Interest rate cut

[Poshie72]

The interest rate has been cut by another 1% taking it to 2%

 

http://news.bbc.co.uk/1/hi/business/7764741.stm

 

I am very happy being on a tracker mortgage

[Weston Super Saint]

  Poshie72 said:

The interest rate has been cut by another 1% taking it to 2%

 

http://news.bbc.co.uk/1/hi/business/7764741.stm

 

I am very happy being on a tracker mortgage

 

Me too.

 

Rob will probably say we shouldn't be happy though

[Hatch]

Good for me also.

[Crouchie's Lawyer]

Good for me 2.79% now! :D :D

[Ponty]

On the news it said that most banks have said that their trackers have a bottom level which is above 2.79% and it's in their small print. Check your contracts before you spend the money on turkey.

[Crouchie's Lawyer]

  Ponty said:

On the news it said that most banks have said that their trackers have a bottom level which is above 2.79% and it's in their small print. Check your contracts before you spend the money on turkey.

 

A lot of banks are incorporating that now and apparently HBOS and Natiowide have had them for a while, but Im pretty sure HSBC dont, and quite sure C&G and Abbey dont either, but dont quote me on that!

Edited 4 December, 2008 by Im_no_sinner
spelling

[Thedelldays]

my mortgage is with godiva (part of the coventry group)...

 

are they likely to shaft me when my fixed term is up..?

 

or are they quite reputable..

[Crouchie's Lawyer]

  Thedelldays said:

my mortgage is with godiva (part of the coventry group)...

 

are they likely to shaft me when my fixed term is up..?

 

or are they quite reputable..

 

TBF I have never heard of them, but there are 1000's of mortgage companies out there (or there were!) When is your fixed rate due to end? And do you have a decent amount of equity in the property?

[Thedelldays]

  Im_no_sinner said:

TBF I have never heard of them, but there are 1000's of mortgage companies out there (or there were!) When is your fixed rate due to end? And do you have a decent amount of equity in the property?

 

 

i put down around 8-10% and my fixed rate ends april 2010..

 

as for equity, surely that depends on the value?

[Scummer]

  Thedelldays said:

i put down around 8-10% and my fixed rate ends april 2010..

 

as for equity, surely that depends on the value?

 

Yeah it does, but presumably you have some idea of how much similar properties are going for?

[bridge too far]

  Im_no_sinner said:

TBF I have never heard of them, but there are 1000's of mortgage companies out there (or there were!) When is your fixed rate due to end? And do you have a decent amount of equity in the property?

 

Weirdly, I hadn't UNTIL TUESDAY.

 

I had to do some work in Coventry (first time I've ever been there - what a dump) and I had to walk along 'Sky Blue Way' (:vom:) to the Council Offices. I passed Godiva Building Society.

 

Made me chuckle at the bare-arsed cheek. Geddit?

[Crouchie's Lawyer]

  Thedelldays said:

i put down around 8-10% and my fixed rate ends april 2010..

 

as for equity, surely that depends on the value?

 

April 2010 is a looooooooooong way off yet and seeing how the market has changed so much over the last 3 months alone, I dare to predict what it will be like then! Could go two ways, the rates could be low in an attempt to still stimulate the economy out of a recession, or they could be high having sucessfully avoided the recession and now people are spending like mad and rates have to be increased to stave off inflation.

 

I think for the time being, dont worry about it and start looking around about 4 months before, looking at what economists say about whats happening with rates etc and what likely to happen. Or just give me a shout at the time and ill help you out!

 

  Scummer said:

Yeah it does, but presumably you have some idea of how much similar properties are going for?

 

Yup correct. It depends how long ago you purchased, as if you purchased about a year ago, chances are your 'equity' will be the same if not less than the 8-10% you put down due to house prices falling.

[anothersaintinsouthsea]

My tracker has gone down 3.5% since I got it about a year ago. get in, get in, get in.

[Poshie72]

  Ponty said:

On the news it said that most banks have said that their trackers have a bottom level which is above 2.79% and it's in their small print. Check your contracts before you spend the money on turkey.

 

Have checked and I get the full cut

[Crouchie's Lawyer]

  Poshie72 said:

Have checked and I get the full cut

 

Who are you with Poshie?

[Ponty]

  Poshie72 said:

Have checked and I get the full cut

 

That's a good result.

[Poshie72]

  Im_no_sinner said:

Who are you with Poshie?

 

Woolwich

[Weston Super Saint]

  Poshie72 said:

Woolwich

 

Me too

[bridge too far]

Going off in a slightly different direction, I heard an interesting factoid on the radio just now.

 

This is the lowest interest rates have been since 1957. In 1957 petrol was 3s 6d a gallon in old money. Extrapolated to take account of the increase in inflation / wages / cost of living since then, this would equate to 88p a litre nowadays!

 

Yep, I was amazed too!

[Weston Super Saint]

  bridge too far said:

Going off in a slightly different direction, I heard an interesting factoid on the radio just now.

 

This is the lowest interest rates have been since 1957. In 1957 petrol was 3s 6d a gallon in old money. Extrapolated to take account of the increase in inflation / wages / cost of living since then, this would equate to 88p a litre nowadays!

 

Yep, I was amazed too!

 

I think that goes to show that the benefits of designing / refining technology and modern methods of extraction and refining of fossil fuels have been counteracted by huge increases of tax on the end product

[bridge too far]

  Weston Super Saint said:

I think that goes to show that the benefits of designing / refining technology and modern methods of extraction and refining of fossil fuels have been counteracted by huge increases of tax on the end product

 

But given that technology is also delivering more miles to the gallon and less frequent servicing, I imagine the cost of motoring hasn't actually increased that much in real terms.

[Weston Super Saint]

  bridge too far said:

But given that technology is also delivering more miles to the gallon and less frequent servicing, I imagine the cost of motoring hasn't actually increased that much in real terms.

 

So the only people to benefit are the Government :smt102

[bridge too far]

  Weston Super Saint said:

So the only people to benefit are the Government :smt102

 

You may very well think that - in fact I'm sure you will

 

The come-back would be that a huge proportion of that tax take would have been spent developing the road network to accommodate all the additional cars that people can afford to run because motoring costs are still comparatively low.

 

A sort of self-fulfilling prophecy if you like....

[Weston Super Saint]

  bridge too far said:

You may very well think that - in fact I'm sure you will

 

The come-back would be that a huge proportion of that tax take would have been spent developing the road network to accommodate all the additional cars that people can afford to run because motoring costs are still comparatively low.

 

A sort of self-fulfilling prophecy if you like....

 

You're gonna have to do better than that

 

What is 'road fund licence' used for?

[bridge too far]

  Weston Super Saint said:

You're gonna have to do better than that

 

What is 'road fund licence' used for?

 

Taxes are not hypothecated in the UK. But I reckon my share of road development and maintenance is far more than the £120 a year I pay.

 

Will that do?

 

However, FWIW, I do believe that RFL should be scrapped and the tax put on fuel instead so that those that use most pay most.

[Weston Super Saint]

  bridge too far said:

Taxes are not hypothecated in the UK. But I reckon my share of road development and maintenance is far more than the £120 a year I pay.

 

Will that do?

 

However, FWIW, I do believe that RFL should be scrapped and the tax put on fuel instead so that those that use most pay most.

 

Judging by the state of the roads I drive on and the fact that most of that time is spent sat in traffic jams, I reckon my share of road development and maintenance is about 3.5p

[St Landrew]

  Poshie72 said:

The interest rate has been cut by another 1% taking it to 2%

 

http://news.bbc.co.uk/1/hi/business/7764741.stm

 

I am very happy being on a tracker mortgage

 

Not sure your tracker will track down as low as 2%, or so the media reports. Don't shoot me, I'm only the messenger. Blame the BBC.

 

FWIW, I'm on a fully variable mortgage, which definitely does respond to interest changes. My mortgage payment is almost invisible at the moment.

[bridge too far]

  Weston Super Saint said:

Judging by the state of the roads I drive on and the fact that most of that time is spent sat in traffic jams, I reckon my share of road development and maintenance is about 3.5p

 

Maybe the answer would be to hike the taxes so much that only the rich, like you , can afford to drive. Less congestion, better roads.

 

Makes sense to me

[Weston Super Saint]

  bridge too far said:

Maybe the answer would be to hike the taxes so much that only the rich, like you , can afford to drive. Less congestion, better roads.

 

Makes sense to me

 

It would

 

But don't brag about it or you know who will be on to you :shock:

[Thedelldays]

the attack on the motorists by our left wing dictatorship is alarming

 

100 years ago, cars saved this country by ridding horses from the street (and their sh1t they dropped)...now they are hitting the very thing that makes this country tick the hardest

 

like how i did that!!!

[anothersaintinsouthsea]

  Thedelldays said:

the attack on the motorists by our left wing dictatorship is alarming

 

100 years ago, cars saved this country by ridding horses from the street (and their sh1t they dropped)...now they are hitting the very thing that makes this country tick the hardest

 

like how i did that!!!

 

 

Do you really think they're left wing or are you only joking?

[bridge too far]

  Thedelldays said:

the attack on the motorists by our left wing dictatorship is alarming

 

100 years ago, cars saved this country by ridding horses from the street (and their sh1t they dropped)...now they are hitting the very thing that makes this country tick the hardest

 

like how i did that!!!

 

Have a look at this TDD. This is an article by a 'green' lobby and it attacks the 'left wing dictatorship' for reducing the cost of motoring, not increasing it.

 

http://www.roadblock.org.uk/resources/motoringlies.pdf

 

:

[Thedelldays]

  anothersaintinsouthsea said:

Do you really think they're left wing or are you only joking?

yes...left wing and being liberal are not always the same.

 

the fact they want to be involved in our lives day to day, the constant rules, red tape, paper work, PCness, committees, local authorities, passing over powers away from the homeland makes them left wing and by definition = idiots

[Saint in Paradise]

Low interest rates are a B nuisance, I think they should be at least 10% so us poor people

who need the interest from our savings means that they go up not down. When I had a

mortgage thingy I always had to pay high interest.You youngsters don't know how lucky you are.

 

 

 

 

 

 

 

 

 

:D:D

[Saint George]

  bridge too far said:

Have a look at this TDD. This is an article by a 'green' lobby and it attacks the 'left wing dictatorship' for reducing the cost of motoring, not increasing it.

 

http://www.roadblock.org.uk/resources/motoringlies.pdf

 

:

 

Politically driven garbage....No need to read beyond the point it says you pay 71% tax on fuel......When most people know the real figure is closer to 250%

 

They also chose to use 1980 as a datum, which just happens to coincidentally coincide with a period of artificially high oil prices due to the OPEC driven oil crisis....move the datum a few years either way and the results would look a lot different

 

Not to mention, they still blame CO2 for global warming when most the world is finally starting to wake up to the fact that its been the sun and natural cycles all along

[TopGun]

  Saint George said:

Politically driven garbage....No need to read beyond the point it says you pay 71% tax on fuel......When most people know the real figure is closer to 250%

 

They also chose to use 1980 as a datum, which just happens to coincidentally coincide with a period of artificially high oil prices due to the OPEC driven oil crisis....move the datum a few years either way and the results would look a lot different

 

Not to mention, they still blame CO2 for global warming when most the world is finally starting to wake up to the fact that its been the sun and natural cycles all along

 

I was going to highlight the two words before and then thought better of it.

[TopGun]

  Ponty said:

On the news it said that most banks have said that their trackers have a bottom level which is above 2.79% and it's in their small print. Check your contracts before you spend the money on turkey.

 

Are you inferring that we were all going to make do with fish fingers Ponty?

[bridge too far]

  TopGun said:

I was going to highlight the two words before and then thought better of it.

 

Sadly I think you're missing the point boys. I actually posted something that was critical of the current government - AND pointed out that it was published by a green group.

 

I was trying to present some sort of balance to the argument.

[TopGun]

  bridge too far said:

Sadly I think you're missing the point boys. I actually posted something that was critical of the current government - AND pointed out that it was published by a green group.

 

I was trying to present some sort of balance to the argument.

 

Yeah, sorry. St George got in the way.

 

BTF, you'll be pleased to hear I sent my YES vote off yesterday for the Manchester TIF proposal :-)

[bridge too far]

  TopGun said:

Yeah, sorry. St George got in the way.

 

BTF, you'll be pleased to hear I sent my YES vote off yesterday for the Manchester TIF proposal :-)

 

I did a lot of work in Manchester last year (Trafford) and two things struck me.

 

Firstly how dire the traffic is from Carrington (where we were staying overnight) into Trafford and secondly how good the public transport is (I had to make short visits to the various Trafford offices).

 

But please don't think I'm an ardent greenie, because I'm not. I am, however, very much in favour of GOOD public transport and use it whenever I can.

[Weston Super Saint]

  bridge too far said:

I did a lot of work in Manchester last year (Trafford) and two things struck me.

 

Firstly how dire the traffic is from Carrington (where we were staying overnight) into Trafford and secondly how good the public transport is (I had to make short visits to the various Trafford offices).

 

But please don't think I'm an ardent greenie, because I'm not. I am, however, very much in favour of GOOD public transport and use it whenever I can.

 

I think we're all in favour of GOOD public transport.

 

Shame it's as rare as hen's teeth though

[Johnny Bognor]

  bridge too far said:

'left wing dictatorship'

:

 

Glad you're coming round to my way of thinking

[Deano6]

Bloody hell. There go my plans to watch my savings rack up. Does the government not think about the common man FFS!

[St Landrew]

  Deano6 said:

Bloody hell. There go my plans to watch my savings rack up. Does the government not think about the common man FFS!

 

Yes. I'm extremely common, and 2% interest rates are wonderful stuff. You'll have plenty of time in the future for your savings to rack up.

[bridge too far]

  Bognor Saint said:

Glad you're coming round to my way of thinking

 

That's what I like to see - intelligent debate

[Totton Red]

  Poshie72 said:

The interest rate has been cut by another 1% taking it to 2%

 

http://news.bbc.co.uk/1/hi/business/7764741.stm

 

I am very happy being on a tracker mortgage

 

Sort term optimism I'm afraid. I love the lower interest rates but the decline in the pound as a result will mean more pain for the country in the long run. Enjoy the short term fix cos you haven't a clue of the bleak reality about to hit GB over the next 18 months.

[jawillwill]

Ah, the good old days...

[trousers]

The posts on this thread from that banned  Thedelldays character have a familiar vibe and tone to them. Can't put my finger on it though...