BoE cuts rates to 3.0%!!!

BiggaThanBen

Pobby wrote: »

If I was buying right now I would be factoring interest rates at some point in the life of the mortgage to return to 6%++. I wonder how many people will do that?

Do you expect to get a lower rate right now ? I thought most of them were 6%+ atm ...

Really2

carolt wrote: »

I was thinking of those about to retire, already hammered by stockmarket falls. Are annuity rates not based on base rates?

It's the same as buying a house assets rise and fall.
Investing is legalised lifetime gambling. If you gamble £100+ month on anything else people would think you were nuts.;)

poppy10_2

neas wrote: »

Also people with student loans.. will see their repayments at 3.8% ... while the max they can get from a bank is 3%..... so student loans that were 'free'.... are actually costing students ... lovely little island we got here :P.

Yeah, I'm going to pay off my student loans now. As a higher rate tax payer there's no way I can earn more than 3.8% net.

carolt

Certainly, if I was to buy, I'd want the security of a very long term (15 years+) fixed rate.

If someone is mug enough to lend me loads of money on a say 1 or 2% long-term fixed rate, then sure, I'll be happy to take it.

Really2

!!!!!!? wrote: »

No, no, no.

Interest rates only ever go down, innit?


It's the new mantra of the fiscally clueless

Belive it or not for the next 2-3 years they may be right.;)

You can't exclude yourself from that at the moment after the last two days of arguments.

sportbeth

If anyone wants it, theres a rate reduction calculator here
http://www.findaproperty.com/mortgageratechange.aspx

you can work out roughly what you're in for with the saving

dopester

hethmar wrote: »

Conrad/everyone - can someone explain to a thicko how this will affect things?

Will people now rush out to buy houses?

You dreaming? How much did house prices fall according to Halifax last month?

And month before that and month before that. You reckon this is the bottom???? Dreamland.

Take a look around... people are losing jobs left right and centre. People are calling me up for work.

dopester

You'll soon be getting an education in the destructive force of deflation.

House prices are going to get annihilated.

mr.broderick

Thought i'd done everything by the book.
Bought a house in 2007 at less than 2004 value and got a nice wad of cash paid cashback aswell, bought in to a tangible asset as the storm approached.
My 5.5% fixed is going to look very expensive in the coming months.
I should have seen this coming and got a tracker, would be saving £100 per month. Damn it.

misskool

mystic_trev wrote: »

It should be remembered that 3% is the base for most Trackers,so any further falls won't benefit people who have them. The only exception (I believe) is Nationwide who's base is 2.5% Please feel free to correct me if this is wrong!

I have just been talking to our mortgage advisor and Intelligent Finance have no collar on their tracker. and yes, we are tracking BOE base rate