Saint Keith Posted 8 October, 2008 Share Posted 8 October, 2008 (edited) bank of england (and other central banks all at the same time) have cut interest rate by half a percent, a day early. w00t da sn00t £210 a month less on my mortgage Edited 8 October, 2008 by Saint Keith Link to comment Share on other sites More sharing options...
Scummer Posted 8 October, 2008 Share Posted 8 October, 2008 http://news.bbc.co.uk/1/hi/business/7658958.stm Co-ordinated drop by the UK, US, European Central Bank, China, Canada, Switzerland and Sweden. Link to comment Share on other sites More sharing options...
St Landrew Posted 8 October, 2008 Share Posted 8 October, 2008 bank of england have cut interest rate by half a percent, a day early. w00t da sn00t £210 a month less on my mortgage Doesn't your own bank have to pass that on first..? And you must have one hell of a mortgage to be saving £210 on half a percent cut. More like £21.. yes..? Or £210 a year. For my mortgage, a 1/2% cut would be closer to £2.50 saved. Link to comment Share on other sites More sharing options...
Saint Keith Posted 8 October, 2008 Author Share Posted 8 October, 2008 Doesn't your own bank have to pass that on first..? And you must have one hell of a mortgage to be saving £210 on half a percent cut. More like £21.. yes..? Or £210 a year. For my mortgage, a 1/2% cut would be closer to £2.50 saved. no, im on a tracker that is fixed at .24% above base, so every quarter point drop reduces my monthly payment by about £105. yes, it is an eye wateringly, painfully large mortgage Link to comment Share on other sites More sharing options...
Hatch Posted 8 October, 2008 Share Posted 8 October, 2008 Have the high street banks followed suit though? Link to comment Share on other sites More sharing options...
Poshie72 Posted 8 October, 2008 Share Posted 8 October, 2008 If you have a tracker mortgage then you should get a reduction as your rate follows the Bank of England rate. i.e. mine is a tracker and is 0.95% above base rate. If it is a variable or fixed rate then it will be up to the lenders to pass it on to you Link to comment Share on other sites More sharing options...
Scummer Posted 8 October, 2008 Share Posted 8 October, 2008 If it is a variable or fixed rate then it will be up to the lenders to pass it on to you That's true for a variable rate, but nothing will happen for those people on fixed rates. They are fixed. Link to comment Share on other sites More sharing options...
StuRomseySaint Posted 8 October, 2008 Share Posted 8 October, 2008 F*ck sake, told the missus to take the gamble on a tracker, she persuaded me to go for fixed rate instead paying more than £200 extra than the last mortgage for the privelidge. C*nt. First payment was this month as well. Can I change my mind? :-( Link to comment Share on other sites More sharing options...
Poshie72 Posted 8 October, 2008 Share Posted 8 October, 2008 That's true for a variable rate, but nothing will happen for those people on fixed rates. They are fixed. Sorry yeh my mistake ... me an auditor as well, no wonder this countrry is in a mess Link to comment Share on other sites More sharing options...
Colinjb Posted 8 October, 2008 Share Posted 8 October, 2008 Well, thats me ******ed being on a fixed rate for the next 2.5 years. Link to comment Share on other sites More sharing options...
stevegrant Posted 8 October, 2008 Share Posted 8 October, 2008 F*ck sake, told the missus to take the gamble on a tracker, she persuaded me to go for fixed rate instead paying more than £200 extra than the last mortgage for the privelidge. C*nt. First payment was this month as well. Can I change my mind? :-( As with all credit agreements under the Consumer Credit Act, you should have a 14-day period after you sign the contract where you can cancel it. Link to comment Share on other sites More sharing options...
stevegrant Posted 8 October, 2008 Share Posted 8 October, 2008 I'm on a 5-year fixed rate for another 3 years, but I'm not in the slightest bit bothered regarding the interest rate drop. I know exactly how much I'm going to be paying out for at least the next 3 years on my mortgage, rather than worrying about whether the Bank of England will decide to help homeowners or savers next month. Link to comment Share on other sites More sharing options...
Guest Hacienda Posted 8 October, 2008 Share Posted 8 October, 2008 My fixed rate of 3.5% has another 5 years to run, by which time I will have, thanks to ebay, paid off the outstanding money owed so I couldn't give a flying f**k if they've cut them or not. Link to comment Share on other sites More sharing options...
bridge too far Posted 8 October, 2008 Share Posted 8 October, 2008 I'm on a 10 year fixed rate so I don't give a flying f**k either - I'd rather have the certainty of knowing what's going out each month. Link to comment Share on other sites More sharing options...
Weston Saint Posted 8 October, 2008 Share Posted 8 October, 2008 No mortgage - all paid off Reduced rate wil affect my cash savings and the state of the stock market is buggering up my investments. Pension safe though. That is the main thing for me. Link to comment Share on other sites More sharing options...
IFHP Posted 8 October, 2008 Share Posted 8 October, 2008 bank of england (and other central banks all at the same time) have cut interest rate by half a percent, a day early. w00t da sn00t £210 a month less on my mortgage That’s one big mortgage to save £210 a month for a ½% cut. Link to comment Share on other sites More sharing options...
Saints1980 Posted 8 October, 2008 Share Posted 8 October, 2008 That’s one big mortgage to save £210 a month for a ½% cut. Over £40,000 a month? Link to comment Share on other sites More sharing options...
Hatch Posted 8 October, 2008 Share Posted 8 October, 2008 Over £40,000 a month? 1/2 % annually not monthly Link to comment Share on other sites More sharing options...
Saints1980 Posted 8 October, 2008 Share Posted 8 October, 2008 1/2 % annually not monthly I am a mong. :smt117 Link to comment Share on other sites More sharing options...
Junction 9 Posted 8 October, 2008 Share Posted 8 October, 2008 I am a mong. :smt117 Have you now realised you can actually afford a mortgage? Link to comment Share on other sites More sharing options...
Saints1980 Posted 8 October, 2008 Share Posted 8 October, 2008 Have you now realised you can actually afford a mortgage? Believe it or not, I bought a house on Monday. I think I had better have a look through what I signed :cool: Link to comment Share on other sites More sharing options...
Junction 9 Posted 8 October, 2008 Share Posted 8 October, 2008 Believe it or not, I bought a house on Monday. I think I had better have a look through what I signed :cool: Not. Link to comment Share on other sites More sharing options...
Saint Keith Posted 8 October, 2008 Author Share Posted 8 October, 2008 That’s one big mortgage to save £210 a month for a ½% cut. yes, well this isnt rowner you know keith Link to comment Share on other sites More sharing options...
Saints1980 Posted 8 October, 2008 Share Posted 8 October, 2008 Not. Believe it :smt076 Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 9 October, 2008 Share Posted 9 October, 2008 As with all credit agreements under the Consumer Credit Act, you should have a 14-day period after you sign the contract where you can cancel it. Correct me if Im wrong, but im pretty sure, unless its a home owner loan which is under £25k, its not covered by the Credit Consumer Act. Link to comment Share on other sites More sharing options...
stevegrant Posted 9 October, 2008 Share Posted 9 October, 2008 Correct me if Im wrong, but im pretty sure, unless its a home owner loan which is under £25k, its not covered by the Credit Consumer Act. You might be right there, I wasn't aware there was any sort of limit or restriction on when the CCA applied. Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 9 October, 2008 Share Posted 9 October, 2008 You might be right there, I wasn't aware there was any sort of limit or restriction on when the CCA applied. Yeah im pretty sure its £25k. Also loans secured against your property for home improvements are not covered by it either (I think). This is going back a few years to when I did my CeMAPs! Link to comment Share on other sites More sharing options...
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