Finance people-mortgages and interest rates

[Simbo]

Do we have any financial people on here that could give me a bit advice?
My fixed rate is up on my mortgage, my mortgage is fairly small. After my fixed rate coming to an end. Iv paid the SVR at 4.99% for the last 2 months which has cost me £40 a month more than the price I could get for a new fixed rate.
I seen on the news this morning that the Bank of England are going to cut the interest rate. So my question is would it be worthwhile me waiting until they cut it before taking out a new fixed rate?? Would the saving on a £300 a month mortgage be worth waiting for bearing in mind Iv already paid £80 more over the last 2 months than I should have.

Any help appreciated.

 

[woody69]

A lot of providers are considering ditching their fixed rate products, or at least making them unattractive to borrowers.

Why don't you switch to a variable rate tracker? Interests rates aren't going up for the foreseeable.

 

[PhilTheFragger]

My mortgage rate got cut by 33% today, Got a base rate tracker at 0.24% over base
Been paying 0.74% for the last 7 years, now its been cut to 0.49 % happy days indeed.


In reality, unless you have a base rate tracker mortgage, a 0.25% cut will not be passed on in full, you might find that new product rates get shaved a tad, but its not going to make anyone a zillionaire

 

[timd77]

Who's your mortgage with? How much do you owe? Some lenders leave you on svr if you owe less than 20-25k anyway.

It'll take lenders a few days to react and publish their new deals. I can't see that the fixed rates will get any worse so if I were you I'd wait and see what deals your bank offers.

Unfortunately I fixed mine just over a month ago when most experts were saying the BoE rate will probably be going up! Damn you brexiters!

 

[Simbo]

Mines is with the ybs, iv always had a fixed date as I prefer to know how much I will be paying a month,
Thanks for the replies.