Omlet Smart Autodoor - New in box

[Guest]

I got BAD news this morning - my fixed rate mortgage finished and what with starting the new job I havn't gotten around to sorting out a remortgage. The monthy payments are going up by £150!

 

I did call to get remortgage quotes and I'm waiting on them. All those forecasts for the rate going down .5% looked in my favor

 

THEN I saw the news

 

1.5% slashed off the interest rate!

 

I know it doesn't mean the mortgage rate will go down but apparently so lenders have already put it down so it looks favorable. I might have actually done well by not sorting this out in time. If I'd done it when I should have the b of e rate was at 5% now it's at 3 with predictions seeing it down to 2% in the future.

 

I needed good news - I feel il!

[Paola]

That is fantastic news. Lets hope that the lenders do pass it down to the customers.

[Mutrix Farmers]

thanks for the news Pengy, my mortgage is a base rate tracker so will feel the effect immediately. I hope the other lenders do pass on some if not all of this decrease and the last one too!!

[lisa33]

I too have a base rate tracker mortgage.

 

Andyman and I have decided to carry on paying it off at the pre rate cut amount to end it quicker.

[The Dogmother]

Me too Lisa, but I shall grab the new rate when it comes along - I need a financial break at the moment; with just me paying all the bills, the rise in the general cost of living has hit me hard.

 

I wonder whether the latest feel good atmosphere in the states will affect it still further - it can only be positive I feel.

[Tessa the Duchess]

Not such good news for savers although at the moment most of my savings are still submerged under an iceberg just off Iceland

 

I'm happy though for all chickenkeepers with a mortgage

 

Tessa

[Townie]

Another tracker customer here, what a great day for us! Can you tell I am not a saver???

 

Townie x

[Mrs Webmuppet]

I have a tracker mortgage and only a small amount of savings - I wonder how much of a rate change the banks will hand down to us lowly customers.

[Snowy]

We also have a tracker mortgage - for once we got the right deal at the right time!

This is a great help for us!

[missuscluck]

Pengy, we have just done the exact same thing as you.

 

Our fixed rate finished a month ago and we havent done anything about it. I have got a couple of quotes, but nothing was shouting at me to go for it. Lots of charges and tie ins.

 

We have gone on to the ordinary variable rate and luckily we are with Ltsb, who have promised to pass on the full 1.5% interest rate cut bringing us down to 5%. YES!!!!

[Shirl]

We've got a tracker so ours will be 3.49% when it is implemented next month. It doesn't make much difference to us though as our mortgage is tiny. We were going to pay it off but even though saving rates will drop we can get more in interest than what we are being charged.

[Louisdog]

I was pleased about this from my own point of view as I have more mortgage debt than savings and we are on a tracker, however, there may be a catch for a lot of folk on tracker mortgages - they often have a floor rate beneath which they will not drop.

 

On MSE they are talking about Halifax being able to change your tracker rate if rates drop beneath 3%, and if you are on say a +0.5% tracker they can change it to +1.5% if they want, and not drop it when interest rates rise!

 

I don't want to panic anyone cos I don't have all the details, just saying it's worth a look at your T&C if you are on a tracker.

 

Cheers

Alex