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Bank of England Base Rate

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I have a tracker mortgage which i can choose to freeze at any time and the rate i freeze at will be the rate that i have to pay for the remainder of the term. Does anyone have a professional opinion with regards to the chances of the base rate being cut again?

Thanks Steph

Comments

  • I would think there is a pretty good chance it will be cut again before he end of the year, and possibly again early next year.

    Simon
  • manikm
    manikm Posts: 223 Forumite
    Part of the Furniture Combo Breaker
    I have a tracker mortgage which i can choose to freeze at any time and the rate i freeze at will be the rate that i have to pay for the remainder of the term. Does anyone have a professional opinion with regards to the chances of the base rate being cut again?

    Thanks Steph


    bLIMEy.

    thats a good product.
  • kazd
    kazd Posts: 1,127 Forumite
    I read a report recently that said that economists are predicting that the base rate could drop as low as 2% and may even go as far a 1%.

    This was in the financial news section of our intranet at work.
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  • kazd wrote: »
    I read a report recently that said that economists are predicting that the base rate could drop as low as 2% and may even go as far a 1%.

    This was in the financial news section of our intranet at work.


    That is true, but dont forget some lenders will have floors that interest rates can not fall below in there small print, so rates can fall as low as they want, but you may find that your lender will only go as low as 2.75%.

    Check your small print..
  • I have a tracker mortgage which i can choose to freeze at any time and the rate i freeze at will be the rate that i have to pay for the remainder of the term. Does anyone have a professional opinion with regards to the chances of the base rate being cut again?

    Thanks Steph

    Who is that product with?
  • AdrianHi
    AdrianHi Posts: 2,228 Forumite
    kazd wrote: »
    I read a report recently that said that economists are predicting that the base rate could drop as low as 2% and may even go as far a 1%.

    This was in the financial news section of our intranet at work.

    That sounds a bit optimistic (but hey, lets hope it does go down to this!) but I would and have bet my money on the rates dropping further, I got into a flexible savings offset (single account) BoE base rate tracker Mortgage in March with Abbey.

    When Japan's economy crashed in the 90's they eventually got their interest rate down to 0.5% :eek:
  • turbobob
    turbobob Posts: 1,500 Forumite
    AdrianHi wrote: »
    That sounds a bit optimistic (but hey, lets hope it does go down to this!) but I would and have bet my money on the rates dropping further, I got into a flexible savings offset (single account) BoE base rate tracker Mortgage in March with Abbey.

    When Japan's economy crashed in the 90's they eventually got their interest rate down to 0.5% :eek:

    They actually had zero interest rates from about 2001-2006 in Japan ;)
  • Who is that product with?


    Thanks for everyones opinions, it is with Cheltenham and Gloster but i got it a good few months ago so i doubt it is still available!!
  • I'd bet my bottom dollar that BofE base rates will fall further, starting with 0.5% at November's MPC Meeting. Of course, betting my bottom dollar today ain't what it used to be.

    That is an exceptional product providing it closely tracks the base rate.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
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