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Interest rates SLASHED by 0.5%

(58 Posts)
smallwhitecat Wed 08-Oct-08 16:22:49

Message withdrawn

SaintRiven Wed 08-Oct-08 16:25:02

not my definition of SLASHED

louii Wed 08-Oct-08 16:30:35

Slashed, how is that slashed?

MascaraOHara Wed 08-Oct-08 16:47:14

lol @ slashed. am on a tracker mortgage so am somewhat pleased.. I'm keeping my fingers crossed it gets passed on lol

smallwhitecat Wed 08-Oct-08 17:14:44

Message withdrawn

LyraSeveredtongue Wed 08-Oct-08 17:18:13

That's quite a big cut. The most they'll usually cut by is 0.25%.
I'm very pleased. We complete on our new house on Friday and we chose a tracker, 1.9% above base rate. so our payments will go down immediately. Hurrah!

LyraSeveredtongue Wed 08-Oct-08 17:19:25

Mascara, they have to pass it on if you're on a tracker. They may not if you're on a variable.

LyraSeveredtongue Wed 08-Oct-08 17:21:57

Just worked it out - we save £130 a month. Fan-bloody-tastic!

Twiglett Wed 08-Oct-08 17:22:48

1/2 percent is pretty decent drop in one month tbh

LyraSeveredtongue Wed 08-Oct-08 18:11:18

It's the biggest cut in 7 years.

MoHayder Wed 08-Oct-08 18:29:31

blardy hell lyra your mortgage must be astronomical,i thought ours was bad,and we wil save around £30 a month.

noddyholder Wed 08-Oct-08 18:30:27

they will cut again too but taxes are going to rocket top pay for all this.Housing market is toast regardless look at the US Its too late a sticking plaster and opening the floodgates for mega inflation.

Nagapie Wed 08-Oct-08 18:34:58

I am pleased - we are moving from a very cheap fixed rate to a tracker so at least there will be a bit of wiggle room when our utility bills hit the inbox!

With the price of oil going down, I hope the cost of fuel will also go southwards ...

NotDoingTheHousework Wed 08-Oct-08 18:35:52

Message withdrawn

LyraSeveredtongue Wed 08-Oct-08 18:41:28

Yes, it's a big mortgage but I'm in a very nice part of London.

Twiglett Wed 08-Oct-08 18:48:10

so have any banks announced they're dropping their rates accordingly?

Nagapie Wed 08-Oct-08 18:53:53

Twiglett - I am sure it won't be long for the savings rates to decrease sad, but with mortgages, I think some will be automatic in that they track the bank rate (and change automatically at the end/beginning of month) and some need to be altered/announced by the bank (IIRC)

Twiglett Wed 08-Oct-08 18:54:43

I'm up for re-mortgage in January .. it's intersting at the moment .. if that's the word

noddyholder Wed 08-Oct-08 18:57:06

£100 a month off something that is falling in value by at least £1000 is not a goodn result.This country is really in tropuble when the govt is using tax payers £ to prop up a falling concern.This will buy time and as bbc news said at lunchtome it may stop the recession becoming a depression but that is the best we can hope for

Nagapie Wed 08-Oct-08 19:00:08

There was talk in the papers that some financial bods are advocating that the rate should have decreased by at least 1%... and expect the rate to fall to make credit cheaper and kick start the economy..

LyraSeveredtongue Wed 08-Oct-08 19:02:45

It's a great result for me noddy as in the short term we'll have more disposable income. And our house is more likely than many others to hold its value for various reasons.

Frankensteinshughjarsssss Wed 08-Oct-08 19:03:34

Noddy - pleased I bumped into you. Was talking to my EA and he predicted that next year the housing market may stop dropping and level off but wont see a return to last years prices till at least 5/6 years.
Which is roughly what you said as well isnt it?

I thought of you when he said that!

LyraSeveredtongue Wed 08-Oct-08 19:05:39

Prices where I live have stopped plummeting. We even got into a bidding war to get the house we're buying, which must be very unusual in the current climate.

Frankensteinshughjarsssss Wed 08-Oct-08 19:09:42

My EA has predicted another drop over christmas, which is understandable

noddyholder Wed 08-Oct-08 19:11:24

lyra i don't know why you think your area and house can defy the economy If you were in a bidding war you overpaid.

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