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MSE News: Base rate held at 0.5% again
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Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The Bank of England today announced it is holding the base rate at its 0.5% historic low for the 27th consecutive month ..."
"The Bank of England today announced it is holding the base rate at its 0.5% historic low for the 27th consecutive month ..."
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Comments
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Well, that's good news for me, as the only debts we have are a mortgage, which we're overpaying, making use of the low interest rates. However my grandparents are still suffering and I can't see it getting any better any time soon; with inflation at a much higher rate, salaries not keeping up with inflation etc. It's important to be living within our means, as we're aware it's going to get a lot harder before it gets better.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Boooooooooooooooooo bring on a 20% base rate (then my Santander ISA would have to pay me 23%
)
Only joking, I wouldn't want to see that happen but hope it goes up a little some time soon.If you don't like what I say slap me around with a large trout and PM me to tell me why.
If you do like it please hit the thanks button.0 -
I just wish I had took out a tracker mortgage the month before the rates tumbled BoE rate + 0.49 or something!!! Think I would be pretty much mortgage free by the time the rates rise again!!!!0
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This is good news for those of us who are dedicated Mortgage Free Wannabe's and not on fixed rates. The last couple of years has been a boom time for people wanting to pay down their mortgages and a once in a lifetime opportunity for ordinary people to make a real impact to their finances.
Since we moved house in May 2010, we have reduced our mortgage by 16% and taken something like 3.6 years off our mortgage term. I just hope this continues for another couple of years!
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I know, can't believe I managed to get a lifetime tracker of BR + 0.28% in August 2006. Thanking my lucky stars we moved when we did. Downside is house has fallen in value but we have no intention of moving so not really a problemI just wish I had took out a tracker mortgage the month before the rates tumbled BoE rate + 0.49 or something!!! Think I would be pretty much mortgage free by the time the rates rise again!!!!0 -
Thanks again, MPC! What about savers, I guess we don't matter...
Still, on the plus side, at least I am able to save and didn't buy a house during the boom. :eek:Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
RenovationMan wrote: »This is good news for those of us who are dedicated Mortgage Free Wannabe's and not on fixed rates. The last couple of years has been a boom time for people wanting to pay down their mortgages and a once in a lifetime opportunity for ordinary people to make a real impact to their finances.
Since we moved house in May 2010, we have reduced our mortgage by 16% and taken something like 3.6 years off our mortgage term. I just hope this continues for another couple of years!
I've not been in a position to pay down my mortgage but I am getting my other debts down in the hope that I will survive when the rates climb again.0 -
RenovationMan wrote: »This is good news for those of us who are dedicated Mortgage Free Wannabe's and not on fixed rates. The last couple of years has been a boom time for people wanting to pay down their mortgages and a once in a lifetime opportunity for ordinary people to make a real impact to their finances.
Since we moved house in May 2010, we have reduced our mortgage by 16% and taken something like 3.6 years off our mortgage term. I just hope this continues for another couple of years!
I think everyone wants to be mortgage free, it looks as if your gamble is continuing to pay off.
I just wonder what position you would be in now if base rates were running at 3%+?0 -
08/08/2009 20:42MSE news: Base rate held at 0.5% (
14/09/2009 08:55MSE News: Base Rate held at 0.5%
09/10/2009 14:55MSE News: Base Rate held at 0.5% once again (
05/11/2009 16:06MSE News: Base Rate unchanged at 0.5%
11/12/2009 13:28MSE News: Base rate held at 0.5% (
07/01/2010 20:42MSE News: Base rate held at 0.5%
04/02/2010 15:45MSE News: Base Rate held at 0.5%
17/02/2010 13:14MSE News: Base Rate 'to stay frozen until 2011' (
05/03/2010 00:54MSE News: A year at 0.5% base rate: what next for savers & borrowers?
08/04/2010 13:35MSE News: Base rate held at 0.5%
10/05/2010 12:02MSE News: Base rate held at 0.5%
11/06/2010 10:04MSE News: Base rate held again as committee await emergency Budget (
09/07/2010 21:24MSE News: Base rate held at 0.5%
27/07/2010 15:53MSE News: Could base rate stay at 0.5% until 2014?
07/08/2010 09:22MSE News: Base rate held at 0.5%
09/09/2010 17:48MSE News: Base rate held at 0.5%
07/10/2010 21:41MSE News: Base rate held at 0.5%
09/11/2010 11:17MSE News: Base rate held at 0.5%
09/12/2010 12:29MSE News: Base rate held at 0.5% again
20/01/2011 06:02MSE News: Inflation up again - will base rate rise soon? (
12/02/2011 06:41MSE News: No base rate rise this month
24/02/2011 14:37MSE News: Base rate hike moves closer
09/04/2011 17:32MSE News: Base rate held at 0.5% again
26/04/2011 13:43MSE News: Base rate held at 0.5% (
05/05/2011 16:53MSE News: Base rate held at 0.5%
Today 6:43 PMMSE News: Base rate held at 0.5% again
It's gggr...oundhog day for savers.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Gorgeous_George wrote: »
It's gggr...oundhog day for savers.
GG
Where are you putting your savings?
Plenty of good rates available.0
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