Interest rate cut to 1.5% - HotUKDeals
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Interest rate cut to 1.5%

£0.00 @
Not as much as alot of people were expecting but I'm sure they'll drop again in the next couple of months. Read More
Benjimoron Avatar
8y, 5m agoPosted 8 years, 5 months ago
Not as much as alot of people were expecting but I'm sure they'll drop again in the next couple of months.
Benjimoron Avatar
8y, 5m agoPosted 8 years, 5 months ago
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banned#2
this will really muck things up, the government are penalising the sensible ones among us
#3
goldmax
this will really muck things up, the government are penalising the sensible ones among us


Totally agree i beging to wonder if it is worth saving.
banned#4
goldmax
this will really muck things up, the government are penalising the sensible ones among us


I've got a fixed rate bond of 6% what you on about ? :whistling:
banned#5
BlondeBella
Totally agree i beging to wonder if it is worth saving.


you may aswell copy everyone else- spend,spend,spend, plasma tv, new flashy car etc

thats what the government are encouraging now!
#6
morgage going down again nice
banned#7
but all we buy is imported stuff- no use to our economy
#8
goldmax
you may aswell copy everyone else- spend,spend,spend, plasma tv, new flashy car etc

thats what the government are encouraging now!


I wish i am trying to save every last pennie to get a house, I cant see that happening this year.
#9
With planning a wedding and remortgaging this couldnt have come at a better time.

Mind you im not that happy i was given wrong info by my mortgage advisor about how much my mortgage will drop.
#10
pcnutta
With planning a wedding and remortgaging this couldnt have come at a better time.

Mind you im not that happy i was given wrong info by my mortgage advisor about how much my mortgage will drop.


It should drop pretty much what he said.

As the rate gets closer to 0% you'll notice your repayment part of the mortgage will go up. ie my repayment part of the mortgage is about £200 a month, if the rate of the mortgage dropped to 0% then the repayment part would increase to around £350. So I'd still be better off as I'd be paying less interest (none infact) but my mortgage amount wouldn't drop the usual amount as when you get close to 0% the repayment part increasing becomes alot more noticable.
#11
Benjimoron
It should drop pretty much what he said.

As the rate gets closer to 0% you'll notice your repayment part of the mortgage will go up. ie my repayment part of the mortgage is about £200 a month, if the rate of the mortgage dropped to 0% then the repayment part would increase to around £350. So I'd still be better off as I'd be paying less interest (none infact) but my mortgage amount wouldn't drop the usual amount as when you get close to 0% the repayment part increasing becomes alot more noticable.


I spoke to the manager today who gave me the correct figure... my mortgage is or was currently 560 and one adviser told me it was gonna drop to 380 BEFORE todays announcement. So i rang woolich who said Feb payment will be 421.

Manager told me he dnt know why his advisor told me 380, it was wrong. Im on tracker thing.
So i wasnt very happy being told something which wasnt right. I cant complain too much its still dropped.
#12
pcnutta
I spoke to the manager today who gave me the correct figure... my mortgage is or was currently 560 and one adviser told me it was gonna drop to 380 BEFORE todays announcement. So i rang woolich who said Feb payment will be 421.

Manager told me he dnt know why his advisor told me 380, it was wrong. Im on tracker thing.
So i wasnt very happy being told something which wasnt right. I cant complain too much its still dropped.


They probably just calculated the drop in interest without taking into account that repayments start to increase at a noticable level when rates get so low. Same mistake as I made last time. It's dropped almost as far as they said. Remember that the extra that you're paying isn't interest, it's capital. So you're paying more off per month than you were before.

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