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Author Topic: Interest Rate Change  (Read 2676 times)

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Jimbob

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Interest Rate Change
« on: 06 November 2008, 12:07:28 »
down to 3% 1.5% drop.

Holy shite!
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waspy

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Re: Interest Rate Change
« Reply #1 on: 06 November 2008, 12:10:34 »
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down to 3% 1.5% drop.

Holy sh*te!


Uhm, said on news this morning it was 1/2 off one % :-/
Though the full amount was not expected to be passed on to home owners etc >:(
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Jimbob

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Re: Interest Rate Change
« Reply #2 on: 06 November 2008, 12:12:59 »
Quote
Quote
down to 3% 1.5% drop.

Holy sh*te!


Uhm, said on news this morning it was 1/2 off one % :-/
Though the full amount was not expected to be passed on to home owners etc >:(


Mine will :)

On a staff rate so pay the base rate, 3%
« Last Edit: 06 November 2008, 12:14:26 by jimbob »
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Mr Skrunts

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Re: Interest Rate Change
« Reply #3 on: 06 November 2008, 12:21:10 »
Bet the rate gets adjusted for savers though. :-/ :-/
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Elite Pete

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Re: Interest Rate Change
« Reply #4 on: 06 November 2008, 12:56:06 »
I don't think the rate cut will be passed on, the last one wasn't >:(
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Re: Interest Rate Change
« Reply #5 on: 06 November 2008, 13:04:13 »
c&g have passed this on in full, others to follow...
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Re: Interest Rate Change
« Reply #6 on: 06 November 2008, 13:06:00 »
Blimey. 1.5% :o

Not that the base rate means a lot these days.

I had a feeling my mortgage was on a 2 year tracker which was due to  expire end of october. Imagine my delight when I phoned them (HBOS  ::)) up to find out what sort of derisory deal I'd get afterwards... only to be reminded that I took out a lifetime tracker not a 2 year one. :y

It's significantly better than anything currently on offer too. Must check how low the base rate can go before it bottoms out though.  :-/

Kevin
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Lizzie_Zoom

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Re: Interest Rate Change
« Reply #7 on: 06 November 2008, 13:45:50 »
Not being a sour puss wanting to rain on the parade, but the rate cut is the good news part of it. ::) ::) ::)

The Bank of England have taken this action because they believe the economy is on the "verge of depression"!!! so beyond just recession:o :'( :'( :'( :-X
« Last Edit: 06 November 2008, 13:47:55 by Lizzie_Zoom »
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Field Marshal Dr. Opti

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Re: Interest Rate Change
« Reply #8 on: 06 November 2008, 13:47:27 »
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I don't think the rate cut will be passed on, the last one wasn't >:(

My guess is that the full 1.5% will be cut from people's savings accounts....but the same will not happen for people on the standard  variable mortgage rate.

As the government/people now have such a big stake in some banks....I feel that Gordon brown and Alastair Darling should be INSISTING that the banks pass on ALL the reductions as opposed to asking if they might like to do so.

The banks seem to be dismissive of both the British people and the British Government. :y :y :y
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Marks DTM Calib

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Re: Interest Rate Change
« Reply #9 on: 06 November 2008, 14:02:50 »
Watch the exchange rate plummet
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Mr Skrunts

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Re: Interest Rate Change
« Reply #10 on: 06 November 2008, 14:05:48 »
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Not being a sour puss wanting to rain on the parade, but the rate cut is the good news part of it. ::) ::) ::)

The Bank of England have taken this action because they believe the economy is on the "verge of depression"!!! so beyond just recession:o :'( :'( :'( :-X

Sadly if it had not been dropped as low as it did in the last 5 years maybe there would not be the situation of all the reposesions it caused.  Low lending rate, greed, and no constructive structure other than to provide more mortgages than other lenders. :-/
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mantahatch

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Re: Interest Rate Change
« Reply #11 on: 06 November 2008, 14:26:03 »
Forgive my ignorance on this subject, but was it not low interest rates that led to the problems in the first place.

Will this not just add to the problem ?

Mike
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Re: Interest Rate Change
« Reply #12 on: 06 November 2008, 14:31:05 »
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Forgive my ignorance on this subject, but was it not low interest rates that led to the problems in the first place.

Will this not just add to the problem ?

Mike
Not while things are stagnant Manta ........but if the economy starts to overheat again at a later date then...interest rates may have to go up again to cool things down again. :y :y :y
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Mr Skrunts

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Re: Interest Rate Change
« Reply #13 on: 06 November 2008, 14:37:34 »
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Forgive my ignorance on this subject, but was it not low interest rates that led to the problems in the first place.

Will this not just add to the problem ?

Mike

As per my post above.

Low interest rates may help everyone get back on thier feet, but I really think the mortgage lending rules need to be looked at. maybe proof that a borrower could manage repayments up to a certain amount before lending, agreements to adjust thier mortgage in times of rate rises if they fall in the poo (obviously within reason and as a last resort, maybe a 3 strike mortgage.  3 ammendments to help you keep a roof over your head, then if all fails then Sorry)  Then if a house is reposesed then a massive fine to the mortgage lender for being too stroppy in just getting a sale and not suffering the consequences with the borrower.  May then the structure of the housing market will become more stable.
« Last Edit: 06 November 2008, 14:40:16 by skruntie »
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mantahatch

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Re: Interest Rate Change
« Reply #14 on: 06 November 2008, 14:38:10 »
Quote
Quote
Forgive my ignorance on this subject, but was it not low interest rates that led to the problems in the first place.

Will this not just add to the problem ?

Mike
Not while things are stagnant Manta ........but if the economy starts to overheat again at a later date then...interest rates may have to go up again to cool things down again. :y :y :y


Please forgive me again, but it seems that they drop interest rates to encourage people to borrow, then when we do borrow they incresae interest rates to stop us borrowing because it's bad to have debt.

I really don't understand it all sorry

Mike

P.S. got headache now.
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