1.5% Mortgage Interest drop ?????

Just thought I'd start a thread and see if anyone has actually received a drop in their mortgage after last weeks 1.5% drop in Interest.

To start off then, I'm with Preferred / Capstone and havn't heard anything yet.

[Emerald]

Re: 1.5% Mortgage Interest drop ?????

What is your mortgage deal?
Preferred are usually linked to LIBOR, which was decreased last Friday.

I haven't heard yet but am on a tracker 0.59% above base rate. The benefit of last month 0.5% decrease hasn't got to me yet, but will from the end of this month, and the1.5% will be from end of next month.

[Sapphire]

Re: 1.5% Mortgage Interest drop ?????

Ours is linked as you say Emerald. To be honest I was just wondering if anyone had received the drop yet ? Basically just being nosey lol.

[natweststaffmember]

Re: 1.5% Mortgage Interest drop ?????

RBS/NatWest mortgages base rate drop will take effect December 1st 2008 of the full 1.5% drop. So SVR(standard variable rate) is 5.19%

[Paule]

Re: 1.5% Mortgage Interest drop ?????

Nationwide Building Society and the Bank of England rate cut

Nationwide and the Bank of England rate cut

On 6 November 2008 the Bank of England announced it was cutting its lending rate by 1.5%. If you already have a Nationwide mortgage, you're a saver or someone who's thinking of taking out a mortgage here's how it affects you.

As a Nationwide mortgage customer will I benefit from the full 1.5% Bank of England rate cut?
Nationwide is decreasing its Base Mortgage Rate by the full 1.5% from 1st December 2008. Interest on existing tracker mortgages will also decrease by 1.5% from 1st December. Nationwide's BMR will fall from 6.19% to 4.69% from 1st December. If you have a fixed rate mortgage then your interest rate will not change.

As a Nationwide saver I'd like to know if the Bank of England rate cut means I'll earn less in interest from now on?
At present we are reviewing all our savings rates and any changes will be introduced from 1st December. A number of our accounts such as Monthly Income 60+, Regular Savings and Tracker Bond are linked to the Bank of England rate so along with other similar variable rate savings accounts will have reduced interest from 1st December. Nationwide's Fixed Rate Bonds guarantee the interest rate for the term of the investment.

Can I arrange a new Nationwide tracker mortgage?
While other types of mortgage are still available it is not currently possible. We are temporarily withdrawing from the sale of tracker mortgages for a review and to maintain our service to existing customers. We believe this is a prudent measure in the current climate. Many other mortgage providers have already withdrawn their tracker mortgages.

I'm already in the process of applying for a tracker mortgage, will you still honour this?
Yes, provided you have already gone through the reservation process and paid or added the appropriate fee for your tracker mortgage.

[Sapphire]

Re: 1.5% Mortgage Interest drop ?????

As I havn't heard anything regarding the interest rate drop of 1.5% I decided to give Capstone/Preferred a ring this morning and spoke to a very unhelpful and quite rude lady.
Basically she said that they don't follow the Bank of England rates but go with the LIBOR rate as indicated by Emerald in #2, so I stated that I thought it unfair etc and was basically told 'tough its your fault for going with us' pffft nasty cow.
Anyway after stewing on the call for a couple of hours I rang them back to complain to her manager and was told the following:
There are going to be 2 major changes in January one of which their £45 for a letter is going up to £140 ouch, he then intimated that the rate will go down but couldn't confirm by how much. I also mentioned today's drop and was told that as they are a sub-prime lender they obviously won't be going down as far as that but to wait and see.
I was also told that their calls are recorded and he will listen to my previous call and if he thinks the offending person was rude that she will be given a warning, yeah right I won't hold my breath I said.
So will wait and see what this alleged drop is going to be in January and then if its not as given by Bank of England, will write and complain about it.

[Amy]

Re: 1.5% Mortgage Interest drop ?????

Jeez, £140 for a letter!

I'm upping my fees.

[Sapphire]

Re: 1.5% Mortgage Interest drop ?????

Jeez, £140 for a letter!

I'm upping my fees.

msl:are you going to charge by the word, the paragraph or by the inch ?

[Amy]

Re: 1.5% Mortgage Interest drop ?????

I'm going to charge £140 and write one sentence.

[Mochamoo]

Re: 1.5% Mortgage Interest drop ?????

I went with fixed rate, I thought it would be safer at the time rates kept going up, wish I'd gone with a tracker now. I'm stuck on 6.9%