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Dozno9
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« on: Thursday, November 6, 2008, 12:33:53 » |
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Just been cut by 1.5%, Base Rate is now 3%.
Please let my mortgage company pass it on to me.
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Samdy Gray
Dirty sneaky traitor weasel
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Posts: 27137
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« Reply #1 on: Thursday, November 6, 2008, 12:55:58 » |
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Happy days.
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Foggy
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Posts: 1948
Ketchup wanker
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« Reply #2 on: Thursday, November 6, 2008, 13:19:05 » |
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Happy days indeed, i love my tracker mortgage, it has dropped 3.6% in less than a year
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Sad to say, i must be on my way
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Sippo
Living in the 80s
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Posts: 15585
I ain't gettin on no plane fool
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« Reply #3 on: Thursday, November 6, 2008, 13:19:31 » |
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thats good, they were predicting 0.5%. Shame I'm on a fixed mortgage.  |
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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Arriba
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Posts: 21289
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« Reply #4 on: Thursday, November 6, 2008, 13:26:36 » |
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i have a base rate tracker too.fucking well happy.
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Ironside
Wir müssen die Liberalen ausrotten
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Posts: 1475
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« Reply #5 on: Thursday, November 6, 2008, 13:34:38 » |
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Just been cut by 1.5%, Base Rate is now 3%.
Please let my mortgage company pass it on to me.
No chance...they have their profits and pensions to protect...1/4 of a % passed on to you at BEST. |
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Genius, Gentleman Explorer, French Cabaret Chantoose and Small Bets Placed and someone who knows who they are changed my signature but its only know that I can be arsed to change it....and I mean all the spelling mistakes.
Was it me? It can't have been an interesting enough event for me to remember - fB.
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DMR
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« Reply #6 on: Thursday, November 6, 2008, 13:36:31 » |
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No chance...they have their profits and pensions to protect...1/4 of a % passed on to you at BEST.
Can't imagine there's too much profit left! But you're spot on, anyone who thinks they're gonna see all of that is in dreamland. |
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Foggy
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Posts: 1948
Ketchup wanker
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« Reply #7 on: Thursday, November 6, 2008, 13:36:41 » |
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Believe me my mortgage company will pass on the whole 1.5%
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Sad to say, i must be on my way
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Arriba
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Posts: 21289
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« Reply #8 on: Thursday, November 6, 2008, 13:38:34 » |
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so will mine. went down by the 0.5 percent this month.will see the 1.5 reduction next month.base rate trackers have to track the bank of england base rate.
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Sippo
Living in the 80s
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Posts: 15585
I ain't gettin on no plane fool
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« Reply #9 on: Thursday, November 6, 2008, 13:50:46 » |
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So what will this mean for the rest of the economy then?
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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janaage
People's Front of Alba
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Posts: 14825
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« Reply #10 on: Thursday, November 6, 2008, 13:51:58 » |
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Can't imagine there's too much profit left! But you're spot on, anyone who thinks they're gonna see all of that is in dreamland.
I'm in dreamland then Dave as are other people on tracker mortgages. If you're on a tracker your mortgage company will track your mortgage rate with the base rate (subject to your terms and conditions). If you're a lazy arse who's stuck on a Standard Variable Rate then you may not see anything like a 1.5% drop, which whilst is a shame, really highlights the need to get some decent advice and get yourself on to a decent mortgage. Pretty reasonable to me. |
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Samdy Gray
Dirty sneaky traitor weasel
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Posts: 27137
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« Reply #11 on: Thursday, November 6, 2008, 13:53:04 » |
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Shame I'm on a fixed mortgage. My fixed period is up in a couple of months, the way the rates seem to be going I'm not going to bother going onto another fixed rate just yet, I'll just let it fall onto the BMR because that'll be cheaper than my current fixed rate. |
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Ardiles
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Posts: 11528
Stirlingshire Reds
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« Reply #12 on: Thursday, November 6, 2008, 13:55:27 » |
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Interesting comment on the BBC site this morning. The UK mortgage market is split roughly:
50% Fixed rate mortgages
40% Tracker mortgages
10% Variable rate mortgages
So all the press comment concerning whether banks are passing savings on to borrowers impacts only 10% of the mortgage market.
Our current deal is a lifetime tracker, so happy with the announcement. (At long last, the MPC has woken up - but I'm worried they have left it too late.) All this, however, is the silver lining to a very black cloud, and will mean nothing if redundancy strikes. Let's hope those green shoots appear as early in 2009 as possible...because there are going to be a lot of casualties on the way.
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Power to people
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Posts: 6410
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« Reply #13 on: Thursday, November 6, 2008, 13:56:04 » |
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It does make you laugh, the BOE drops rates big time the last couple of months but there isn't a lot of point as the banks (and building society) will not pass on these rates to the customers, and then they charge high "reservation" fee's as well.
They in themselves are not helping to get the housing market back on track.
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janaage
People's Front of Alba
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Posts: 14825
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« Reply #14 on: Thursday, November 6, 2008, 13:56:57 » |
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I dunno aboutt that Sam, SVR's aren't falling to well at present, new app trackers are tracking at a higher rate (Nationwide anounced for new mortgages they will track at 1.8% above base rate).
Depends on your current rate I suppose but I wouldn't have thought there will be that much to be gained sitting on the standard variable for a while.
(Have to say though mortgages aren't really a forté of mine)
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