Interest rate cut

Evie · Post by **Evie** » 06 Nov 2008, 14:16

to its lowest for nearly 50 years.
This is good news if the mortgage companies cut theirs.
What will mean for you??

kate egg · Post by **kate egg** » 06 Nov 2008, 15:38

If it gets passed on by the bank???? then all of us with a mortgage should benefit )t'

Tiddles · Post by **Tiddles** » 06 Nov 2008, 15:58

It's good news for us, because we have a tracker mortgage - rather a big one though, so perhaps it will help us to pay it off faster, if we can be frugal enough!

Post by **wendy** » 06 Nov 2008, 16:32

No mortage so what savings we have, we will get less interest on.

Babycakes · Post by **Babycakes** » 06 Nov 2008, 16:35

I am hoping they stay low. We have a cunning plan - our new property manager is an independant financial advisor as well, he is going to see if he can get us a mortgage after christmas, then reccomend to the landlord that he sell to us - then I can get chickens )c(

kate egg · Post by **kate egg** » 06 Nov 2008, 16:44

Good luck babycakes )t'

morph · Post by **morph** » 06 Nov 2008, 17:53

yes, was very chuffed with the cut - our mortgage stiplates they are to be a maximum of 0.9% above base rate, so happy days!!

Our savings will suffer, but hey ho - here's to the mortgage!!!! )t'

lancashire lass · Post by **lancashire lass** » 06 Nov 2008, 18:06

I wouldn't celebrate just yet - it doesn't look like mortgage lenders are going to pass on this cut )de:

Meanqueen · Post by **Meanqueen** » 06 Nov 2008, 21:03

I have a small mortgage, no savings apart from an emergency fund, so all my money is in my house. Hope my mortgage goes down, then I will have a bit extra to spend on treats.

Ilona

lancashire lass · Post by **lancashire lass** » 06 Nov 2008, 21:11

My fixed rate deal ends in December/January so I think it is only fair to say that I have been keeping a close eye on the standard variable rates - it has been worrying me for a few months now, so fingers crossed hey )t'

Post by **saint-spoon** » 10 Nov 2008, 13:07

My mortgage hasn't dropped off any although I would expect that there'll be an executive somewhere in the bank getting a fat bonus. I might be cynical but I also suspect that any rumoured cut in VAT will mean more profit for the retailers and not a cut in prices for the consumer; I also expect a hike in income tax to pay for this. Theyâ€™re all vultures getting fat at the expense of the current crisis and misery of those folk at the bottom of the financial food chain.
)de:

Lilo-Lil · Post by **Lilo-Lil** » 10 Nov 2008, 21:07

Funnily enough I went to see the bank manager today to discuss how best to use some money left to me recently by my mum . He advised paying off the mortgage, even though it is fixed rate for next two years. The penalty is less than the interest!

I`m not too happy about the interest rate drop for savers, as for the first time in my life I have money to invest. Funny how a change in situation brings about a change in opinion.

Still cant decide when to move house, will sit on it for a bit longer I think . . . but then . . .

Never thought I would be this interested in money!

Post by **Richard** » 11 Nov 2008, 10:50

If they are going down the lines of not being able to pass it on as they can't afford it and need the money to recuperate etc., I wonder what their reaction would be if we said the same to them about a Loan or Mortgage !

But, they are there to help. Like, when I was in dire straights last winter and the one before, absolutely nothing, just charges coming through the post.

This summer where I actually held my head up reasonably high for a while, the phone never seemed to stop with offers of help and asking at the Counter if I would like 'A Review'.

I cannot even start to say what I think about Banks - for me, mine has been a disgrace, bordering on immoral !

taff · Post by **taff** » 11 Nov 2008, 11:14

Mine keep trying to sell me an account I have to pay for, but hey!! it comes with 'extras', that I will never use....
I think I've been a bit blinkered with banks, in the way that I've been with one particular one for years and years..Time to investigate what the rest of them offer I think.

Post by **Richard** » 11 Nov 2008, 13:02

From my bits of research, Online Banking seems the least expensive.

If you do transfer, all the direct debits go over automatically and some Online Banks and Building Societies actually give you a cash reward for changing!

I say, if you're in a position to, play the game. After all, it's what they do with your money.

I've been with a bank pronounced slightly like Rational Infestingter for about 30 years. As soon as I've cleared a Loan I have in about 3 month's, it's over the hills and into the sunset !