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Bank of England cut interest rates to 1%

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Some more good news ? Or is this not working ? http://news.bbc.co.uk/1/hi/business/7871932.stm Read More
choc1969 Avatar
8y, 4m agoPosted 8 years, 4 months ago
Some more good news ?

Or is this not working ?

http://news.bbc.co.uk/1/hi/business/7871932.stm
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choc1969 Avatar
8y, 4m agoPosted 8 years, 4 months ago
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(20) Jump to unreadPost a comment
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#1
Good news from me as I'm on a tracker mortgage.
#2
choc1969
Good news from me as I'm on a tracker mortgage.


only if they pass it on.
#3
MinstrelMan;4291748
only if they pass it on.


have received all of the cuts......there is no clause with my mortgage as I always check the fine print......that's the accountant in me :oops:
#4
nice...
#5
choc1969
Good news from me as I'm on a tracker mortgage.


Ditto:thumbsup:
#6
Ace, great if the lenders pass on.
banned#8
choc1969
Good news from me as I'm on a tracker mortgage.


remember - don't spend the extra money you will save... you will need it when they go back up again:whistling:
#9
Really happy for all those that will benefit from this but with rates so low I wonder if it will make deflation more likely which will not be a good thing
#10
choc1969
have received all of the cuts......there is no clause with my mortgage as I always check the fine print......that's the accountant in me :oops:


still upto the lender whether or not they choose to pass further cuts on, as is the case in nationwide and another (who I cant remember name of)
#11
goldmax;4291837
remember - don't spend the extra money you will save... you will need it when they go back up again:whistling:


I have it saved up to pay another lump sum at the end of the year....so when rates start to go up my mortgage capital has been significantly reduced ;-)
#12
MinstrelMan;4291856
still upto the lender whether or not they choose to pass further cuts on, as is the case in nationwide and another (who I cant remember name of)


I'm with Halifax.......all cuts passed on the next month.....no get out clause for them....
#13
MinstrelMan
still upto the lender whether or not they choose to pass further cuts on, as is the case in nationwide and another (who I cant remember name of)



Mine tracks at 0.79% above base rate for the life of the mortgage with no collar and the cut is with immediate effect rather than having to wait up to 6 weeks with some of the other providers.
Bring on ZERO % !!!:thumbsup::-D
#14
Not going to make a difference to the housing market until the lenders start actually lending.
#15
On a Lifetime Tracker 0.75% above the base rate with no minumum base rate.

I am now overpaying on the mortgage to get it paid off as quickly as possible.

Long may it continue.
#16
http://www.moneysupermarket.com/c/news/will-anyone-benefit-from-this-months-rate-cut/0004013/?Source=CUR6

I don't think it solves anything. As Choc said, they (and others) will hoard the saving they make and repay principle with that money, that doesn't help the economy. So a bit of a smoke and mirrors game imho.
#17
It might be good news for folk with mortgages ,but what about the savers .
It was the mortgage deals that got us into the 'credit crunch ' in the first place and were suffering the consequences .
#18
I'm a first time buyer, my offer has been accepted but I'm stuck - I havent got a mortgage yet!!! Which mortgage shall I go for?

I want fixed and the best deal I've seen is Fixed 2.29% until 30/04/2010, then 3.79% for 286 months (3.8% APR) with Woolwich and £995 fee.

Any advice is more than welcome :-) Thanks
#19
ricko
It might be good news for folk with mortgages ,but what about the savers .
It was the mortgage deals that got us into the 'credit crunch ' in the first place and were suffering the consequences .


Well 4 months ago I was getting £150 a month interest, now its dropped to £40. Probably be £20 next month:roll:
#20
[email protected]%.

I feel sorry for all the fixed rate people at 5-7%. I will be happy to see my rate go to 3.5% or below in 3 months time.

Saving rates have taken a bashing. Most current account pay 0.1% interest rates. Some used to pay 10-5%. 99% drop for some.

Saving rates are worse. from 5-6% to 1.25-3%. Yorkshire Building Society seem to have a good savings rate. 3.25%?

[url]www.ybs.co.uk[/url]. Thats your deal. :)

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