Interest rates

[Arriba]

my mortgage was at a reduced rate of +.25% above base rate until last september on a two year deal.that came to an end and i found nothing that could beat what it was going up to on variable rate which is +.75% above base rate so i stuck with it.im happy now as my rate will be 3.75% from next month on a variable base rate tracker.if rates start going the other way i'll just remortgage again.

[janaage]

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.

It's all about the LIBOR man, which is begining to fall, which SHOULD mean banks may start offering slightly better deals.

[Samdy Gray]

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)

I'll have to see what the new deals come down to when the banks start passing (some of) the cuts on. My current deal is 5.4% so anything around that I'd be happy with.

[Simon Pieman]

Why did I read "SVR's" as Stevie Ray Vaugans?

[janaage]

Why did I read "SVR's" as Stevie Ray Vaugans?

Not sure Si, might have something to do with the initials "SVR" use the same letters as the first letters of each of the words in "Stevie Ray Vaugans" but in a slightly different order.

[Sippo]

As as the announcement was made, nationwide has withdrawn their tracker mortgages for new customers!! Greed, greed, greed....

[RobertT]

Nationwides a Mutual Society though, so doesn't profit for shareholders like a bank.

My nice 0.49% above Base Rate Tracker is bearing some fruit, only took it out in May!  That's about £160 knocked off my mortgage payment in 2 months.  Cracking, plus as it's not got a tie in, I can continue to keep a close on the market conditions should I ever need to react to rising rates.

Bugger for savers mind.

[Don Rogers Shop]

Samdy, hsbc and the yorkshire may be worth a call now

[pauld]

It's all about the LIBOR man, which is begining to fall, which SHOULD mean banks may start offering slightly better deals.

Umpty hundred billion quid of my money to prop up these greedy failures who are still paying themselves massive bonuses while our kids starve in the streets and all we get is a should? I'll give you a should - should have nationalised the whole lot of them when they came round with the begging bowl. At gunpoint.

[Don Rogers Shop]

Cant blame the goverment for the bonus the greedy bastards get.

[janaage]

As as the announcement was made, nationwide has withdrawn their tracker mortgages for new customers!! Greed, greed, greed....

That's not greed greed greed.  That's Nationwide judging trackers not to be profitable enough.  The base rate has dropped by 2% in one month one day, the libor rate hasn't therefore the rate that NW has to fund mortgages hasn't fallen anywhere as near as much as the base rate, meaning it doesn't make economical sense to continue to offer these loans.  A way around this would be to offer a tracker 3% above base, but who in their right mind would buy that?

Not greed greed greed, more like sense sense sense.

PS I don't work for NW, or work in a company that offers mortgages so no vested interest. I don't mind banks, building societies getting it in the neck when it's called for, but it's not on this particular subject i.e. withdrawing trackers.

[Simon Pieman]

Not sure Si, might have something to do with the initials "SVR" use the same letters as the first letters of each of the words in "Stevie Ray Vaugans" but in a slightly different order.

Thanks for working that one out for me.

[janaage]

No bother Si!!

[Simon Pieman]

I'm surprised you showed any interest in my post at all.

[pauld]

Cant blame the goverment for the bonus the greedy bastards get.

Tch! If they'd nationalised them properly, instead of pissing about "recaptialising" them (ie handing over loads of our cash so they could cover up their fuck-ups), then the government would be able to ensure interest rate cuts get passed on, ensure no bonuses were paid to the greedy bastards ever, and force them to work for the rest of their lives on national minimum wage by way of repaying their debt to society. At gunpoint.