Found 6th Nov 2008
UK interest rates slashed to 3%

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Wander if it will make any difference to the mortgages or is it just the savers that get their rate reduced? Lets wait and see

Original Poster

GB wants the cut to be passed on to borrows

Great news, my tracker mortgage option was such a good choice :thumbsup:

Took out a buy to let last year on 0.5% BELOW base.

Happy days!!

This will make a huge difference to mortgages pcm !!!

the wreckon that this wont get passed on to the public though, so dont celebrate too soon

Anybody know if the standard variable rates will drop in line with this, or is that down to your mortgage provider's discretion??

was due to change rates last month on my buy to let, but best i was offered was 5.8% fixed with £3000 lending fee:w00t:.....so took the risk and let it slip onto svr - 6.66% at the moment

Mortgage fears
There have been concerns that following a cut in the Bank of England's base rate, it would not be passed on to borrowers.

http://newsimg.bbc.co.uk/media/images/45176000/jpg/_45176168_-34.jpg Output in the manufacturing sector has fallen for seven months in a row

Prime Minister Gordon Brown was asked about this problem in the House of Commons on Wednesday because Abbey had just raised its tracker mortgage rates for new customers.
"We want the banks and building societies to pass on the interest rate cuts to their mortgage holders," he said.
"What we've been trying to do over the last few weeks is get the liquidity into the system, recapitalise our banks and then get them to resume the lending that is necessary."
However Lloyds TSB has promised to pass on the rate cut in full to its variable rate mortgage customers.
The group, which also lends through Cheltenham & Gloucester says its standard variable rate, currently 6.5%, will never be more than 2% above Bank of England base rate.

Slashes my mortgage by £200!!!!! Wahey...happy days!!!
THANK YOU MR BANK OF ENGLAND!!!!!

Kitten13;3386507

the wreckon that this wont get passed on to the public though, so dont … the wreckon that this wont get passed on to the public though, so dont celebrate too soon



They have to pass on the drop to tracker mortgages. Its mainly the renewals that they wont pass it on to. I feel sorry for the people that fixed it last year. My buy to let is due for renewal in March, lets hope they are rock bottom by then!

I LOVE my tracker mortgage!!

Banned

I got a letter this morning from my mortgage provider.

My mortgage is now £13 per month cheaper, yippee :thumbsup:

We fixed it for 10 years last year :x and now I hate interest rate cuts:-D

13 a month cheaper? What do u own a shed in the furthest most north point in england?

ZOMFG!!

Didn't expect this, was expecting a half point, maybe a full point if they were generous!

Good news! Hope it gets passed onto people, it does to me I'm glad to say!

BEANZ-ON-TOAST;3386655

Slashes my mortgage by £200!!!!! Wahey...happy days!!!THANK YOU MR BANK … Slashes my mortgage by £200!!!!! Wahey...happy days!!!THANK YOU MR BANK OF ENGLAND!!!!!



Would that be with Lloyds TSB because they have claimed to pass on the rate cut?

Greedy HSBC have added a nice bit on their trackers funnily enough if you were thinking of taking one out. BoE give with one hand and banks take with other!

When the last 0.5% cut happened, I got a letter from my lender saying they would not be cutting my mortgage rate by the full amount, there would be a 0.4% cut - as they basically had to bail out other named institutions and in effect - I, along with other borrowers,would be paying for this.

I'll not hold my breath on this 1.5% cut being passed on in it's entirety. :x

I hope the nationwide pass this on.
They are normally quite good and far better than Abbey nat

It's times like this I am pleased I have a tracker.

Banned

bellabonkers;3393077

It's times like this I am pleased I have a tracker.



Its times like this I feel unlucky to have paid off my mortgage and lots of savings!!!! :oops:

Banned

guv;3393105

Its times like this I feel unlucky to have paid off my mortgage and lots … Its times like this I feel unlucky to have paid off my mortgage and lots of savings!!!! :oops:


Same here. Might looking into buying a flat or two for rental income.

Barclays are passing the cut to all tracker mortgages
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