Interest Rates Down to 2%

[Cosimo]

The lowest in more than fifty years:

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

 

[Admiral Huddy]

This is great news for my flexible mortgage.. I keep the repayments high and pay off more capital. Providing It's passed on that is.

"Fix the roof whilst the sun is shining"

 

[iSam]

Good news, hopefully the banks will behave themselves and pass the cuts on quickly.

 

[HEADRAT]

I'm currently on Standard Variable Rate as my tracker ended a couple of months ago, I'm currently paying 4.99% and I guess this will probably fall again with this 1% cut.

Problem I have is finding a good remortgage deal, with the rates constantly falling at the moment I'm just going to hang tight.

HEADRAT

 

[robgmun]

it won't

 

[aa6972]

Japan has 0% Interest Rate for years and still fall into recession so I really hope this will be good news, even if I won't get as much interest for my savings...

 

[Sagalout]

More bad news for savers and pensioners then

 

[mangobreeder]

Japan has 0% Interest Rate for years and still fall into recession so I really hope this will be good news, even if I won't get as much interest for my savings...

thats coz the japs ****** up big time. and are still paying for it

 

[HEADRAT]

More bad news for savers and pensioners then

Pretty much yep

 

[Witor]

+0.84 base rate tracker here.

I'm chuffed with the news

 

[SimonTW]

Japan has 0% Interest Rate for years and still fall into recession so I really hope this will be good news, even if I won't get as much interest for my savings...

*Had. I believe they began to raise them a while back, before the whole credit crisis hit. You can't really use Japan as an example though, people just weren't spending even when there wasn't a problem!

 

[leaskovski]

yey! My mortgage is even more expensive than it needs to be now!! Loving the 5.8% 5 year fixed rate!

 

[Tunney]

More bad news for savers and pensioners then

My bonds are still earning 7%.

Though that hardly cancels out the money I've lost on my house since buying it.

 

[fraps]

The lowest in more than fifty years:

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

, I hope it goes down to 0%!

 

[Skiddley]

Mortgage is now 8% of my monthly net income....bring it on!

 

[leaskovski]

goes down to 0%? How is that a good idea? Do you not have any basic savings?

 

[[TW]Fox]

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.

 

[leaskovski]

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.

Out of intrest, whats your degree in again Fox the Foxy?

 

[[TW]Fox]

Business.

 

[fraps]

goes down to 0%? How is that a good idea? Do you not have any basic savings?

basically, any savings I have are offsetting against the mortgage

the more savings you have the greater the offset (and lower the effective rate of interest)

you don't receive any interest on your savings but you could slice decades of the mortgage and there is no tax to pay on any interest you would have received

I am fixed till June 09 but from that date onwards it reverts to base rate plus 1.05%

P.S. I am not advertising mortgages! I just tried to find the least 'worst' one at the time