1.5% off base

[MYstIC G]

So, is everybody cheering or have you all just re-fixed your mortgages and are grinding your teeth?

 

[`mongoose]

I've got a fixed intrest so I'm a bit gutted - but then I was paying 3.9% for the last 4 years so I shouldn't moan

I'm not going to remortgage cos i reckon the minute it looks like the economy is picking up they'll hammer those rates right back up again

M

 

[Belgerath]

I'm dancing baby!

I'm on a discounted rate on my mortgage

so thats about £90 per month better in my pocket w00t

 

[inactionman]

Yes, lets screw the prudent savers to save the arses of the idiots who bought into the property bubble. <grinds teeth>

 

[Ch3tan]

Meh, I did not remortgage and will not because the mortgage companies are charging massive fees right now. I save and pay a mortgage so I am not sure how I feel about this.

 

[taB]

My 2 years fixed ends in a month. Should mean a couple of extra pints for me.

 

[Belgerath]

I spend to much to save so this can only benifit me

 

[Dark Orb Choir]

and surprise surprise all the banks and brokers stopped selling trackers yesterday, just to redo them today with a higher rate, typical bank fuckers, even in a crisis they are still trying to fuck you over.....

 

[Jupitus]

My existing deal ended at the end of October, so good on the one hand if they get new rates and products out soon, but I am screwed this month being stuck on the bank's standard variable rate... ouch

 

[Chilly]

and surprise surprise all the banks and brokers stopped selling trackers yesterday, just to redo them today with a higher rate, typical bank fuckers, even in a crisis they are still trying to fuck you over.....

where fuck you over = make a profit.

Grow up.

 

[Edmond]

I'm on a tracker which is on going, so hopefully they might knock 1/2% off the morgage rate

 

[old.user4556]

I have a BoE base rate tracker. So I'll have a 3% mortgage. Awesome.

 

[JingleBells]

Thieving bastards!!!!
The interest rate should be 30% so my savings actually earn something!!

 

[Tom]

If we do enter a recession, I think the drop in interest rates will be the last of your worries...

 

[old.Tohtori]

Is that 1.5% from all of your base?

 

[Dark Orb Choir]

where fuck you over = make a profit.

Grow up.

i know what you mean chillster but you would have thought that after being bailed out by the tax payers who theoretically own most of the UK banks they would not be allowed to do this.

Alistair Darling said he "hoped" the banks would pass on the rate cut, i mean WTF, didnt the government put "our man in the bank" to make sure we had a say in how it was run, or was it a case of "lets just give them shit loads of money and they can just keep on with the same practices"

 

[Calaen]

If people had the balls they would just pull all of their money out of these banks and go and stick it in a credit union account, or a bank that is actually apssing on the rates.


Watch the fuckers change their tune when they realise that they aint gonnna exist anymore with no customers.

 

[Tom]

Watch the fuckers change their tune when they realise that they aint gonnna exist anymore with no customers.

...and then watch your job disappear as your employer finds he no longer has any liquidity.

 

[Marc]

...and then watch your job disappear as your employer finds he no longer has any liquidity.

You didnt read his post properly did you?

Why would his employer have no liquidity if he pulled all his funds out of a bank and put it another bank, that was actually passing on the interest rate cut?

 

[MYstIC G]

Surely you're assuming here that all businesses hold cash reserves and that none use borrowed money..... I guess all Porsche dealerships must be set up by rich kids being funded by their daddies then?

 

[yaruar]

woohoo, roll on stagflation baby!

 

[Bahumat]

and surprise surprise all the banks and brokers stopped selling trackers yesterday, just to redo them today with a higher rate, typical bank fuckers, even in a crisis they are still trying to fuck you over.....

Fuck it, I love the chocolate chip Trackers but dont know if I can afford my 9 a day.

 

[nath]

Fuck it, I love the chocolate chip Trackers but dont know if I can afford my 9 a day.

The Jean-Luc Picard jpg has been used far too much already today.

 

[Tom]

You didnt read his post properly did you?

Why would his employer have no liquidity if he pulled all his funds out of a bank and put it another bank, that was actually passing on the interest rate cut?

What an amazingly narrow-minded view of the economy you have.

 

[Jupitus]

Nat West just called me - their standard variable rate is being cut from 7.19 to 5.19 %. They're still a rip off and much better out there I am sure, but at leat they are passing the cut on, to a fashion

 

[Bugz]

Economically it's a very good move for our country.

Less people wanting to save - kaching
More people wanting to borrow - kaching (only a kaching if the banks decide to lend - hard to say for the moment but should improve over time)
More people spending - kaching

 

[old.user4556]

Well the libor rate came down, so that should ease interbank lending.

 

[Bugz]

One would hope so.

Once we get the fuckin' banks sorted - the whole situation becomes so much more a Keynesian-based approach = win.

 

[Wij]

I have a BoE base rate tracker. So I'll have a 3% mortgage. Awesome.

It's a taxable benefit though. They still reckon a joe public interest rate is 6% and you get taxed on the difference. :/

 

[old.user4556]

noooooo, it's not anywhere near 6%