New Interest rates cut

[sleepyhorse]

So if I have an interest only mortgage, how do I work out the 0.5 reduction? If I’m currently paying £450 a month.

Whats your capital balance, term remaining and current rate. Other wise quite hard to tell you!

Are you on a tracker mortgage? As if you're on a fixed rate it makes zero difference. Only people on trackers and potentially the SVR will benefit (and those re-mortgaging/getting a new mortgage).

You can use an online calculator, type in all your details and just vary the interest rate.
But it all depends on your mortgage t&cs.

HSBC are putting UP their fixed rates!

I have a repayment mortgage paying £440 a month and will save about £10 a month, don't get too excited with your savings

Interest Rate just this second have been lowered to 0.1%! Negative interest rates next

...which will make no difference at all to mortgages. Savings are already earning negative interest so it can't get worse.

and that, boys and girls, is why people have BTL properties.