Are Birmingham Midshire Cutting Their Rates?
10 Nov 2008
Since the huge 1.5% drop in the base rate last week I’ve been getting a lot of traffic about Birmingham Midshire- to be specific, whether they’re going to pass on the cut to their variable rate borrowers. I honestly have no idea, but it’s a question I’d love to know the answer to. I have particular interest in this issue because I have a variable rate mortgage with them!
You’d think they would make an announcement on their website or something useful like that. But apparently…not! Ironically, their website is called askBM. Why should we ask? Just fucking tell us, innit.
I know lenders usually take a few months to pass on cuts, so I probably won’t get the official letter for a while yet. However, does anyone know what the deal is with Birmingham Midshire and their plans to make life a little easier for their borrowers?
Interest rates were slashed by 0.5% in October; I know a lot of lenders didn’t pass on the cut. I haven’t heard anything from Birmingham Midshire about that yet, so I assumed they were one of the many lenders which didn’t pass on the cut. But surely this time, with a 1.5% cut, they have to? You’d like to think anyways.
HBOS, Nationwide and NatWest, Abbey and Lloyds TSB have already confirmed they’re going to pass on the entire 1.5% mortgage rate cuts. Since HBOS own Birmingham Midshire, I’m hoping the HBOS cut involves BM. Fingers crossed! But still, that’s just me speculating…
What’s most annoying is that when the base rate increases, I get a letter almost instantly informing me they’re going to follow suit. I’ve already ranted about this before, but it’s so f’ing annoying, so it deserves another rant.
Right, so back to my question, does anyone know what the deal is? Also, if you have a variable mortgage with another lender, have they or will they pass on their rates from what you’re aware of? Lenders need to start being a bit more vocal, quicker!
UPDATE
Thanks to one of my readers (Patrick), my question has been answered! The following was announced on the CNN website:
HBOS PLC’s (HBOS.LN) Halifax also came through Friday mid-afternoon with a 1.5 percentage point rate cut on standard variable rates. It said the reduction will apply across the group’s other mortgage brands as well – Bank of Scotland, Birmingham Midshires, Intelligent Finance and The Mortgage Business.
GREAT NEWS! Let’s just hope the rates get passed on sooner rather than later!
UPDATE 2
Birmingham Midshire Are 2 Months Behind Passing On Interest Rate Cuts
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Talk / 6 Comments left so far
Kind regards!
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I just hope that this will be the case as i am kicking mysself for only getting a 2 year deal now but at least i shouldnt see the difference until rates go up
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I think a lot of people are kicking themselves for not getting a longer fixed rate period. That's hindsight for ya, unfortunately :(
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with the 1.5 & 0.5 cuts in oct. thats 210 off for me, well happy.
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