interest rates

[Saint Keith]

bank of england (and other central banks all at the same time) have cut interest rate by half a percent, a day early.

 

w00t da sn00t £210 a month less on my mortgage

Edited 8 October, 2008 by Saint Keith

[Scummer]

http://news.bbc.co.uk/1/hi/business/7658958.stm

 

Co-ordinated drop by the UK, US, European Central Bank, China, Canada, Switzerland and Sweden.

[St Landrew]

bank of england have cut interest rate by half a percent, a day early.

 

w00t da sn00t £210 a month less on my mortgage

 

Doesn't your own bank have to pass that on first..? And you must have one hell of a mortgage to be saving £210 on half a percent cut. More like £21.. yes..? Or £210 a year.

 

For my mortgage, a 1/2% cut would be closer to £2.50 saved.

[Saint Keith]

Doesn't your own bank have to pass that on first..? And you must have one hell of a mortgage to be saving £210 on half a percent cut. More like £21.. yes..? Or £210 a year.

 

For my mortgage, a 1/2% cut would be closer to £2.50 saved.

 

no, im on a tracker that is fixed at .24% above base, so every quarter point drop reduces my monthly payment by about £105. yes, it is an eye wateringly, painfully large mortgage

[Hatch]

Have the high street banks followed suit though?

[Poshie72]

If you have a tracker mortgage then you should get a reduction as your rate follows the Bank of England rate. i.e. mine is a tracker and is 0.95% above base rate.

 

If it is a variable or fixed rate then it will be up to the lenders to pass it on to you

[Scummer]

If it is a variable or fixed rate then it will be up to the lenders to pass it on to you

 

That's true for a variable rate, but nothing will happen for those people on fixed rates. They are fixed.

[StuRomseySaint]

F*ck sake, told the missus to take the gamble on a tracker, she persuaded me to go for fixed rate instead paying more than £200 extra than the last mortgage for the privelidge.

 

C*nt. First payment was this month as well. Can I change my mind? :-(

[Poshie72]

That's true for a variable rate, but nothing will happen for those people on fixed rates. They are fixed.

 

Sorry yeh my mistake ... me an auditor as well, no wonder this countrry is in a mess

[Colinjb]

Well, thats me ******ed being on a fixed rate for the next 2.5 years.

[stevegrant]

F*ck sake, told the missus to take the gamble on a tracker, she persuaded me to go for fixed rate instead paying more than £200 extra than the last mortgage for the privelidge.

 

C*nt. First payment was this month as well. Can I change my mind? :-(

As with all credit agreements under the Consumer Credit Act, you should have a 14-day period after you sign the contract where you can cancel it.

[stevegrant]

I'm on a 5-year fixed rate for another 3 years, but I'm not in the slightest bit bothered regarding the interest rate drop. I know exactly how much I'm going to be paying out for at least the next 3 years on my mortgage, rather than worrying about whether the Bank of England will decide to help homeowners or savers next month.

[Guest Hacienda]

My fixed rate of 3.5% has another 5 years to run, by which time I will have, thanks to ebay, paid off the outstanding money owed so I couldn't give a flying f**k if they've cut them or not.

[bridge too far]

I'm on a 10 year fixed rate so I don't give a flying f**k either - I'd rather have the certainty of knowing what's going out each month.

[Weston Saint]

No mortgage - all paid off

 

Reduced rate wil affect my cash savings and the state of the stock market is buggering up my investments.

 

Pension safe though. That is the main thing for me.

[IFHP]

bank of england (and other central banks all at the same time) have cut interest rate by half a percent, a day early.

 

w00t da sn00t £210 a month less on my mortgage

 

 

That’s one big mortgage to save £210 a month for a ½% cut.

[Saints1980]

That’s one big mortgage to save £210 a month for a ½% cut.

 

Over £40,000 a month?

[Hatch]

Over £40,000 a month?

 

 

1/2 % annually not monthly

[Saints1980]

1/2 % annually not monthly

 

I am a mong. :smt117

[Junction 9]

I am a mong. :smt117

 

Have you now realised you can actually afford a mortgage?

[Saints1980]

Have you now realised you can actually afford a mortgage?

 

Believe it or not, I bought a house on Monday.

 

I think I had better have a look through what I signed :cool:

[Junction 9]

Believe it or not, I bought a house on Monday.

 

I think I had better have a look through what I signed :cool:

 

Not.

[Saint Keith]

That’s one big mortgage to save £210 a month for a ½% cut.

 

yes, well this isnt rowner you know keith

[Saints1980]

Not.

 

Believe it :smt076

[Crouchie's Lawyer]

As with all credit agreements under the Consumer Credit Act, you should have a 14-day period after you sign the contract where you can cancel it.

 

Correct me if Im wrong, but im pretty sure, unless its a home owner loan which is under £25k, its not covered by the Credit Consumer Act.

[stevegrant]

Correct me if Im wrong, but im pretty sure, unless its a home owner loan which is under £25k, its not covered by the Credit Consumer Act.

You might be right there, I wasn't aware there was any sort of limit or restriction on when the CCA applied.

[Crouchie's Lawyer]

You might be right there, I wasn't aware there was any sort of limit or restriction on when the CCA applied.

 

Yeah im pretty sure its £25k. Also loans secured against your property for home improvements are not covered by it either (I think). This is going back a few years to when I did my CeMAPs!