Birmingham Midshire Finally Lowered My Mortgage Interest Rate

For those of you who remember, last month I had a moment of despair when I broke down into tears, bitching about how Birmingham Midshire Didn’t Lower Their Rates when the Bank Of England reduced their base rate, consequently I was talking about remortgaging. A handful of other lenders lowered their rates and informed their borrowers almost immediately, but NOT Birmingham Midshire.

So what happens this morning? I wake up, go downstairs to check the mail, and I get this letter:

BM send me this letter over a month (6 weeks) after the base rate changed, and they plan on making the changes almost 3 months after the rate lowered. Psh. Is that standard practice, to wait that long for either of those things? The letter title says, “important news“- it couldn’t have been THAT important. I bet if rates increase again, I’ll get a letter informing me of increases a lot quicker than that (but don’t quote me on that- I don’t want to be the fool).

So, did I throw my toys out of the pram prematurely? Nah, I don’t think so. Keeping a borrower waiting over a month to inform them about vital approaching changes and also taking 3 months to actually make the change is a bit too long for my likings. I still plan on remortgaging. Not purely because of the snail-like movement BM have comfortably embraced, but also because the lenders standard rate kicks in shortly (this summer), which will change my variable rate north of 7%. Ouch!! I’m not actually sure what rate i’m paying at the moment, but it’s around the 5.7% mark (at a guess). You would think they would mention my current rate on the letter. They’ve changed my rate, yet don’t tell me what to. I guess they want me do my own calculations based on what I will be paying and what I’m currently paying. Actually, I don’t fancy doing the math, I think I’ll call them to get an exact figure…

*/me calls BM to find out exact interest rate I am paying*

Ok, right, BM offices aren’t open on Saturdays…GREAT.

Someone kindly please indulge me with their Mortgage related stories. If anyone else benefited from the base rate change, can you please tell me:

a) how long it took for your mortgage lender to inform you
b) when the change was made effective (or if you’re still waiting)
c) who your lender is.

That would be much appreciated!

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RefinancingTips wrote, on Jan 1st, 1970

	Great read. I think I’ll subscribe to this as it has some good info! Thanks. I do apppreciate the blog

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