Mungler Posted November 6, 2008 Report Share Posted November 6, 2008 A whopping 1.5% rate cut. Wow the economy must be looking like serious poop. My guess is that the Gov't want to give the economy a lift going into Christmas and attempt to stop the housing collapse. Question is, will the Banks pass it on? Quote Link to comment Share on other sites More sharing options...
MC Posted November 6, 2008 Report Share Posted November 6, 2008 I have just read this as well, They also said that they expect the BoE to reduce it again in december by another 0.5% and the "experts " predict it to be as low as 1.5% by mid 2009. Mind you if they are the same "Experts" who said we are not in any bother at all then I won't hold my breath. Quote Link to comment Share on other sites More sharing options...
Cosd Posted November 6, 2008 Report Share Posted November 6, 2008 :good: :yahoo: :yahoo: :yahoo: I hope it's as good news for everyone as it was for me, I'm on a Tracker !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Some celebrating tonight might be in order Quote Link to comment Share on other sites More sharing options...
Peely Posted November 6, 2008 Report Share Posted November 6, 2008 Wow 1.5%!!! That makes the base rate 3% now?? Completely agree with you Mungler, lets hope the banks pass this onto the mortgage rates. I seem to remeber that it was only a few that passed on the last cut. Wish my mortgage wasn't fixed now!!!! Quote Link to comment Share on other sites More sharing options...
MC Posted November 6, 2008 Report Share Posted November 6, 2008 I have recently changed my mortgage to a tracker. The banks have no option than to pass it on. Mine tracks @0,99% above the BoE base rate Quote Link to comment Share on other sites More sharing options...
Mungler Posted November 6, 2008 Author Report Share Posted November 6, 2008 What do you reckon the prospect of getting a 5 year fixed rate at anywhere between 2 and 3 % even if they slash the rates again? Hmmmm I always thought interest rates would creep up because of inflation but it appears the inflation index has been sufficiently "re-jigged" so as to show low inflation and to allow for further rate cuts to keep some life in the economy. Quote Link to comment Share on other sites More sharing options...
Bazooka Joe Posted November 6, 2008 Report Share Posted November 6, 2008 Good news for some so far, Lloyds TSB announced it was passing on the full 1.5% cut in interest rates to its variable rate mortgage customers. The group, which also lends under the Cheltenham & Gloucester brand, is reducing its standard variable mortgage rate (SVR) from 6.5% to 5% from November 1. But other lenders were slower to respond, with all of the major groups, including the UK's biggest lender Halifax, saying their rates were under review. BJ. Quote Link to comment Share on other sites More sharing options...
LEFTY478 Posted November 6, 2008 Report Share Posted November 6, 2008 What do you reckon the prospect of getting a 5 year fixed rate at anywhere between 2 and 3 % even if they slash the rates again? Hmmmm Snowball in hell? Mung old chap, could you check your PM's please? Sent you a note ref 'Pirbright' on 15th November - there's a gueat list and I need to confirm names very soon. Cheers Quote Link to comment Share on other sites More sharing options...
Maiden22 Posted November 6, 2008 Report Share Posted November 6, 2008 (edited) . Edited December 15, 2008 by Maiden22 Quote Link to comment Share on other sites More sharing options...
al4x Posted November 6, 2008 Report Share Posted November 6, 2008 What do you reckon the prospect of getting a 5 year fixed rate at anywhere between 2 and 3 % even if they slash the rates again? Hmmmm I always thought interest rates would creep up because of inflation but it appears the inflation index has been sufficiently "re-jigged" so as to show low inflation and to allow for further rate cuts to keep some life in the economy. the main driving points of Inflation are slowing though. Oil has nosedived, food prices are going the same way so it gives them leeway. I'm on the **** tonight every .25% drop is worth £90 a month to me so its fantastic news. Banks are going to be milking it in with fixed rates that high, but the big news of them not passing it on only applies to the banks Standard Variable Rate and you have to be in trouble to be on it really. So glad I ignored all advice and got a lifetime tracker last time round so I haven't got to look for a new deal though I have no exit fees to pay if I decide to go that route in the future. Quote Link to comment Share on other sites More sharing options...
jonno 357 Posted November 6, 2008 Report Share Posted November 6, 2008 I reckon about .5% will be passed on Mortgage? What mortgage Could be losing my job BOOOOOOOOOOOOOOOOOOOOOOOOOOOOO Consulation starts tomorrow Jonno Quote Link to comment Share on other sites More sharing options...
Cosd Posted November 6, 2008 Report Share Posted November 6, 2008 the main driving points of Inflation are slowing though. Oil has nosedived, food prices are going the same way so it gives them leeway. I'm on the **** tonight every .25% drop is worth £90 a month to me so its fantastic news. Banks are going to be milking it in with fixed rates that high, but the big news of them not passing it on only applies to the banks Standard Variable Rate and you have to be in trouble to be on it really. So glad I ignored all advice and got a lifetime tracker last time round so I haven't got to look for a new deal though I have no exit fees to pay if I decide to go that route in the future. VOTE: What's better? Interest rate coming down or the zip on al4x's avatar coming down :good: Quote Link to comment Share on other sites More sharing options...
Gully Posted November 6, 2008 Report Share Posted November 6, 2008 Call me cynical but isn't it funny how this happens on a by-election day? Quote Link to comment Share on other sites More sharing options...
al4x Posted November 6, 2008 Report Share Posted November 6, 2008 wheres the by election thats going on? Quote Link to comment Share on other sites More sharing options...
Harnser Posted November 6, 2008 Report Share Posted November 6, 2008 What happens if it goes into minus % do the banks pay you money each month . Harnser . Quote Link to comment Share on other sites More sharing options...
Chard Posted November 6, 2008 Report Share Posted November 6, 2008 (edited) Good news for some so far, Lloyds TSB announced it was passing on the full 1.5% cut in interest rates to its variable rate mortgage customers. The group, which also lends under the Cheltenham & Gloucester brand, is reducing its standard variable mortgage rate (SVR) from 6.5% to 5% from November 1. BJ. Bloody hell, that would be good news for me, my national debt is with the C & G. They did pass on the full 0.5% last time, so I hope they do again. We could do with a bit of leeway on ours, it's getting a bit of a struggle Edited November 6, 2008 by Chard Quote Link to comment Share on other sites More sharing options...
Gully Posted November 6, 2008 Report Share Posted November 6, 2008 (edited) wheres the by election thats going on? Glenrothes. Labour defending a 10,000 majority against the SNP. They threw £2.8 billion at the Crewe by-election (10 tax fiasco). I wonder how much they're willing to bribe us for a general election win? Oh, I forgot, the Bank of England are independent now The banks can't pass all this on to borrowers. It will cause savers to remove their money that the banks need badly Edited November 6, 2008 by Gully Quote Link to comment Share on other sites More sharing options...
tosspot Posted November 6, 2008 Report Share Posted November 6, 2008 Mung Just wait till next Monday something else you won't see coming bring two, you'll need em :good: Quote Link to comment Share on other sites More sharing options...
Imperfection Posted November 6, 2008 Report Share Posted November 6, 2008 I hope Natwest pass it on.My monthly mortgage repayment went down a short while ago by the princely sum of £9 so i could perhaps buy three boxes of cartridges with total saved money... Quote Link to comment Share on other sites More sharing options...
tweedledee Posted November 6, 2008 Report Share Posted November 6, 2008 i went 5 years fixed in june. to be honest i`m lucky and don`t have a big mortgage so i think i can suffer it. glad to see fuel back though Quote Link to comment Share on other sites More sharing options...
Mungler Posted November 6, 2008 Author Report Share Posted November 6, 2008 Mung Just wait till next Monday something else you won't see coming bring two, you'll need em :good: What's that? Fighting talk? You must be bringing your missus with you if it's proper fighting and shooting we are talking about Quote Link to comment Share on other sites More sharing options...
derek.snr Posted November 6, 2008 Report Share Posted November 6, 2008 tight **** at the halifax never passed on the last drop ,so hopefully a drop is on the way ,if not only 3 months left of my tie in . Quote Link to comment Share on other sites More sharing options...
Topgunners Posted November 6, 2008 Report Share Posted November 6, 2008 tight **** at the halifax never passed on the last drop ,so hopefully a drop is on the way ,if not only 3 months left of my tie in . Halifax ..... bunch of robbers. I went down and paid the bloody lot off. goodbye. good riddance Dave K Quote Link to comment Share on other sites More sharing options...
Ballymac Posted November 7, 2008 Report Share Posted November 7, 2008 (edited) I think the only ones who will benefit are those currently on trackers. Anyone coming to the end of a deal (6mths to go) should have booked a deal. Too late now. Rates will probably mirror that of USA and we could go to 2% quite easily by middle of next year, chief economist of Abbey agrees with me or is that the other way round. The only problem with falling rates is that 2 of the biggest lenders which account for almost 50% of previous lending have reminded people that they always had conditions in their contracts that they will not go below 3% and 3.5% and as LIBOR has increased we are likely to see an increase in rates for new borrowers.Sorry LIBOR FELL 0.11857% to 5.56125% the rate at which banks lend to each other. Anyone on trackers and life time trackers are now in the best position and strangely people looking a new deal may find that going on to the lenders SVR may be the only choice but may not be all that un competitive. Obviously this all depends on individual circumstances and expectations. Edited November 7, 2008 by Ballymac Quote Link to comment Share on other sites More sharing options...
andovian Posted November 7, 2008 Report Share Posted November 7, 2008 I have recently changed my mortgage to a tracker. The banks have no option than to pass it on. Mine tracks @0,99% above the BoE base rate lets just hope all of the financial institutions dont follow what the abbey have done and set a floor in tracker rates Quote Link to comment Share on other sites More sharing options...
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