I HATE banks

scorza, existing mortgages aren't getting more expensive, most mortgages (~50%) are fixed rate, hence don't change, then 40% are trackers which either went down (BOE and some SVR trackers) or stayed the same, and final 10% are SVR mortgages which either stayed the same or went down,

The only rates that aren't going down are rates on new fixed or tracker mortgages, basically because banks do not want to lend to people who, in ~5 years time, could well be unemployed and unable to repay the mortgage as the country looks set to enter a rather nasty recession,

So it's not really that bad at all is it?
 
So does with this news that they're not passing on the cuts does that mean ISAs and Savings accounts rates will remain pretty much the same? Personally I doubt it..

Also, the more reposessions the better. Anything that drives down the totally inflated price of property is good in my book. People who borrowed far too much money also need to learn a harsh lesson. Just because it was for a house doesnt make it ok.
 
platypus said:
:D

I still can't get a decent credit card! Gah.
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at least they tell you no, I applied 3 time,s including at the bank in person, and they just never wrote back/ignored me :(

Probably for the best though, I'd forget to pay the ****ing thing:p
 
Andrew_McP said:
Not true. They put downward pressure on prices which is a good thing for *everyone* except speculators and BTLers with 'pyramid scheme' property empires.

I understand what you're saying, but there are plenty of properties out there to rent, especially inner city flats. People may be inconvenienced by repossession, or forced to live in properties smaller than they'd like, but it is not the end of the world. It may even be the best thing that ever happens to many people who -- as in the USA -- were sold properties they couldn't really afford.

Propping up the status quo artificially does nobody any favours. You can have pain now in repossessions, or pain later in taxation, but it's still pain whenever it comes.

Andrew McP
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Sadly for a lot of people, repossession is the end. The number of suicides in the US has surged as the number of repossessions has - we will be no different, unless the banks wise up we've only just seen the beginning of repo UK. I would dispute that falling prices is good for everyone. Price stability would be good for everyone.

scorza, existing mortgages aren't getting more expensive, most mortgages (~50%) are fixed rate, hence don't change, then 40% are trackers which either went down (BOE and some SVR trackers) or stayed the same, and final 10% are SVR mortgages which either stayed the same or went down,

The only rates that aren't going down are rates on new fixed or tracker mortgages, basically because banks do not want to lend to people who, in ~5 years time, could well be unemployed and unable to repay the mortgage as the country looks set to enter a rather nasty recession,

So it's not really that bad at all is it?
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True, but expect the number of people on SVRs to sky rocket in the next few years. Falling house prices and banks requiring low LTV ratios means that a lot of people, whose fixed rate deals are ending will be unable to remortgage and therefore move onto SVR. This is why it's so important for the banks to pass on yesterday's rate cut to their SVR products - otherwise people will be faced with a 2% interest rate rise which will just push a lot of people over the edge. Yes I know that they should have made sure they could afford the SVR - people can be just as short-termist as the banks it seems, however I retain the view that the best thing for the current situation is for people to pay off their debts, not default on it.
 
SlyReaper said:
Everyone who has ever paid a penny in taxes is a shareholder.
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no, no their not...

They're just unfortunate ****ers who have given money to those of use who where willing to buy shares ;)

their not the ones who's going to get a nice little envelope with their profits this year :)
 
scorza said:
Yes I know that they should have made sure they could afford the SVR - people can be just as short-termist as the banks it seems, however I retain the view that the best thing for the current situation is for people to pay off their debts, not default on it.
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I agree, and it does seem like most banks will keep their SVR's within around 2% of the base rate, might just take a while to get there.

Repossession is far from being the end of the world, can't see any reason for the majority of people to even consider suicide, and I don't think that banks should (either by choice or by being forced) capitulate to prevent repossessions when someone can't afford the repayments on their mortgage at the expense of the banks ability to continue to operate successfully, and yes that means making a profit.
 
Teki187 said:
Why do they want to keep the British public in constant debt!!??
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So uhh, the banks just gave you the money without you asking for it? Or did you take out the loan and are now whinging because the rates aren't in your favor?

Banks are just pure evil.
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Don't use one then, and spend only the money you earn while investing the rest in the stock market or ventures.

They're a business, not a service. The banks for for shareholders, and I want my dividends rather than giving you an easier time.
 
fraps said:
banking is different to other forms of business
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Damn bankers!!!!

oh you've now changed your post to something completely different :/
 
It's not unethical at all, it's common sense. ISPs sold people 'unlimited' broadband and look what happened there - soon had to limit it because they didn't expect the capacity.

Supermarkets throw away lots of stock because they have to ensure they don't run out.

The human body itself is inefficient in its energy use.

What went wrong was the banks pushing themselves, ie being greedy, simply because they could
 
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