Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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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.
[Edited on 10-04-2008 by Ian]
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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Is there no way around it?
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Phil321
Member
Registered: 10th Mar 01
Location: Manchester
User status: Offline
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Many lenders are not expected to follow BoE rate cuts in the short term.
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Twiggy
Member
Registered: 15th Oct 04
User status: Offline
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that is a right twat!
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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banks also have another rate that they borrow money to each other too, this has stayed the same and is more important apparently
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corsa5dr
Member
Registered: 12th Jan 03
Location: Bath/Bristol - Evo 4 GSR
User status: Offline
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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 
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R Lee
Member
Registered: 15th Aug 03
User status: Offline
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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
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GirlRacerRed
Member
Registered: 21st May 08
User status: Offline
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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.
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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We got a good deal with ours, was a fixed rate for 5 years, and no higher lending charge/upfront fee
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Tom J
Organiser: South Wales
Premium Member
Registered: 8th Sep 03
Location: Bridgend
User status: Offline
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just got a 3 year fixed rate 5.89% 10% deposit. this any good? (first time buyers)
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Aaron
Member
Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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quote:
Originally posted by Tom J
this any good? (first time buyers)
If the rates dont fall around you then yeah 
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Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
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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
Thats one thing i'm dreading 
They've jumped up quite a bit though lately
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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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.
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