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

    Supermod
    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.

    40 Comments

    Original Poster Supermod

    nationwide.co.uk/pop…htm

    This is an amazing mortgage tool....

    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!

    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

    pcnutta;3678151

    I am really confused... my broker told me my mortgage will go down 200 … 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?

    moob;3678197

    If your mortgage was falling by 200 a month due to a 1% interest rate cut … 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!

    pcnutta;3678247

    nope i dont at all, which is very odd... nearly 600 permonth ish... … 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.

    pcnutta;3678247

    nope i dont at all, which is very odd... nearly 600 permonth ish... … 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.

    moob;3678549

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

    Benjimoron;3678580

    Wrong, it depends on how much of the amount is interest anyway.As long as … 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?

    moob;3678636

    How can I be wrong when I clearly stated it 'depends on the type of … 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;3678549

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

    Benjimoron;3678653

    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.

    moob;3678702

    Well, how would you or I know if that is wrong or otherwise, other than … 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!!!

    Benjimoron;3678743

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

    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

    moob;3678549

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

    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

    moob;3678821

    Yeah, it dropped by 1% earlier in the week, so I fail to see how that … 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;3678247

    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.

    pcnutta;3678953

    actually im gonna ring my broker, its what i paid them for, to deal with … 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?

    Benjimoron;3679508

    Notice the "s" on cuts? That means it's plural! We're not talking about … 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:

    moob;3679543

    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.

    Benjimoron;3679578

    Whatever, just pointing out that he may well be correct, you said he was … 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:

    moob;3679609

    I made that judgement on her initial post - see earlier.I still maintain … 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:



    hotukdeals.com/ite…t=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.

    moob;3678197

    If your mortgage was falling by 200 a month due to a 1% interest rate cut … 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 ^^^.

    moob;3678549

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

    Benjimoron;3679528

    Give us your figures and we'll work it out. (I'll work it out, lol!)How … Give us your figures and we'll work it out. (I'll work it out, lol!)How much oustanding mortgage? 89kWhat 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)

    And here it is in context benji, but don't let that get in the way of your sad quest...

    pcnutta;3679696

    I am really confused... my broker told me my mortgage will go down 200 … 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;3679609

    If your mortgage was falling by 200 a month due to a 1% interest rate cut … 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?

    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.

    moob;3679782

    And here it is in context benji, but don't let that get in the way of … And here it is in context benji, but don't let that get in the way of your sad quest...



    ffs!!

    Read again!!

    hotukdeals.com/ite…=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!

    moob;3679782

    And here it is in context benji, but don't let that get in the way of … 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.

    Benjimoron;3679805

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

    moob;3679835

    FFS indeed - I replied to her initial comment - noted above - on which I … 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!

    Benjimoron;3679872

    The post I have said was wrong was not your reply to her initial comment, … 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?

    moob;3679897

    Perhaps I am wrong regards the broker, yes - but I was taken on board … 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.

    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.

    moob;3679956

    I naturally made the assumption she was talking about the most recent cut … 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.

    Benjimoron;3679984

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

    moob;3679989

    Except yourself, of course.:roll:



    You said it, not me.

    Indeed I did, with buckets of sarcasm.

    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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