How much of the -1.5% do you think we will see ?
A couple of banks said they would pass it all on to there customers.
Why do I get the feeling that something meant to help the economy (ie you and me) will just turn into bigger profits for the big bank's and
building `societies`
On Radio4 today they were reporting that the Government was considering legislation to force banks to lower the Libor and help mortgage rates as a consequence. They seem reluctant to do it without a big shove. I always thought my mortgage was linked to the Bank of England base rate - turns out it is based on a whim......
Tracker mortgage for me, 0.17% above the bank of Englands base rate so looking forward to at least £250 a month off.
Its time to upgrade.
But... they tend to take a while for some strange reason before adjusting down, but it goes up the next day with a rise. Still trying to figure that
out.
A bet they do not offer that mortgage deal anymore.
Now Bush is history with all his protection of oil money in Iraq I do believe that the global economy will be on the up.
[Edited on 6/11/08 by mark chandler]
Ho ho ho come
Stand in line for your Santa bonus ! 
Most banks and building societies have already pulled their lowest rate tracker mortgages since the news.
No doubt they'll pass on some of the discount but they'll also increase the tracker rate and up their valuation, arrangement and booking
fees to compensate.
Phil
Bugger all, because I don't have a mortgage, guess it wont do my ISA's much good either
Mine's a fixed rate which in practise seems to mean it can go up but never down.
quote:
Originally posted by r1_pete
Bugger all, because I don't have a mortgage, guess it wont do my ISA's much good either
im on a fixed so it doesnt effect me, but yes it does seem its going to 'pat those on the back' who got into too much debt and caused all
this. While those who stayed well within their means are now going to be worse off.
One thing i was squinting at when it happened was how the goverment was urging all the banks to take some of the goverment loans a few weeks back even
those who didnt want it. Maybe its becuase of this and how the goverment need them to pass it all on to the customers for it to have any chance of
helping the current slump.?
But i think its going to do much worse things instead of the other. 
no fixed rate is fixed rate,it can't and won't go up or down
quote:
Mine's a fixed rate which in practise seems to mean it can go up but never down.
On re-reading my last post I realised that I didn't say it very well...
What I meant to say was - the probability is that too many people will say "Oh - loans are cheaper, we can afford a bigger mortgage" rather
than "Oh good, I won't have to pay so much interest for a while, so maybe I can put some money aside".
It seems strange to me that cheap loans/mortgages and credit cards caused the credit crunch/crash and this goverments way of putting it right is to
give people more cheap loans mortgages and credit cards ........ encouraging people to go into yet more det
Yay for me! On a tracker mortgage so will see this benefit me. Seen a 2.75% decrease in interest rates from last december when I got my mortgage.
Wonder how much more it will go down...? Some people are saying it needs to come down further and I read that some people think it needs to be 0% like
Japan was a few years back before the economy can start recovering properly
quote:
Originally posted by David Jenkins
quote:
Originally posted by r1_pete
Bugger all, because I don't have a mortgage, guess it wont do my ISA's much good either
Similar situation here - as a saver who's always tried to avoid debt (and paid off my mortgage) I'll be worse off, because I'll get less interest on my savings.