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Thread: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

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    HEXUS.timelord. Zak33's Avatar
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    Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Yesterday, virtually the entire world cut their Central Bank Rates (for us, Bank of England Base Rate) by HALF OF ONE PERCENT.

    Now the last time there was a drop, my mortgage didn't go down. The bank kept the difference. Then my rate went up when there was no rise.

    So can anyone find any sign of them "passing it on"

    If not, we might need Jamie Oliver to get out of rotherham and get down to Thread Needle St

    Quote Originally Posted by Advice Trinity by Knoxville
    "The second you aren't paying attention to the tool you're using, it will take your fingers from you. It does not know sympathy." |
    "If you don't gaffer it, it will gaffer you" | "Belt and braces"

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    SiM
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    It will happen. Give it time. Borrowing/Lending rates are normally fixed for certain periods in advance so the change will take some time to filter down to mortgage holders.

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    A hell of a lot of time.

    A reduction in the risk free rate, dosen't mean there will be a reduction on your mortgage if the risk goes up.

    Same way the option prices quoted didn't change that much (because Vol is through the roof)
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Variable Tracker mortgage from nationwide, instantly applied. Handy for me

    Was on the phone with them yesterday actually, mortgage lady could just say an official line about new fixed rate basically saying she didn't know as yet.

    Depends on the banks and the mortgage you got I suppose, some have a tendency as you found out to just hold onto that to make more cash

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    Chillie in here j.o.s.h.1408's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    does this mean i can buy my first house ie mortgage next year and dont need more then 10% has a deposit?

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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    I bet my saving's account interest got cut straight away though...

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    Does he need a reason? Funkstar's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Quote Originally Posted by j.o.s.h.1408 View Post
    does this mean i can buy my first house ie mortgage next year and dont need more then 10% has a deposit?
    No, probably not.

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    Banhammer in peace PeterB kalniel's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Quote Originally Posted by Zak33 View Post
    Yesterday, virtually the entire world cut their Central Bank Rates (for us, Bank of England Base Rate) by HALF OF ONE PERCENT.

    Now the last time there was a drop, my mortgage didn't go down. The bank kept the difference. Then my rate went up when there was no rise.

    So can anyone find any sign of them "passing it on"
    The Bank of Scotland, Halifax, Royal Bank of Scotland, Lloyds TSB and Barclays immediately cut their standard variable rates by half a percentage point.

    If you're not on a standard variable rate then you might not see any difference. Trackers will probably fall, but not immediately.

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    HEXUS.timelord. Zak33's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Well guys, so far, no sign of a rate cut for my Natwest variable rate mortgage.

    Anyone else had notification of the rate cut that we expected?

    Quote Originally Posted by Advice Trinity by Knoxville
    "The second you aren't paying attention to the tool you're using, it will take your fingers from you. It does not know sympathy." |
    "If you don't gaffer it, it will gaffer you" | "Belt and braces"

  10. #10
    Does he need a reason? Funkstar's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    I had a letter from RBS in the middle of last week actually.

    I can't remember (and can't be bothered looking to see) what the old rate was.

    Going in to see a financial advisor at the bank on Thursday though, so I'll see if they can do me a better deal on the interest as I think I'm on their basic no frills variable rate.

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    YUKIKAZE arthurleung's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    I bet my saving's account interest got cut straight away though...
    Most of my savings is sitting in a Halifax fixed rate account (7% pretax). The amount is (relatively) small, probably not worth mentioning.

    I just hope the student loan interest rate won't go up next year. It had been high enough at 4.8% last year and 3.8% this year. If it hits 5%+ next year (very likely since the RPI is up so much) it is not worth borrowing :S
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    Get off my lawn... rox0r's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Our current deal runs out at the end of October and we want to extend our mortgage by about 20k so we're riding the SVR for a while till things balance out instead of locking into a rate that's only just below SVR anyway. We're with C&G and they're always pretty instant with BOE rate changes, we got the letter through about the change a week ago.

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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    LIBOR rate is falling slowly by surely, 5.95 yesterday (after a spike over early oct when it hit 6.28)

    I think allot of lenders seem to wait to see who makes the first move on reducing their variable rate. For those of you on variable rates im sure you will see some reductions soon.

    Came off our fixed 4.25 rate a few months back and now on a 1 year tracker (1% above bank rate) until mid 2009 which has actually worked out ok for us. Although not sure how new mortgages will be mid next year when it goes to bank variable and looking round for a new deal.

    If the recession is longer and deeper than expected some analysts predict a scenario here in the UK and US, much like in Japan in the 90's when interest rates hit 0%. Not sure in such a scenario what levels Libor would be at to affect variable rates though.

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    Senior Member Stringent's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Talks of 0% interest. Might as well have the cash under the bed!

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    looking at 6M GBP LIBOR thou it might still not go below 6% before the end of the month, the problem is mortgage firms that rely heavily on short term financing for their books are realising the error of their ways, I'm not saying we're going to see disney length bonds been issued, but we will see the northern recks of this world wanting to finance against longer maturity LIBOR.
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    SiM
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    Re: Can anyone find any sign of the Interest Rate cut being passed onto Mortgage's?

    Crazy times 6% increase in rates in Iceland, negative swap spreads... whatever next!!!

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