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Corsa Sport » Message Board » Off Day » House Day » Word of warning regarding Tracker mortgages / base rate changes » Post Reply

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Ian

 posted on 1st Nov 08 at 13:13

Update - the payments stayed the same but the BBBR followed BoE.

So I overpayed a bit this year. And my payments next year are £60 less. Bonus.


Kathryn W

 posted on 28th May 08 at 21:56

quote:
Originally posted by Aaron
quote:
Originally posted by Tom J
this any good? (first time buyers)


If the rates dont fall around you then yeah :lol:


Thats one thing i'm dreading :rolleyes:

They've jumped up quite a bit though lately


Aaron

 posted on 28th May 08 at 20:15

quote:
Originally posted by Tom J
this any good? (first time buyers)


If the rates dont fall around you then yeah :lol:


Tom J

 posted on 28th May 08 at 20:01

just got a 3 year fixed rate 5.89% 10% deposit. this any good? (first time buyers)


Kathryn W

 posted on 28th May 08 at 13:50

We got a good deal with ours, was a fixed rate for 5 years, and no higher lending charge/upfront fee


GirlRacerRed

 posted on 27th May 08 at 21:40

get a fixed rate mortgage next time! we fixed our mortgage rate 5 years ago, and we've paid £330 a month for the last 5 years! we paid a higher premium for fixing for so long, but as we were FTBs we wanted to fix our mortgage payment so we could budget our outgoings better.


R Lee

 posted on 29th Apr 08 at 12:14

quote:
Originally posted by corsa5dr
My Tracker from Halifax follows the base rate and I have had notification of all the recent rate drops and a reduction in monthly payments :)

Me too with Natwest :)


corsa5dr

 posted on 25th Apr 08 at 16:22

My Tracker from Halifax follows the base rate and I have had notification of all the recent rate drops and a reduction in monthly payments :)


Russ

 posted on 13th Apr 08 at 07:11

banks also have another rate that they borrow money to each other too, this has stayed the same and is more important apparently


Twiggy

 posted on 12th Apr 08 at 14:44

that is a right twat!


Phil321

 posted on 10th Apr 08 at 10:17

Many lenders are not expected to follow BoE rate cuts in the short term.


Whittie

 posted on 10th Apr 08 at 02:42

:(

Is there no way around it?


Ian

 posted on 10th Apr 08 at 02:41

Just checked my paperwork in response to a further proposed rate cut and my tracker is a percentage above Barclays Bank Base Rate - BBBR.

This "follows" the BoE rate but the bank are not obligated to follow it completely or expediently, ie. the BoE rate goes down, BBBR may follow at some point.

I'm rather annoyed as I did think a rate drop was a rate drop.

What is worse, the marketing that was sent to me says BoE rate but the proposal says BBBR. I didn't notice this and now I may not benefit from this rate drop, ie. my tracker is only a tracker if the bank wants it to be!

Another bloody con. Its no wonder that people employ financial advisers to find good deals. The deals are no better, the advisers are just more experienced in spotting such obfuscation.

:mad:

[Edited on 10-04-2008 by Ian]