, it dropped by 1% earlier in the week, so I fail to see how that would equate to £200 off a £600 a month mortgage.


pcnutta
He then told me that its gone down approx 200 quid with the recent cuts


Notice the "s" on cuts? That means it's plural! We're not talking about 1%, we're talking about 3% with the recent cuts.
#19
pcnutta
actually im gonna ring my broker, its what i paid them for, to deal with all this so i dont have too.. Will let u know


Give us your figures and we'll work it out. (I'll work it out, lol!)

How much oustanding mortgage?

What rate were you paying when it was (£600?) a month?

What rate do you now pay after the recent cuts?
#20
Benjimoron
Notice the "s" on cuts? That means it's plural! We're not talking about 1%, we're talking about 3% with the recent cuts.


Aye, well done, you've just won pedant of the month award.:roll:
#21
moob
Aye, well done, you've just won pedant of the month award.:roll:


Whatever, just pointing out that he may well be correct, you said he was wrong, you were wrong as from the info provided we don't know whether he was wrong or right.
#22
Benjimoron
Whatever, just pointing out that he may well be correct, you said he was wrong, you were wrong as from the info provided we don't know whether he was wrong or right.


I made that judgement on her initial post - see earlier.

I still maintain however, that a £200 reduction seems rather optimistic.

Let's face it, this wouldn't be the first time a broker has got it wrong.:whistling:
#23
moob
I made that judgement on her initial post - see earlier.

I still maintain however, that a £200 reduction seems rather optimistic.

Let's face it, this wouldn't be the first time a broker has got it wrong.:whistling:


http://www.hotukdeals.com/item/291242/do-you-have-a-nationwide-tracker-mo/showpost.php?p=3678549&postcount=9

lol!!!!!!

You replied to the post where she said it should have gone down £200 because of the cuts.

£200 sounds about right to me, see my earlier calculation.
#24
moob
If your mortgage was falling by 200 a month due to a 1% interest rate cut - you must have a massive mortgage.:w00t:

Perhaps your broker isn't that great at calculations?


That was your reply to the initial post ^^^.
#25
moob
In that case it's your broker's fault as it appears he can't make simple calculations.

My mortgage was around £500 and is now just over £400, so given that and dependant on what type of mortgage you have, he was well off the mark.


That was the reply to the post in question. In this one you've said it's the broker's fault.
#26
Benjimoron
Give us your figures and we'll work it out. (I'll work it out, lol!)

How much oustanding mortgage? 89k

What rate were you paying when it was (£600?) a month? 5.6 (i think lol)

What rate do you now pay after the recent cuts?
( dont know but broker said they have honoured all cuts? and i will pay approx 200 less than initially told worked out by the 5.6 rate)
#27
And here it is in context benji, but don't let that get in the way of your sad quest...

pcnutta
I am really confused... my broker told me my mortgage will go down 200 quid per month... ive just received a letter and it looks like it hasnt reduced by much at all.
weirddd


moob
If your mortgage was falling by 200 a month due to a 1% interest rate cut - you must have a massive mortgage.

Perhaps your broker isn't that great at calculations?
#28
Assuming you are getting 0.6 above base rate, (that's what 5.6 worked out to be) then you should be getting 2.6 now if they've passed on the saving.

Your mortgage payment would have looked like this before:

£415 interest
£185 repayment
£600 total
Per month.

At a rate of 2.6% (assuming you're on a tracker of some kind or they pass on the full rate savings)

£192 interest
£185 repayment
£377 total
Per month.

So a saving of £233 per month.
#29
moob
And here it is in context benji, but don't let that get in the way of your sad quest...


ffs!!

Read again!!

http://www.hotukdeals.com/item/291242/do-you-have-a-nationwide-tracker-mo/showpost.php?p=3678580&postcount=10

You said that the broker was wrong in that post ^^^, in reply to the one which we are referring to. If you can't see that then I can see why you don't understand how there is a saving of over £200!
#30
moob
And here it is in context benji, but don't let that get in the way of your sad quest...


And I never said that post was wrong! Read again and you'll see which post I said was wrong.
#31
Benjimoron
ffs!!

Read again!!

http://www.hotukdeals.com/item/291242/do-you-have-a-nationwide-tracker-mo/showpost.php?p=3678580&postcount=10

You said that the broker was wrong in that post ^^^, in reply to the one which we are referring to. If you can't see that then I can see why you don't understand how there is a saving of over £200!


FFS indeed - I replied to her initial comment - noted above - on which I based my initial judgement - I'm so very sorry that I didn't notice the fecking plural in her subsequent posts.:roll:

I can only assume, due to your attitude and arrogance that you're a broker yourself.
#32
moob
FFS indeed - I replied to her initial comment - noted above - on which I based my initial judgement - I'm so very sorry that I didn't notice the fecking plural in her subsequent posts.:roll:

I can only assume, due to your attitude and arrogance that you're a broker yourself.


The post I have said was wrong was not your reply to her initial comment, it was the reply to the second comment.

You now agree that you were wrong to say the broker was wrong? As I've proved above, based on the figures given he was pretty much spot on!
#33
Benjimoron
The post I have said was wrong was not your reply to her initial comment, it was the reply to the second comment.

You now agree that you were wrong to say the broker was wrong? As I've proved above, based on the figures given he was pretty much spot on!


Perhaps I am wrong regards the broker, yes - but I was taken on board with her initial post which clearly alluded to the most recent interest cut, and not the entire cuts over the past few months.

So, are you a broker?
#34
moob
Perhaps I am wrong regards the broker, yes - but I was taken on board with her initial post which clearly alluded to the most recent interest cut, and not the entire cuts over the past few months.

So, are you a broker?


I don't see anything which mentions which cut(s) she was talking about in the first post, only from the second post which makes it clear. You replied to the second post so I had to assume you'd actually read it!

No I'm not a broker.
#35
I naturally made the assumption she was talking about the most recent cut - as she seemed to agree in her subsequent reply to my initial thoughts based on the 1% cut.

Your attitude on this whole thread stinks however - very combative from the out. You may not be a broker, but you certainly come across as a banker.
#36
moob
I naturally made the assumption she was talking about the most recent cut - as she seemed to agree in her subsequent reply to my initial thoughts based on the 1% cut.

Your attitude on this whole thread stinks however - very combative from the out. You may not be a broker, but you certainly come across as a banker.


You assumed wrong. If you'd read you would've seen she was talking about several cuts.

It's not your fault, nobody's perfect.
#37
Benjimoron
You assumed wrong. If you'd read you would've seen she was talking about several cuts.

It's not your fault, nobody's perfect.


Except yourself, of course.:roll:
#38
moob
Except yourself, of course.:roll:


You said it, not me.
#39
Indeed I did, with buckets of sarcasm.
#40
he he, you two are funny! So, now it doesn't seem to be the end of the world for those of us who's fixed terms are coming to an end around now, great! My fixed rate ends at end of Jan 09, my head is in the sand a bit here, ought to be doing something really but any clues as to go for a fixed rate or variable? My LTV is about 65%. :oops:

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