Posted on: 01st Jan, 2009 12:33 am
have a tracker mortgage with Clydesdale, how soon after a BOE base rate change should my rate lower...Clydesdale tracker base plus .49% They appear to wait 2 months before passing on rate changes, shouldthis be the case? I have had prior problems resulting in a large compensation payment. They are not responding to my query despite 3 phone calls and 2 letters, thanks Andy. this is a uk mortgage
Hi simplyhenry,
Tracker mortgages interest rates keep on changing because of the base rate set by the Bank of England (BOE). So as the base rate goes up your interest rates will go up and the base rate goes down, your interest rate also goes down. I don't think that your lender should wait for 2 months before passing on the rate changes. As they are not responding to your calls and letters, it's better you ask your attorney to contact them.
Thanks,
Jerry
Tracker mortgages interest rates keep on changing because of the base rate set by the Bank of England (BOE). So as the base rate goes up your interest rates will go up and the base rate goes down, your interest rate also goes down. I don't think that your lender should wait for 2 months before passing on the rate changes. As they are not responding to your calls and letters, it's better you ask your attorney to contact them.
Thanks,
Jerry
Hi Simplyhenry,
Welcome to our community forums.
Let me first wish you a Happy New Year. :)
Now, coming to your query, as the tracker rate mortgage is linked to the Bank of England Base Rate, therefore your mortgage rate is likely to change with any variation in the Base Rate.
If you mortgage rate changes, the lender should himself send you a notice regarding the new rate.
I suppose you had a talk with the customer representative. If you haven't received any response, it's better to send them a letter and ask them as to whether they have sold your loan to some other lender. There's a possibility that your loan may have been sold off. However, in such a case, the lender needs to send you a notice. Also, the new servicer/lender needs to co-ordinate with you.
Regards,
Jessica.
Welcome to our community forums.
Let me first wish you a Happy New Year. :)
Now, coming to your query, as the tracker rate mortgage is linked to the Bank of England Base Rate, therefore your mortgage rate is likely to change with any variation in the Base Rate.
If you mortgage rate changes, the lender should himself send you a notice regarding the new rate.
I suppose you had a talk with the customer representative. If you haven't received any response, it's better to send them a letter and ask them as to whether they have sold your loan to some other lender. There's a possibility that your loan may have been sold off. However, in such a case, the lender needs to send you a notice. Also, the new servicer/lender needs to co-ordinate with you.
Regards,
Jessica.
