Bank of England INTEREST RATE CUT. RATE NOW = 2%

News just announced. A 1% cut from 3% to 2%.

38 Comments

blimey - lowest rate since 1939
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is there anything those of us on fixed rate mortgages can do to get out of the contract so we can get this rate?

hope all mortgage lenders pass this on

Jez15;3656748

blimey - lowest rate since 1939 … blimey - lowest rate since 1939 ]http://news.sky.com/skynews/Home/Business/Interest-Rate-Bank-Of-England-Makes-Another-One-Percent-Cut-To-Boost-Economy/Article/200812115172157?lpos=Business_Carousel_Region_0&lid=ARTICLE_15172157_Interest_Rate%3A_Bank_Of_England_Makes_Another_One_Percent_Cut_To_Boost_Economy



ooops - 1939 - 2nd world war:whistling:

vinylandtrinkets;3656760

are the mortgage companies passing on the cut?? Wish i waited now stuck … are the mortgage companies passing on the cut?? Wish i waited now stuck on a fixed rate..lolBabbabooey the only way to get out of a fixed rate is to pay the surrender charges you signed upto when you took out the fixed rate, i know mine is around £2000.00



blimey, £2k... still, I wonder if it's worth it in the long run?

im not sure if the mortgage companies do reduce the interest rates by that much!

holly100;3656791

ooops - 1939 - 2nd world war:whistling:


Was waiting for someone to notice that one

Banned

Damn.

I'd rather they raised it.

With no mortgage to pay and a 6 figure in savings, this isn't good news for everyone!

if you are on a tracker that tracks bankf of england rate the mortgage companies will reduce your payments at once. I am on tracker + 0.75 so I am paying 2.75% yipee!!:-D

Original Poster

Good news for us - we have an overseas housing loan (not a mortgage) tied at 1.25% above Bank of England base rate. The repayments have been tumbling this year. Hoping for another cut in January too

I don't think that Banks will provide its customers with this rate....if you remember they were really hesitant to pass the previous cut.

I had also fixed but the thing is in the long run you will get yourself a better deal obviously dependant on the duration of the term fixed....you have to think will you be saving after you pay the % charge to change the type of mortgage....

This rate at some time has to go up..so lets wait and watch lol :thumbsup:

adamsxi;3656858

if you are on a tracker that tracks bankf of england rate the mortgage … if you are on a tracker that tracks bankf of england rate the mortgage companies will reduce your payments at once. I am on tracker + 0.75 so I am paying 2.75% yipee!!:-D



Are you with Alliance & Leicester by any chance as our mortgage will be going down to that rate also, and we almost made a switch at the end of the term in August! :-D

guv;3656853

Damn.I'd rather they raised it.With no mortgage to pay and a 6 figure in … Damn.I'd rather they raised it.With no mortgage to pay and a 6 figure in savings, this isn't good news for everyone!



Yes, bad news for me as well. No mortgage and retired!! Still you've got lots of spare money guvvy wuvvy so I know where to go to start tragically begging.

thehitman;3656951

Are you with Alliance & Leicester by any chance as our mortgage will be … Are you with Alliance & Leicester by any chance as our mortgage will be going down to that rate also, and we almost made a switch at the end of the term in August! :-D




yes i am

Banned

chesso;3656962

Yes, bad news for me as well. No mortgage and retired!! Still you've got … Yes, bad news for me as well. No mortgage and retired!! Still you've got lots of spare money guvvy wuvvy so I know where to go to start tragically begging.




I didn't get a large savings deposit by giving it to waifs and strays! Be off with you!:p

adamsxi;3656994

yes i am



I think we got in there at the right time. My OH thought I was mad to go with a tracker at the time but it's more than paying off now!

guv;3657002

I didn't get a large savings deposit by giving it to waifs and strays! … I didn't get a large savings deposit by giving it to waifs and strays! Be off with you!:p



I can get a lot more tragic than that and melt your very hard heart.:o.

just spoke to my mortgage advisor, and he says for anyone on a fixed rate then don't even think about getting out of it to try and get a variable, as the chances are no bank will offer you a new one, and the difference in what you save isn't worth the hassle anyway.

Banned

stuck on fixed rate. Balls

Banned

chesso;3657069

I can get a lot more tragic than that and melt your very hard heart.:o.



What's a heart?

Liddle ol' me;3656889

Good news for us - we have an overseas housing loan (not a mortgage) tied … Good news for us - we have an overseas housing loan (not a mortgage) tied at 1.25% above Bank of England base rate. The repayments have been tumbling this year. Hoping for another cut in January too


0% ? :-D

Halifax passing it on like they did with the other cuts.....woo hoo to my tracker :thumbsup:

Any savings are being reinvested to pay off another lump sum next year :-D

Original Poster

Marina;3657152

0% ? :-D



Maybe not that low! But it's not unheard of for base rates to go close to zero. The current Japanese base rate is 0.3% :thumbsup:

everybody on a fixed rate should maybe think about moving to Japan;-)

choc1969;3657173

Halifax passing it on like they did with the other cuts.....woo hoo to my … Halifax passing it on like they did with the other cuts.....woo hoo to my tracker :thumbsup:Any savings are being reinvested to pay off another lump sum next year :-D



Fair play to Halifax they have a floor on their trackers (in T&Cs) but have said they will ignore it even though they dont have to.

Ive just come off a fixed deal and Bristol & West are passing full 1% w00t.

yeah not good for everyone savers are gonna suffer, and it doesn really help renters

but good for those who it will help out x

does this mean my student loan repayments come down then?

Ive just changed my mortgage to woolwich tracker variable thingy... wonder if they will pass on the drop?

[Late night Tin-Foil rant]
This is simply the corrupt ]fractional reserve banking system at work. Interest rate changes will not protect us from the depression, because it is simply a necessary side effect of the economic system.
Here's a particular nasty feature of our banking system.
Debasement (aka inflation) is a implicit feature of the current banking system, yet need not exist in a truly free economy.
We are constantly told that there is a desirable rate of inflation, whereby we can all sleep easily at night. But hold on just a second - why should my hard earned money be worth less in a years time? Ah right - because our banking system allows banks to create money out of thin air, from our deposits. This is to lend back to us of course, so we can afford to live as everything has become so much more expensive. Why has everything become more expensive? - because of the increased money supply stupid. So who actually gains from this - who else, the banks.
[/Tin Foil]

i'm in support of this cut
even though i'm 16 and i don't have debt to worry about, it's still helping the people who need it most. if you've got a six figure sum in a savings account which is just sitting there for a rainy day, i guess this is a rainy day, just not for yourself. if you've got everything you need for now, it would be better to help those struggling...

oh god i sound like a communist.

pcnutta;3665605

Ive just changed my mortgage to woolwich tracker variable thingy... … Ive just changed my mortgage to woolwich tracker variable thingy... wonder if they will pass on the drop?



they passed on the last one 3.95% and hoping for 2.95% with this one

I am on a base+0.74 but have a bottom rate of 3.74 so no good for me. Tied in for another 15 months. I would have never expected 3.74 anyway so can't complain.

My student loan is going to be 3.8%. I was always led to believe student loans were good value.:x

Banned

MoneySavingG;3666173

[Late night Tin-Foil rant]This is simply the corrupt ]fractional reserve … [Late night Tin-Foil rant]This is simply the corrupt ]fractional reserve banking system at work. Interest rate changes will not protect us from the depression, because it is simply a necessary side effect of the economic system. Here's a particular nasty feature of our banking system. Debasement (aka inflation) is a implicit feature of the current banking system, yet need not exist in a truly free economy. We are constantly told that there is a desirable rate of inflation, whereby we can all sleep easily at night. But hold on just a second - why should my hard earned money be worth less in a years time? Ah right - because our banking system allows banks to create money out of thin air, from our deposits. This is to lend back to us of course, so we can afford to live as everything has become so much more expensive. Why has everything become more expensive? - because of the increased money supply stupid. So who actually gains from this - who else, the banks.[/Tin Foil]


Spot on! :thumbsup:

Banned

guv;3656853

Damn.I'd rather they raised it.With no mortgage to pay and a 6 figure in … Damn.I'd rather they raised it.With no mortgage to pay and a 6 figure in savings, this isn't good news for everyone!


I'm just glad I took out the birmingham midshires 1 year fixed rate bond a fortnight ago! (6.9% :w00t:)

haha quality, my fixed rate just ended a few weeks ago and was worried the payments would be going up but looks like they will be going down baby yeeha

MoneySavingG;3666173

[Late night Tin-Foil rant]This is simply the corrupt ]fractional reserve … [Late night Tin-Foil rant]This is simply the corrupt ]fractional reserve banking system at work. Interest rate changes will not protect us from the depression, because it is simply a necessary side effect of the economic system. Here's a particular nasty feature of our banking system. Debasement (aka inflation) is a implicit feature of the current banking system, yet need not exist in a truly free economy. We are constantly told that there is a desirable rate of inflation, whereby we can all sleep easily at night. But hold on just a second - why should my hard earned money be worth less in a years time? Ah right - because our banking system allows banks to create money out of thin air, from our deposits. This is to lend back to us of course, so we can afford to live as everything has become so much more expensive. Why has everything become more expensive? - because of the increased money supply stupid. So who actually gains from this - who else, the banks.[/Tin Foil]




can you do that in stickman diagrams for me haha

Original Poster

pikachu12;3666311

i'm in support of this cuteven though i'm 16 and i don't have debt to … i'm in support of this cuteven though i'm 16 and i don't have debt to worry about, it's still helping the people who need it most. if you've got a six figure sum in a savings account which is just sitting there for a rainy day, i guess this is a rainy day, just not for yourself. if you've got everything you need for now, it would be better to help those struggling...oh god i sound like a communist.



No, you sound like a caring, progressive socialist. Rep left, and hope you can resist the temptation to become an uncaring conservative as you get older :thumbsup:
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