Could I ask a blonde question about the cut in morgage rates?

[carrielou2007]

Sorry to be thick, I was hoping my morgage would have gone down this month due to the cut in interest rates.

I am with the woolwich and have a tracker morgage so I thought my payments would have been reduced. Have a missed something? Where can I find out why this has not happened??

Er, why not call your mortgage provider and ask?

not all banks & building societies have refuced their rates even though the BofE has.

I asked last week in my local Barclays branch (as I pay by standing order not direct debit so I have to change the amount of the payment) and they just said a vague 'I would hear'.

My Barclays are pretty useless as they 'know nothing about the woolwich we are barclays' at every question asked...

look at their rates on line? If you read your small print there may be a time lag of so many days before it is implemented etc

I have a tracker as well and they are quite slow at passing on the interest rate cuts. My rate has not yet been cut for the big cut in interest rates yet. Also, your tracker may have a floor for the interest rate (ie no matter how low the base rate goes, your rate won't go below a certain level). You can just phone them up and ask. I'm sure whoever answers the phone will know straight away as lots of people will have enquired.

there might be a 'collar' lower limit rate

We're with C&G who did reduce their rates immediately, and they said it won't start until the Dec payment. Did you check the website? That's how I found out about C&G.

The thing is, most trackers link to LIBOR, which is the actual inter-bank loan rate. The BofE can reduce their official rate (although, I think, the money they're loaning to the banks is at a higher rate ), but that doesn't mean the inter-bank loan rate will shift.

Hmm, trying to find a useful link, found this which is a chart of the two rates. And this which is a question about them.

Stupid bloody thread title.

I thought a tracker meant that the rates should change instantly with the bank of England rates. The building societies have to pass on the savings.

Other banks have been reported to be changing their rates on 1 Dec....some fancy wizardry thing why they couldn't do it earlier. BUT they could of course do banky wizardy things and reduce the savings rates straight away

Crossed posts with NQC...

we were notified 1st December as well.
But yes our savings rate dropped promptly.
Nuff said
I used to blonde btw as a child and I was way better with maths and numbers then.
As an older brunette I am CRAP

I am blonde and am used to be called all sorts just by being a single mother - did not mean to offend anyone else, sorry. I am resigned to it now as so many of my patients purse their lips every time they see a photo of my dd in my surgery.

Thanks for the info everyone else, will ring them tomorrow.

our building soc puts rates up or down on the 24th of the month following the announcement.