Interest rates down by 1.5%

M

MARKB

Active Member
What a shocker!

Just received my fixed rate renewal but haven't signed it and returned it yet! :lol:8)
 
I've got a quarter of my savings in pounds now. I felt safer moving more money into HSBC.

Guess I can kiss the value of that cash goodbye... the pound is going to nosedive. :evil:
 
grego said:
just remortgaged on a fixed rate 2 months ago.

ba$tard.

in fact, double ba$tard
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It wont matter mate. The base rate means nothing to us. The rate at which we borrow money is based on the rate at which the banks lend to each other, which hasnt dropped much.

This drop is to try and get the banks to cut their inter lending rate, which may or may not be passed on to us.
 
Robbie G said:
It wont matter mate. The base rate means nothing to us. The rate at which we borrow money is based on the rate at which the banks lend to each other, which hasnt dropped much.

This drop is to try and get the banks to cut their inter lending rate, which may or may not be passed on to us.
Click to expand...

thanks for the advice pal ;)

just so happens my mortgage advisor has already stated any tracker will be linked to base rate and not libor.

so..... ba$tard.

in fact, double ba$tard.
 
I have my variable rate, 1. something above bank of england rate, in the post to me as approved.

fingers crossed they pass it on & i'm up before I start.
 
Only matters if the banks pass it on, doubt they will to the full 1.5% extent.
 
Robbie G said:
It wont matter mate. The base rate means nothing to us. The rate at which we borrow money is based on the rate at which the banks lend to each other, which hasnt dropped much.

This drop is to try and get the banks to cut their inter lending rate, which may or may not be passed on to us.
Click to expand...

The Libor, at the start of this week saw its 5th consecutive reduction!
More to come with luck!
 
Philly Cent said:
Something bold!
Potentially something to stimulate confidence!
Good news all round!
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surely...we need a bit of contraction.

im not that george samaras who calls these things but...

is it not the cheap lending that in part got us here in the first place?

would a bit of pain not be a necessary evil in the medium term?
 
Just sold my house in Guatemala....

In dollars...:lol:

But...... just seen a 40ft sailboat I kind of like the look of :rolleyes:
 
agentundercover said:
would a bit of pain not be a necessary evil in the medium term?
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There is absolutely no doubt there is going to be plenty of pain in the medium term regardless of any action that is taken right now.

The cut was absolutely the right thing to do (this remark has nothing to do with my variable rate mortgage:!:).
 
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