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    Bank of England cut interest rates to 1%

    Some more good news ?

    Or is this not working ?

    news.bbc.co.uk/1/h…stm

    20 Comments

    Original Poster

    Good news from me as I'm on a tracker mortgage.

    choc1969;4291745

    Good news from me as I'm on a tracker mortgage.



    only if they pass it on.

    Original Poster

    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:

    nice...

    choc1969;4291745

    Good news from me as I'm on a tracker mortgage.



    Ditto:thumbsup:

    Ace, great if the lenders pass on.

    Banned

    choc1969;4291745

    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:

    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

    choc1969;4291764

    have received all of the cuts......there is no clause with my mortgage as … 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)

    Original Poster

    goldmax;4291837

    remember - don't spend the extra money you will save... you will need it … 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 ;-)

    Original Poster

    MinstrelMan;4291856

    still upto the lender whether or not they choose to pass further cuts on, … 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....

    MinstrelMan;4291856

    still upto the lender whether or not they choose to pass further cuts on, … 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

    Not going to make a difference to the housing market until the lenders start actually lending.

    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.

    moneysupermarket.com/c/n…UR6

    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.

    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 .

    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

    ricko;4294599

    It might be good news for folk with mortgages ,but what about the savers … 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:

    [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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