Bank Base Rate down by 1.5 %!

Read in the paper the other day that banks were expecting this so they raised their interest rates a couple of days ago....

Thus cancelling out any interest rate cut by the bank of england :rolleyes:
 
Is that official?

Doubt the mortgage lenders will alter theirs much as already said. My "lucky" boss who I arranged his mortgage for him has a £750,000 mortgage linked to bank of england base rate so if it drops 1.5% he saves £937 per month in interest (not that he needs it)
 
Just read that LLoyds have announced they are passing on the full 1.5% drop to their standard mortgage rate. Good on them. Hope the rest follows.
 
Well that is a pleasant surprise and it is about damn time they took some action like this. I think everyone was expecting 0.5% to 1% if we are lucky so this is great news. Now we need pressure on the banks to pass on these savings though I wouldn't expect all of them to.
 
i'm crap with finances. i think i got my fixed rate mortgage at 4.5%, how does this effect me? my remortgage is coming next year does this mean i'll be repaying less if it stays low by that time?
 
Still about 3 years fixed rate on my mortgage, so no help for me unfortunately. Also, our bank has just slashed interest rates on savings accounts by more than 1% due to the previous drop in base rate. No pluses coming my way in all of this.
 
jonno.co.uk said:
i'm crap with finances. i think i got my fixed rate mortgage at 4.5%, how does this effect me? my remortgage is coming next year does this mean i'll be repaying less if it stays low by that time?
Click to expand...

It wont, as yours is fixed. yes if it stays this low next year, your payment should come down. My mortgage renewal is at the end of this month, so this could not have come at a better time

:)
 
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