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  • Mortgages & Finance

    Got my letters from UKAR/Mortgage Express ...

    ... on Friday to say that they are honouring the BoE base rate reduction! Smile

    Please add other lenders who are following suit.

    I know that Nationwide is another one who is passing the reduction on.

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    Coventry is too

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    i dont think lenders will have a choice if your on BOE Trackers

    but lets see what happens with SVR

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    If it's a BOE base rate tracker the lenders have to change with the base rate?

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    Vanessa,

    Great news!!

    I have been checking my mailbox every day in eager anticipation of receiving letters from MX advising of IR reduction for my tracker mortgages with them.

    I imagine I should be receiving my MX letters very soon.

    But of course I imagine MX are quite busy preparing all the letters

    They will have a lot to do!

    Just praying the economy tanks so IR are reduced further

    If they go negative by 2.5% would that mean no mortgage IO payment as that is my differential!?

    If it reduced further would MX have to pay me!?

    But of course if I kept payments the same I guess I would be paying off vast chunks of debt.

    Very useful for the purposes of reducing S24 taxes!!!

    I understand major European banks are now charging for holding deposits!!

    What a strange world this is turning out to be!!

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    Got ten letters  BMS on Saturday. Happy days !

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    Products that are Base Rate trackers will automatically show the recent Base Rate reduction of 0.25% from 01 September 2016.

    What is disappointing is the number of lenders that still have not reduced their SVR as per the guidance from Mark Carney. The majority of these are the mutual Building Societies where they state things are under review and that they need to protect their members!

    I am hoping that come 30 August 2016 all lenders will have passed on the Base Rate reduction . Time will tell

    Stephen - Property Tribes Financial Services

    stephen@ptfs.co.uk

    07919 564177

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    You can contact me on 07919 564177 or call the team on 01206 654444 for personalised quote and advice or via the website at http://www.hdconsultants.net

    I appreciate the following is regarding residential mortgages but don't be surprised if BTL lenders follow especially as BM Solutions is part of the HBOS Group

    Halifax has hiked rates on all tracker mortgages for home mover and remortgage customers just over a week after the Bank of England slashed the base rate to 0.25%.

    Customers taking out a tracker mortgage with the lender will now see their rates rise by 0.25%, with immediate effect, in a move which has been slammed as “cynical and unwarranted”.

    The changes come as Halifax passes on the rate cut to its current variable rate customers, with effect from 1 October. Customers with Halifax and Lloyds on either a homeowner or standard variable rate will see a reduction of 0.25% in line with the base rate.

    A spokeswoman for Lloyds Banking Group, said: “The Bank of England base rate is only one of a number of factors that we take into account when reviewing interest rates. We continually review our rates in line with the market and competitors, and these changes form part of our ongoing rate reviews across our product ranges.”

    However, Jonathan Harris, director of Anderson Harris, criticised the lender’s decision to increase rates for new borrowers.

    “Halifax’s move is cynical and unwarranted. More than ever, banks should be looking to make lending as attractive to potential borrowers as they can. If the market continues at a slow pace, banks will be caught short of hitting their lending targets at the end of the year. Other lenders may follow suit but there is an opportunity for those who want to attract customers by not taking such a cynical step.”

    In the run up to the Bank of England’s announcement, a number of mortgage lenders also appeared to pre-empt a reduction to the base rate, with Natwest, Halifax, TSB, Coventry Building Society, Santander, RBS and Scottish Widows Bank all increasing rates on their variable tracker deals, according to Moneyfacts data.

    The majority of lenders have reduced their rates for SVR and tracker customers in line with the Base Rate since it fell on 4 August, but just last week Nationwide increased selected variable tracker rates by 0.10% at the same time as reducing others by 0.25%.

    Alex Smith, senior mortgage and insurance adviser at Capricorn Financial, said he has seen an approximate 0.2% increase in tracker margins since the referendum result, as lenders speculated about if and when the base rate would be reduced.

    “With lenders such as Halifax and Nationwide increasing margins again, some tracker rates are around 0.3 – 0.5% more expensive than they were before the referendum. This cost is picked up by the customer, and other lenders may follow if they find they are too far out of line with the wider market.”

    He added: “Nationwide did this last week as well via a masterclass in spin. By this I mean via a headline grabbing announcement of reducing fixed rates but only ‘changing trackers’, which were in fact increased.”

    Andrew Montlake, director at Coreco, said that borrowers looking to move onto or take out a tracker mortgage should act now, with more lenders likely to follow Halifax’s lead.

    “It is not unexpected for lenders to increase tracker rate products at a time when the Bank Base Rate is rising in order to continue to protect their margins. No lender wants to get into a position where rates reduce down to zero or even negative so I expect other lenders to follow suit.”

    Stephen - Proeprty Tribe Financial Service

    01206 654444

    stephen@ptfs.co.uk


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    You can contact me on 07919 564177 or call the team on 01206 654444 for personalised quote and advice or via the website at http://www.hdconsultants.net

    Is it me or has the world gone mad

    Just recived my BM letters adviseing that the intrest rate is going to be cut

    No property address on the letter and no figs about my new monthly payment in sept

    I rang them and went through the normal security thing how big are your knickers whats your dogs Birthday ect ect

    After going through security I was asked the Address of the Property I said the reason I am phoneing you is to find out what my payment in Sept will Be

    I was told I cant tell you until we take the Payment in Sept

    why can they not put on the letter the new payment MX manage to do it and they put the address of the property that has the Mortgage

    wake up BM put some detail on your letters It might make life a little better when your doing accounts

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Is it me or has the world gone mad

    Just recived my BM letters adviseing that the intrest rate is going to be cut

    No property address on the letter and no figs about my new monthly payment in sept

    I rang them and went through the normal security thing how big are your knickers whats your dogs Birthday ect ect

    After going through security I was asked the Address of the Property I said the reason I am phoneing you is to find out what my payment in Sept will Be

    I was told I cant tell you until we take the Payment in Sept

    why can they not put on the letter the new payment MX manage to do it and they put the address of the property that has the Mortgage

    wake up BM put some detail on your letters It might make life a little better when your doing accounts

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    So it is apparent the banks are sticking 2 fingers up at Mark Carney

    Simply outrageous that the banks etc have increased tracker rates

    They are simply greedy and should be brought down a peg or two!

    Especially the state controlled banks

    They should be ordered to pass on the reduction for all their mortgage products except fixed rate.

    Simply scandalous the way these greedy banks are behaving.


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