Interest rate slashed

birdy961 said:
Lets hope it gets passed on
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Let's hope it doesn't!

There are too many people in financial trouble already who were stupid enough to take out a mortgage they could only just afford the last time rates were low.

Another wave taking out rates of 3.5/3.7 as a "top end" on the affordability quota will only lead to more of the same in 18 months time.

Maintain the rates (or only shift a quarter point) as they are, and save the stupid people a problem in 18 months time.
 
Well I have had a mortgage for longer than a few years so I think their existing customers should have most of the cut passed on 1% sounds good to me :naughty: while new customers have part passed on :D It will not help a lot of people get a property as they still need a big deposit and the mortgage companies are getting a lot tighter on who they lend to and how much.
 
As an existing mortgage holder this is a good thing for me. As I have a tracker mortgage, the rate will be passed on. As far as new people taking out mortgages then that is up to the lenders to ensure that people can afford them, not punishing those who already have mortgages and are responsible enough. Why should I pay £100(s) extra on my mortgage just to stop someone taking out one they can't afford.
 
fabs said:
As an existing mortgage holder this is a good thing for me. As I have a tracker mortgage, the rate will be passed on. As far as new people taking out mortgages then that is up to the lenders to ensure that people can afford them, not punishing those who already have mortgages and are responsible enough. Why should I pay £100(s) extra on my mortgage just to stop someone taking out one they can't afford.
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Totally agree :thumbs:
 
Very, very bad news for me.
 
Wayno said:
How annoying is it though when like me i was on a Tracker for 4 years (first time buyer) and the interest kept going up and up so last year i swapped over to a fixed rate (Novemebr) and since then the intrest a fallen!! arghhh its like being kicked in the nuts!
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Gutting isnt it! Will have to see how much is passed on to see if the early redemption penalty is worth the hit.
 
The only bank to pass on the rate cut at the time of posting is Lloyds.
Abbey, Northern Rock, Woolwich, Alliance & Leicester and Nationwide have all removed tracker products from the market. A couple of days ago Abbey and another bank (forget who) actually raised their rates by 0.5%
Note that any savings accounts you have are likely to have the rate dropped pretty much immediately.
Most banks are stating their rates are "under review".

Brown has made a massive cockup here - the banks have billions of taxpayers money, but are not following the rate cuts through in their products. The only advantage of rate cuts is to reduce the interbank lending rate. Guess who that benefits ? clue: its not you!

Meanwhile oil is less than $60 a barrel, less than half the cost it was at its peak a few months ago (in fact its little more than a third), yet fuel prices have not dropped in line. Brown makes a few grumbling remarks that are totally ignored by the oil companies and yet again you and me are stuck paying well over the odds.

This is going to get a whole lot worse before it gets better....
 
Craft said:
The only bank to pass on the rate cut at the time of posting is Lloyds.
Abbey, Northern Rock, Woolwich, Alliance & Leicester and Nationwide have all removed tracker products from the market. A couple of days ago Abbey and another bank (forget who) actually raised their rates by 0.5%
Note that any savings accounts you have are likely to have the rate dropped pretty much immediately.
Most banks are stating their rates are "under review".

Brown has made a massive cockup here - the banks have billions of taxpayers money, but are not following the rate cuts through in their products. The only advantage of rate cuts is to reduce the interbank lending rate. Guess who that benefits ? clue: its not you!

Meanwhile oil is less than $60 a barrel, less than half the cost it was at its peak a few months ago (in fact its little more than a third), yet fuel prices have not dropped in line. Brown makes a few grumbling remarks that are totally ignored by the oil companies and yet again you and me are stuck paying well over the odds.

This is going to get a whole lot worse before it gets better....
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:agree: The whole thing stinks doesn't it? The fact that we're paying the best part of 70p a litre in tax on every litre of fuel doesn't exactly help with bringing the costs down. I read an analysis piece on falling oil prices a couple of weeks ago that said the big oil companies are selling unleaded on their forecourts at basically cost price. Selling fuel to the likes of you and me isn't where oil companies make their money.
 
Blast! Does this mean I have to go out and buy a load of new gear on the never-never?
Andy.
 
Our fuel prices are a joke. I've been to Denmark three time over the last couple of months. The first two times diesel and petrol were roughly the same as ours given a rough conversion of 10kroner per pound. Sticking with the diesel and petrol are now around 90p a litre over here. That'll be the average motorist helping to top up the shareholders dividends even more next year now the basic price of crude has come down so much.
 
Grab tight hold of your goolies, things are gonna get a lump worse.
 
I am on a tracker mortgage of 0.69% above the Bank of England base rate. The last year has been a big bonus to me.

So many of my friends are trying to switch to a tracker now ... I guess that most of them will find it hard now.
 
Just Wait till confidence and sales are up they will increase the rate the buggers,

the economic system is easy to sabotage just do not by anything but essentials, food etc stop Direct Debits and pay cash over the counter if we all did the banks would crumble,


get your money paid in to the post office Ha Ha the banks would crumble the government could not prop them all up and the banks would crumble.

I hate banks and building societies;)
Regards Mark
 
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