No rate cut?  Name and Shame!

by Readers Question

9:37 AM, 5th September 2016
About 2 years ago

No rate cut? Name and Shame!

Make Text Bigger
No rate cut?  Name and Shame!

After last months 0.25% BoE rate cut, let’s see which lenders have accordingly cut their variable rate mortgages and which have not.high street banks

Post yours below!

Greg



Comments

Yvette Newbury

11:29 AM, 5th September 2016
About 2 years ago

Coventry have and Birmingham Midshires too.

Mike W

11:34 AM, 5th September 2016
About 2 years ago

Nat West BTL effective from 1 Sept. First reduced payment mid Sept
The Mortgage Works from 1 Sept - first reduced payment end Sept (we shall see)
Platform (Co-op) from 1 September but payment on 1 Oct will be the first reduced payment.
Coventry from 1 Sept and reduced on 1 Sept.
Nat West residential should have been 1 Sept but no letter and no reduction on 1 Sept.

How many of you know whether you pay your interest monthly in advance or monthly in arrears?

Mike T

11:45 AM, 5th September 2016
About 2 years ago

BoI. Reduced payment from 1st September. Mortgage Express. Also reduced for September payment. Both have provided info of the new payment. B' midshires advised that rate will be reduced in September but have not confirmed what the amount of the reduced payment will be.

Richard P-W

12:04 PM, 5th September 2016
About 2 years ago

2 x Mortgage Express reduced for September payment already made. B’ midshires advised that rate will be reduced in September but have not confirmed what the amount of the reduced payment will be. B'Midshires did not reduce payment just taken on 5/9//16.

Richard Peeters

13:00 PM, 5th September 2016
About 2 years ago

West Brom, BofS and CHL (Capital Home Loans) have too, all effective 1-Sep-16

Miascot

20:29 PM, 19th October 2016
About 2 years ago

Bank Of Scotland have not reduced their rate

I have 25 mortgages at 4.95% and a rate reduction would be much appreciated!

Anyone know if they intend to?

Please help name & shame them

H B

5:53 AM, 20th October 2016
About 2 years ago

As costs are falling does this mean that rents might start dropping too?

Richard Peeters

12:36 PM, 20th October 2016
About 2 years ago

Mia: are your BOS mortgages on fixed rate (4.95%) or variable/tracker?

I only have one with BOS; it's variable (BOE plus 0.49%) and it did indeed fall from 1 Sept.

It's very hard to imagine them unilaterally offering to reduce it on fixed rate mortgages.

Miascot

23:00 PM, 20th October 2016
About 2 years ago

Reply to the comment left by "Richard Peeters" at "20/10/2016 - 12:36":

No they were all trackers going on to SVRs Taken out for twenty years in 2008 here is the wording on offer dated 7/11/2008:

"The mortgage to which this offer relates will be provided by bank of Scotland.

Mortgage product BBY476 - a variable rate which is 0.79 above bank of Scotland base rate currently 4.5% which ends 30/9/11 to give current rate of 5.29% this rate will be adjusted within 30 days of a change to the bank of Scotland base rate.

Your loan reverts to bank of Scotland home loan rate (standard variable rate) currently 6.85% after 30/9/11 until the end of the term.

Bank of Scotland home loan rate (standard variable rate) which applies to this mortgage

The tracker base rate is linked to the bank of Scotland base rate and can go up or down. It is currently 4.5% a year. Although the bank of Scotland base rate is set by us, the tracker base rate s directly linked to it for the purposes of this mortgage"

As said, I am paying 4.95% and probably have been since 2011 - is this correct? I googled the SVR and it says 4.84 so not sure where my 4.95% comes from!

Thanks for any help

Puzzler

20:52 PM, 23rd October 2016
About 2 years ago

Reply to the comment left by "mia scot" at "20/10/2016 - 23:00":

BoS was 4.84 and went up to 4.95 in Nov 2011. Mine is also 4.95 and has not reduced. This is their Home Loan Rate (SVR). Richard's is a Bank of England tracker.

Paragon, BM, MX, Barclays, JP Morgan, Platform, all have reduced.

1 2

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

And the landlord vote goes to - ?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More