Interest Rates Down to 2%

Giddy said:
Well I'm not complaining, two mortgages both lifetime trackers, but will this get people spending? I'll continue to pay the same amount each month and I dare say a lot of people will do the same.
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Same here mate. Perhaps the best idea for me, is to rent out my place, bank 600quid in rent profit a month. Offset L&P earnings against previous losses to reduce the tax burden.

Then, buy a big house with the new Mrs Skiddy and say hello to capital appreciation on 2 properties in '09-'11....Hmmmm
 
Oh hooray, I found a clause in my mortgage stating that if rates fall below 3%, Halifax can up the tracker rate. Gits.
 
danza said:
Oh hooray, I found a clause in my mortgage stating that if rates fall below 3%, Halifax can up the tracker rate. Gits.
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Before the interest rates decision, the Halifax said its customers with existing tracker mortgages, that follow moves in the Bank of England's Base Rate, would benefit in full from any cuts.

This was despite a clause in the Halifax's paperwork which would have allowed it to put a limit on the cuts it passed on to mortgage customers. :)
 
danza said:
Oh hooray, I found a clause in my mortgage stating that if rates fall below 3%, Halifax can up the tracker rate. Gits.
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Which they have already said they won't be enforcing and they will be passing on the full cut, great for those that have borrowed loads and carp for us sensible savers.
 
As always this will make absolutely NO difference whatsoever to the main stream people on fixed rate mortgages...

We are currently struggling to re-mortgage based on the fact that NatWest insist that in 2 years to remortgage with them you must pay off 10% of your property value OR have 25% of the deposit ready to go....

The banks despite this massive £40bn+ investment from TAXPAYERS money are just not lending at all... you either have to be super rich or live at home to be able to buy a house these days and its bloody annoying.

I wish Brown and Darling would pass this bill forcing banks to start lending sensibly again not requiring 25% deposit etc. To put this in perspective the average house price is around £160k ergo you need £40000 to put down as deposit...

:(
 
Rhys said:
Will the interest rate cuts mean borrowing money will be easier/cheaper?
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No it will not make mortgages easier to get because credit lending criteria has increased. Banks and building societies are trying to cherry-pick the market to get the least-risk mortgage applicants, if you have any poor credit history i.e. missed payments, defaults then you will be turned away.

Easy, cheap credit has gone for good, too many banks and building societies got burned, more and more write-offs of debts are happening everyday.

If you look at creditcard interest rates, BOE interest rates have fallen but credit card rates have gone up.

Rob H
 
csmager said:
That's the idea, but we'll have to wait and see whether it works. It's going to involve some Government bullying.
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Good news as I am planning on sorting all my debt out in 2009. I pay far too much to overdraft and credit card. In 2009 Im planning on spending nothing on luxuries and just paying dem bills.
 
This isn't going to encourage saving, which in turn reduces deposits, which in turn makes the banks highly vulnerable again - they will choose to fund their lending from the same money markets that caused the initial problems.
 
RaohNS said:
I wish Brown and Darling would pass this bill forcing banks to start lending sensibly again not requiring 25% deposit etc. To put this in perspective the average house price is around £160k ergo you need £40000 to put down as deposit...
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A 25% deposit is sensible lending on the part of the banks - especially if house prices are falling.
 
[TW]Fox;13022271 said:
Great, everything we buy from abroad or is traded in dollars (Most things) gets more expensive again as this decision further nukes the value of sterling.
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I just checked the exchange rate, it's now down to around $1.46 to the pound !!! What i wanted to buy from the states has now gone up from around £75 to £110. :(
 
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