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As per the title, I have a mortgage that is discounted on the lenders SVR.
However, they haven't reduced their SVR yet.
Seems a bit shit to me.
yes - couple of weeks ago
Yes twice in two weeks!
2.24 down to 1.79 then down to 1.59 on Monday - First Direct bank.
No but HSBC reduced the savings account interest rate to 0.05%!
I fixed my rate about a month ago. Kinda wish I hadn't, now!
Op= barclays?
No - a small Building Society.
Yes. Also twice, but a bit of a delay between BoE rate drop and provider rate drop.
Barclays reduced mine already - had a letter after each base rate lowering.
2 years left to go on mine, came out my last deal with RBS on March 20th, they don't allow you to go onto anything fixed, only their variable rate as it's under 2 years. They really are a useless shower of shites.
Need to call first direct, as they do a zero fee mortgage that will save me 90 quid a month for the last 2 years.
Will be great to get rid of this mortgage at 46, just in time for daughters uni fund. 🙂
First Direct too, fixed at maximum 0.99% above base rate and so passed on immediately the base rate changed but just got my bill and my April payment is for interest to about mid March so any impact of the cuts is minimal on this month.
I was wondering where I could spend the saving, thankfully there isn't one this month so that's one bit of stress removed.
Yep, on boe + 0.64 tracker so the interest on my mortgage is a whopping 20p a day. I wouldnt expect svr will drop, so if you are on an svr tracker you're probably out of luck
Yes - Nationwide, always very on the ball regarding cuts or increases in the interest rate.
my 2015 gambit to fix for a decade at 3.1% continues to troll me from beyond the grave :/
No tracker here, 2 years into a 30 year mortgage here with my 2 year fixed rate product ending in a few months, my LTV is higher than 75% and saw via the news lenders are pulling their products which I could switch to!
I fixed about 3 weeks ago. 😂
Yup. 0.49% above BOE base rate. Had it for years and thankfully it is a lifetime deal. Phew (until the rates go up!).
Yep, wifes mortgage on her old flat went has gone down. She's paused the payments for a while and we've let the Tenant off her rent for the time being (self employed and doesn't qualify for any of the Government help).
Ours came down a few weeks ago, Woolwich/Barclays BoE + .74% been on it since 2009ish. Best/luckiest decision I've made. My only worry is that with 28months left to go the stocks & shares ISA I've had since it started has probably fallen through the floor in the last month. Thankfully with the rate being so low I've been shoving in the overpayments since I took that rate.
Nope, bought our house and fixed it as it was the limit of what was affordable, base rate at a historical low, etc, and didn't want any risk.
Came up for renewal mid brexit negotiations, still historically low, better fix it again.
It's like every time I'm sensible the world goes "hold my beer while I drop my interest rates and go streaking".
It’s like every time I’m sensible the world goes “hold my beer while I drop my interest rates and go streaking”.
Yeah similar to me but I know what I’m paying for 2 years which I prefer. I have a bit uncertainty that it’ll jump high in months after this settles down.
Yeah similar to me but I know what I’m paying for 2 years which I prefer. I have a bit uncertainty that it’ll jump high in months after this settles down.
I suspect between this and Brexit they'll stay low for the foreseeable* future.
*ironic choice of wording.
We've got two mortgages - one is a tracker set to 0.75% above the base rate & is for the lifetime of the mortgage. When we bought our current house, the mortgage advisor told us that was a really good deal & never give it up.
We tacked a second mortgage onto that one. About 6 weeks ago I started getting letters saying that one is coming to an end & what did I want to do....there was an option to fix for 10 years at 2.99% which at the time seemed sensible - I like the idea of knowing exactly what I'll be paying for the next decade.
Then the rates dropped - bit annoying, but not really that much of a big deal.
The 0.75% tracker has just been dropped. I got the letter in the post about 20 minutes ago, funnily enough.
Both mortgages are with Barclays (I think the mortgages are branded as Woolwich).
Yes - got a letter last week about it.
(Birmingham Midshires tracker mortgage)
Yup. 0.49% above BOE base rate. Had it for years and thankfully it is a lifetime deal. Phew (until the rates go up!).
At that rate you should always keep a mortgage going. An old boss had a similar deal. Bonuses/enhanced redundancies/inheritances/pay rises meant he could pay it off, but he kept a small amount going and re-mortgaged for a few times to fund things like kids uni fees, car as it was much cheaper than other finance.
No reduction for us, we fixed last year for 5 years at 2.1% I think. Thought it was a good idea and the plan was to look again once Brexit had settled down.
Yup. 0.5% over BOE here too. Timing is right however as I’m self employed with no hand outs due and wife has been furloughed.
had a 0.5 over base, but weren't allowed to port when we moved. Now fixed at 2.19% for another 3 years because it couldn't get any cheaper 🙁
At that rate you should always keep a mortgage going. An old boss had a similar deal. Bonuses/enhanced redundancies/inheritances/pay rises meant he could pay it off, but he kept a small amount going and re-mortgaged for a few times to fund things like kids uni fees, car as it was much cheaper than other finance.
Very true. Thankfully managed to port it over 2 house moves. Will be interesting to see if they will do that again in the future or let us extend the end date given the likely economic chaos in the coming years.
.89 over base had 2 reductions.
Other ones on a 1.89 fixed for 5 years got 2or 3 years left on it
Yes twice. I have a tracker mortgage so it dropped immediately the rates went down
Lifetime tracker here which means that our monthly interest has just halved. Doing OK, still working so giving the savings to the local food bank.