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    morgage rates

    how much have you saved ?my morgage was £570 a month now its £377 and with the new cut who knows ????

    32 Comments

    i rent and my oh is a saver boo hoo

    Banned

    what new cut :oops:

    sassie;3995172

    what new cut :oops:



    http://www.notus-online.com/catalog/pics/Low_Cut_Hip_Jeans_Reflecting_White.jpg

    base rate sass

    Interest is down to 1.5% now sassie

    Do you guys keep paying what you were to pay it off early or pocket the cash?

    sassie;3995172

    what new cut :oops:



    Interest rate was cut to 1.5%

    Amount of mortgages affected is small though as the cuts not being passed on by many.

    Original Poster

    its now 1.5% base rate thats if ur banks pass on the 0.5% saving mine do should knock off another £20 i think

    im looking forward to seeing what mine goes down to...it could just be the life saver i have been hoping for

    Banned

    oh right, dont think it will affect me, but good on those it does x

    whats a mortgage? hehehe savings rate cut boohoo

    thats a balance i guess!!

    Original Poster

    when i was setting up my morgage the adviser said sign here here and here i told him i wanted a 2 year fixed rate he had a heart attack while doing the paper work and i had a new adviser all well untill they set it up as a discount tracker it went up 3 times in 4 months of me taking the morgage out from £512 to £570 glade it was set up wrong now !!! oh and they never asked for there payment of £300 quid either that was 15 months ago now lol

    Banned

    so if on a variable mortage it will now drop

    Original Poster

    i think so what lender you with ?

    Banned

    abbey

    I've saved nothing so far - I'm fixed until August this year - hoping it'll drop then when I drop onto thier base rate! I might have trouble moving this time as I've only been in the house 4 years so will have lost about the same as Ive paid off even with the 11k edposit I put down

    Original Poster

    not too sure there sassie im with halifax and they pass on the rate cut ull get a letter if you are

    Banned

    ok thanks, i only have a very small mortage anyway so probs not even notice

    Ours has gone down by about £200 i think so far but hubby still paying a bit extra as we are on interest only so at least this way we are actually paying a bit off the mortgage!

    Original Poster

    its good when your able to save even if its only a bit feels like ur getting a better deal then dont it sass every little helps

    I read a report the other day that most lenders have a base limit that cannot be passed so you may find that these cuts will not be passed on at all.

    Most people didn't realise when they took the mortgage out that there was a lower limit.


    Halifax has terms saying that it need not reduce rates by the full amount when the bank rate falls to 3%, although it has been warned this may not be enforceable, while Nationwide can limit cuts once the bank rate falls below 2.75%. Other lenders, including Lloyds TSB and RBS/Natwest have no lower limit.

    Those on standard variable rates will have to wait and see what their bank decides to do – some may pass on the full cut, others part of it, and some none at all.

    Banned

    i save every penny i can, even my kids have bank accounts with dosh in, although as soon as they old enough it wont last a minute, although daughter has been in her own name since she was 7, but i hide the book - lol

    Original Poster

    lol wish i could save

    Nationwide will be passing the cut on in full for variable rate mortgage customers.

    From Nationwide website
    Bank of England Base Rate decreased

    The Bank of England's Monetary Policy Committee announced a 0.50% decrease in the Base Rate to 1.50% on 8 January 2009.

    Our flexible mortgage - the Base Mortgage Rate (BMR) will decrease by the full cut of 0.50%, from 4.00% to 3.50% from 1 February 2009. Our BMR is guaranteed to be no more than 2% above Base Rate and continues to be the lowest standard variable rate of all major high street lenders
    .

    Original Poster

    good new for nationwide customers hope the others follow

    I'm with Alliance & Leicester, can't see them passing much on they are scumbags, I'm only still with them because they tricked me last time I came up to change - now that I'm coming up to change time again I might not be able to change - grrrr

    Remember that as rates get low like this your capital payments will rise. So your payment may not come down as much as you expect. You'll still be paying less interest just you'll be paying off your mortgage a little quicker than before (although your term will remain the same, but your payments will be lower).

    csamual;3995321

    when i was setting up my morgage the adviser said sign here here and here … when i was setting up my morgage the adviser said sign here here and here i told him i wanted a 2 year fixed rate he had a heart attack while doing the paper work and i had a new adviser all well untill they set it up as a discount tracker it went up 3 times in 4 months of me taking the morgage out from £512 to £570 glade it was set up wrong now !!! oh and they never asked for there payment of £300 quid either that was 15 months ago now lol



    I would check on that. They have probably added it onto the amount you borrowed.

    Original Poster

    ive had a letter down to £355 now bargin

    my fixed rate ended as the rate cut came in lol, now on 2.9% rate saving loads!!

    my rate is 1.99%
    i pay off more now than i ever have before.
    i figured while i owe so much forget savings and pay off some debt.

    For all of you on Tracker and Variable rate mortgages, be aware that interest rates went up to 17% at one stage in the past, with things as volatile as they are now, it could just happen again, especially if inflation sets in.

    u are not wrong that happened when my dad got his first mortgage.
    if it did go to 17% i think the world will have greater problems than taking my house off me.
    that and i bet its a complete ar*e to get a house off someone
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