Variable Mortgage Rate Change
Discussion
https://www.lloydsbank.com/mortgages/landing/bank-...
just wait and see what deal they will do you....or just let it revert to SVR
just wait and see what deal they will do you....or just let it revert to SVR
I consider myself to be quite lucky as far as mortgages and interest rates go.
When we moved to a bigger house back in 2007 I took out a new 25yr tracker mortgage (0.23% above BoE for life of mortgage), interest rates at the time were around 5%, with a monthly payment of about £800, which was a heck of a lot of money for us.
Thankfully the rate soon dropped due to the recession, and my monthly payments dropped to around £400.
I kept my payments at £700/month so that I was overpaying, to reduce the term.
Todays drop is another very welcome saving.
That mortgage turned out to be probably the best financial decision I have ever made (and probably the only good financial decision I have made).
When we moved to a bigger house back in 2007 I took out a new 25yr tracker mortgage (0.23% above BoE for life of mortgage), interest rates at the time were around 5%, with a monthly payment of about £800, which was a heck of a lot of money for us.
Thankfully the rate soon dropped due to the recession, and my monthly payments dropped to around £400.
I kept my payments at £700/month so that I was overpaying, to reduce the term.
Todays drop is another very welcome saving.
That mortgage turned out to be probably the best financial decision I have ever made (and probably the only good financial decision I have made).
Edited by LeadFarmer on Thursday 19th March 17:17
Anyone got a Coventry Building Society variable Flexx mortgage? I've had Flexx for the term and historically it's followed the base rate like any other tracker even though not officially tied to it, I was hoping that the 0.5% and 0.15% would be passed on, they've decided not to do it, they did increase it when the rates went up though. It's a no ERC so might look to jump ship if better fixed rates come along.
Casa1862 said:
Anyone got a Coventry Building Society variable Flexx mortgage? I've had Flexx for the term and historically it's followed the base rate like any other tracker even though not officially tied to it, I was hoping that the 0.5% and 0.15% would be passed on, they've decided not to do it, they did increase it when the rates went up though. It's a no ERC so might look to jump ship if better fixed rates come along.
.....lots of lenders have actually increased rates this week and last week.....Casa1862 said:
Anyone got a Coventry Building Society variable Flexx mortgage? I've had Flexx for the term and historically it's followed the base rate like any other tracker even though not officially tied to it, I was hoping that the 0.5% and 0.15% would be passed on, they've decided not to do it, they did increase it when the rates went up though. It's a no ERC so might look to jump ship if better fixed rates come along.
Hi, we've got the same mortgage, have you had this confirmed by them? We were hoping for the reduction too. Will defo change if they don't. Yes, I’ve been keeping an eye on their website for the first rate cut, they normally say “All variable rates going up/down” this time it only refers to index trackers and SVR, I spoke to someone and they confirmed Flexx not changing. Today’s rate cut still under review but will probably be the same outcome.”
I think this is the first time they have not followed the bank rate, they certainly did increase from .25 to .75 without too much delay. Shame, as was a good product but as we’ve not had a cut when they increase they’ll be going up from a higher base. Might look at a product transfer to a fix rate with no fee if any cheaper, particularly if we are not going to benefit from cuts and only get increases, seems a bit unfair.
You can complain on their website, they have to respond and will let them know it not gone unnoticed at a particularly difficult time for many.
I think this is the first time they have not followed the bank rate, they certainly did increase from .25 to .75 without too much delay. Shame, as was a good product but as we’ve not had a cut when they increase they’ll be going up from a higher base. Might look at a product transfer to a fix rate with no fee if any cheaper, particularly if we are not going to benefit from cuts and only get increases, seems a bit unfair.
You can complain on their website, they have to respond and will let them know it not gone unnoticed at a particularly difficult time for many.
rich350z said:
Casa1862 said:
Anyone got a Coventry Building Society variable Flexx mortgage? I've had Flexx for the term and historically it's followed the base rate like any other tracker even though not officially tied to it, I was hoping that the 0.5% and 0.15% would be passed on, they've decided not to do it, they did increase it when the rates went up though. It's a no ERC so might look to jump ship if better fixed rates come along.
Hi, we've got the same mortgage, have you had this confirmed by them? We were hoping for the reduction too. Will defo change if they don't. LeadFarmer said:
Just had a letter from Lloyds informing me of the most recent change in interest rate. I'm on a 0.23% tracker (above BoE base rate).
My mortgage was originally £549/month, which then dropped to £537, and has now dropped again to £533, so a total of £16/month saving.
Because you only have 12 years left on your mortgage the interest element is low, therefore the impact to your payment is minimal as you are paying back more capital than you were in the first 13 years of your mortgage......My mortgage was originally £549/month, which then dropped to £537, and has now dropped again to £533, so a total of £16/month saving.
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