Interest rate cut from 4.5 to 3 % [shock]

[morningpaper]

Bank of England just announced 1.5% cut

fab

Wow - that is a big drop

Fantastic. Economic downturn will hopefully do a u-turn

Blimey! And there was me being smug about my fixed-for-life mortgage rate.

now, let's see what the next inflation figures are.

wahey! let's support more borrowing!

bugger me

lol LilRed - bummer!

hurrah!

hurrah for trackers

1% by end of next year ?

Go on the Tracker mortgage.

Let's wait and see if the banks pass the cut on to consumers, shall we?

Inflation much less of a concern though, as oil prices and therefore food prices are already coming down.

Hopefully this is good news.

Certainly a bold one.

Lets support more responsible borrowing. The reality is that people need credit to buy homes and this system would have worked just fine if it had been controlled. The mess we find ourselves in lies solely at the feet of the irresponsible lenders, unrealistic borrowers and lack of governmental restrictions.

I've checked my mortgage terms and conditions and it won't let the mortgage follow a base-rate of below 2.75%

at the time we took it out that was UNTHINKABLE of course

trackers will have a bottom limit - worth checking what yours is!

Good news for us, we have a tracker.

Think our savings may be shrinking in real terms now though, not such good news.

MP. I'm not overly stressed - over 25 years it all balances out.

I am chuffed for those people who have been struggling with the financial siutation lately and have trcker mortgages though.

blimey that is a shock
will the banks actually pass it on?

Don't want to speak too soon, but we're with Britannia - wholly owned by its members still - and they've passed on all of the rate cuts so far in full, I think.

Oh dear. My mortgage still hasn't come down since the last cut and is unlikely to do. My retired parent's income will drop considerably again. It's terrifying for them. I am seriously considering give them any money we save in mortgage payments.

yes could be bad news for savers...

But the RBS never passes the rate cut on, bastards.

a pessimistic viewpoint

looks like you're lucky if you have a tracker right now-they won't be available for long!

don't mean diddly to me as me and dh thought it was a good idea to get a 10-year fixed rate last year