Interest Rate changes and mortgage - what can I expect

[CHOCOLATEPEANUT]

My mortgage is with the Yorkshire and is fixed till March 1st at 4.49%
I can change product upto 3 months before so 1st Dec and my dad said tonight that due to this weeks changes I could end up paying less in a new mortgate which I cant believe is true and as we did expect it to go up around £200

Can anyone advise?
x

anyone?

you will need to wait to see what the banks announce

all the crap news about them all removing their trackers from the market... the reality is (at least for Lloyds TSB / C&G (who my mum works for)) is that they removed the traker products on Thursday and a knew one will be released on Monday (so out for 3 days, not ever like the news made out )

but it depends what you get, and what deal you choose... they are expecting the trackers that are released on monday to track a few % above the base rate now though (rather than fractions of 1%)

you may find trackers are not as available as they were, and will not be as good a deal as they have been in future - most have a floor built into them ie if base rate drops below 3pc, which it probably will now, the trackers stop tracking it down and just stay where they are. (swizz!) so trackers may not get much cheaper even if base rates go down again.
but definitely dont go onto SVR (which would make your payments go up a fair bit) unless you absolutely HAVE to (you might not have any optionif you dont have much equity in the house). there's likely to be some more cheaper fixes are forthcoming, you could look for another fix. depends how much it matters to you to know that you will defintiely be paying X amount every month and that it cant vary (it matters a lot to me which is why we have a fixed deal)

Most banks won't announce their new rates for a few days as they will be juggling mortgage rates with the savers rates too. And also they will be looking at what their competitors announce too.

Also even with tracker - banks have 30 days to implement changes so could be two months before your payment changes. Not immediate reduction as newspapers suggested. Found this out yesterday.

But most would change from 1 dec.

Unfortunately my mortgate payment was due on Friday and I (rather naively) )expected that following Thursday's announcement my tracker mortgate would instantly reduce!! It didn't.
The shopping plans I had for today.... Sigh
Went to Primark instead and bought five pairs of socks for £2.