and you think we haven't??
our finances (the UK) are much much worse than japan in the 90's
Interest Rates Down to 2%
- Thread starter Cosimo
- Start date
and you think we haven't??
our finances (the UK) are much much worse than japan in the 90's
Soldato
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Aha, seems a good way of doing it considering the things are at the moment, however my ISA is still paying a nice 5.8 as well.
Same here, I've got a +.49 tracker for life, but I want to buy a bigger house. If I could get a half-decent deal, I would!
take the tracker with you and then get a second mortgage for the extra
Soldato
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Aardvark is, sadly, right. The Japanese entered their recession as a nation of savers and producers. We enter ours as a nation of debtors and importers. With North Sea oil running out (a huge factor in our resilience in recent decades) and import prices rising daily now, this is going to be horrible.
We are watching the slow, painful death of the pound and the UK economy. Pay attention, this is something you'll be able to tell your grandchildren about.
Andrew McP
We are watching the slow, painful death of the pound and the UK economy. Pay attention, this is something you'll be able to tell your grandchildren about.
Andrew McP
Soldato
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Well that has just shafted my ISA!!! Now my money is growing BELOW inflation!
Mines due in april, I'm obviously going to see an adviser but surely this time around it's going to be damn tempting to get a locked rate for 5 years?
Normally I just do it for 2 years.
Don't be so melodramatic.
Can you do that? Cunning plan
I've done it before
Just to add both the mortgages were with the same company, I suppose if they were not there could be an issue with charges over the property
If things continue to drop I will definately be trying to lock in for as long as possible at these low rates.
HEADRAT
the bank will factor in where they expect interest rates to be at the end of the 5 year period not just the start, anyone expecting a 5 year fixed rate at around 3% is nieve at best.
I've spent the last two days playing with my savings in expectation of this rate cut and I've managed to get most of my money into decent fixed rate options keeping some of it easily accessible and tying some in.
Well said, his posting style makes me wanna puke.
Soldato
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Some tracker mortgages won't get this rate passed on so dont all start celebrating yet. Most lenders have a collar system which means that the rate of interest on their trackers will never fall below 3%. Its in the small print, I hope those with tracker mortgages read it
Goody. Savers punished again.
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/12/why_punish_savers.html
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/12/why_punish_savers.html
Yeah I know, the rate cuts in recent times have made a big difference to my savings interest income. I just hope it benefits the country.