anyone know anything bout interest only mortgages?

[Jen & Her Men]

I own a house from before i was married and i have put it on an interest only mortgage to try and save costs about 12 months ago.

The payments have gone up with the increase in interest rates so I was thinking that once the rates were slashed by 1.5% a few weeks back that this may reflect in my mortgage payment this month.

Im with Abbey who have apparently slashed their rates on the tracker mortgages but i wondered if this would also apply to the interest only ones?

I will call them if no one can help its just Im full of a chest infection and cant be bothered trying to speak!

Anyone else got an abbey interest only mortgage and can help?

 

[1sttimemum]

I think u would need to call them specifically jen, they should have a clause in there saying that they will drop the interest rate with x of a bank of engalnd drop.

Good luck tho sweetie

 

[LisaJ1986]

We're on interest only and has just come through as the new rate. I think it takes a little while but it does drop! Makes a huge difference when i does too. Ours is effective from the 1st December.

 

[bhe101]

We do but OH is in charge of all that. Will give him a phone & get back to you.

 

[Jen & Her Men]

We do but OH is in charge of all that. Will give him a phone & get back to you.

thanks hun!

and thanks everyone else for your responses. SOunds promising! But i wont get me hopes up and will call them once this chest infection has cleared up.

 

[Babylicious]

MIL has an interest only with leeds building society and they haven't dropped their rate, she's been told they don't have to lower the rate if they don't want to!!

 

[bhe101]

I havnt managed to talk to him yet. I txtd him to say phone me but hes too busy apparently! Will keep hassling him though!

 

[Laur_250]

It depends if you have a fixed rate or a variable rate, if fixed then rate changes dont affect it as you stay on a set rate for the term of the deal, but if variable then it will go up and down when the base rate does. If your payments went up when the rates did last then it must be variable so it will go down with the latest cut. xx

 

[bhe101]

He said exactly what reggies mummy said! We have a fixed rate so no change for us.