BOE Base rate cut to 2% i hear!

Hope this gets passed on by my mortgage lender!!!!



The economy is fooobarred

 

My tracker mortgage is making the santander group wince! nt

 

im on a SVR

took a gamble when i switched to ING a bit back. No tie in or early/overpayment fee... and for what i owe the cost to go to a fixed rate meant the rate had to go to summert silly like 6.5% - well it almost got there and now its dropped like a stone. Gamble paid off. I bet all those that got a fixed rate of 5-6% are kicking themselves. Once it levels of its time to look for a fixed rate around 3-4%!

 

They make the money out of the added bit to the tracker so it doesn't make any difference to them

My HBOS tracker mortgage has a clause in it saying that if it goes below 3% then they don't have to pass it on.</p>

Cheeky feckers didn't tell me about that when I signed up. However I reckon the govt will put massive pressure on them to do so.</p>

 

I'm sure they would rather I had a fixed rate 6% jobby..

minting it.

 

Banks don't borrow at base rate, they borrow at LIBOR

the 3 month rate for which was 3.79% yesterday so they won't have much of a margin on trackers, if any.

 

Suppose.

I hope mine gets decreased further - I'm already 280 quid PM better off since it went down last month.</p>

 

RE: They make the money out of the added bit to the tracker so it doesn't make any difference to the

Im on a -0.34% Tracker with no clause. Where do I claim my prize?

 

RE: They make the money out of the added bit to the tracker so it doesn't make any difference to the

Surely if there's a clause in it then you were informed.

 

Someone just said they heard HBOS would not impose the 3% minimum nt

 

They'd agreed to do that before the cut was announced. nt

 

Nope never mentioned the 3% part of it

They have since we rang them up to ask how much the mortgage was going to be. The woman basically said &quot;Read your terms and conditions&quot;</p>

To be fair they have already said that they will pass on the cuts.</p>

 

Dubious whether they were enforcable.

http://www.telegraph.co.uk/finance/...Mortgage-collars-may-be-invalid-says-FSA.html

 

RE: Nope never mentioned the 3% part of it

"Read your terms and conditions"

So it was mentioned then!

 

Have you ever worked in the financial services Rick?

Didn't think so but if you did you would know that by law you would need to stipulate all loopholes and main points of the contract before you sign.</p>

They didn't stipulate this in the conversations we had before signing.</p>

The FSA wouldn't be happy if we decided to complain.</p>

Anyway lets not let that get in the way of your pedantic ways eh?</p>

 

Im on a fixed rate BOE tracker.

Im currently on 3.49% and in Feb go to 3%. Beauty is, its all offset against the savings in my accounts.

Payment per month hasn't gone down - I just pay an additional £375 per month off the loan amount. Bang on!

 

I think the FSA has made them reverse that clause

There was something about it "being in the small print" - and the FSA ruled that they were (effectively) "trying to pull a fast one."