BoE cuts rates to 3.0%!!!

kennyboy66_2

!!!!!!? wrote: »

That doesn't compensate me for the level of risk of leaving it a banking system which not so long ago looked like it might implode before the recession actually even kicked in.

And no safety deposit boxes have ever been broken into and stolen ??

Hmmmm, cant see the government extending guarantees to drug dealers and money launderers who are the main users these days.

In one raid police suspect that 90% of the boxes were being used by criminals.

http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposit-box-raids-yield-andpound1bn-of-drugs,-cash-and-guns.html

!!!!!! "Honestly officer, that money is for my house deposit"
Policeman "why did you not keep it in a normal bank then?"
!!!!!! "The banks are bigger criminals than drug smugglers"
Policeman 'Got another one here Sarge' ".....anything you do say may be....."

mystic_trev

The 1.5% cut in interest rates, from 4.5% to 3%, is an extremely bold move and shows that the MPC appreciates the seriousness of the situation. But more needs to be done. I think that interest rates need to be cut to the unprecedented level of 1%, and quickly. ...

... as highlighted in the MPC’s statement released alongside today’s decision, the latest indicators suggest that the economy has pretty much fallen off a cliff. ...

... By Christmas, the UK economy will be deep in recession, with output already having fallen by 1%.

What’s more, much worse is to come. After falling by 15% over the last year, house prices are not even half way through an adjustment that I think will see them fall by a total of 35%. And unemployment is about to soar. I think that it will rise by around 1.7 million, resulting in one in ten workers being without a job.

http://www.deloitte.com/dtt/article/0,2297,sid%253D5399%2526cid%253D8619,00.html

StevieJ

chucky wrote: »

definitely going to ask !!!!!! for a warning before rates will be going up again - but rates will not be moving anywhere upwards until Gordon has a go at a General Election.

I meant house prices will be rising in the spring.

Really2

kennyboy66 wrote: »

!!!!!! "Honestly officer, that money is for my house deposit"
Policeman "why did you not keep it in a normal bank then?"
!!!!!! "The banks are bigger criminals than drug smugglers"
Policeman 'Got another one here Sarge' ".....anything you do say may be....."

Worse rubber glove. But I am sure they will not find any more.;)

MissMoneypenny

Really2 wrote: »

HSBC BOE base rate, no floor as I know.
Nation wide is their own base rate usualy not BOE, same for woolowich.

This link came from the mortgages board:-

"Homeowners to miss out as tracker loan providers refuse to cut rates below a minimum"

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article4965372.ece

For HSBC it says:-

" HSBC does not have a lower threshold on its deals, but includes a caveat in its terms and conditions allowing it to not pass on rate cuts if there is a “significant” change in the mortgage market. However, a spokesman said that it was “committed to upholding the agreement with our customers”.

StevieJ

!!!!!!? wrote: »

:T :beer:

I'm not attached to any particular philosophy and will do what I feel best to preserve my savings.

Given that they will mostly end up being tied up in property anyway, if it looks like the economy is going to go cuckoo (and the BoE lopping rates by a third in what is obviously a panicked move is a strong signal of that) then I've got no bones about shifting the cash into an expensive physical asset that I can also live in to preserve my wealth.

Obviously, I'll want to take stock of what effect these moves have first though.

I have stash of 4yr fixed cash ISA 's with the Halifax 6.5% I think, looked dodgy for a while but look OK now.

Really2

MissMoneypenny wrote: »

This link came from the mortgages board:-



For HSBC it says:-

" HSBC does not have a lower threshold on its deals, but includes a caveat in its terms and conditions allowing it to not pass on rate cuts if there is a “significant” change in the mortgage market. However, a spokesman said that it was “committed to upholding the agreement with our customers”.

Look I am not boasting but it does not look good when people start grasping at straws.

All banks have those terms but HSBC more than any other can afford to pass them on.;)

I am not greedy though I will be happy if they are stuck at 2.5%:rotfl:

kennyboy66_2

purch wrote: »

The Longer end of the Gilt curve is 40/50 basis points lower .......

40/50 basis points - are you sure ?

IveSeenTheLight

HammersFan wrote: »

Great news. Another £120 per month off my BTL mortgage !!!!! I think this is a political move to shame banks into dropping mortgage rates. Abbey must not have seen this coming since they only hiked by .5 per cent on their trackers. This may have been meant as a lesson to the banks about who really calls the shots.

Definately appreciating the interest rate drop on my BTL tracker as well.
Guess you have an outstanding mortgae of £96,000

Out of interest, will this interest saving be going towards your profits or reducing the debt?

Just to stir up a further debate, will you be passing on the savings to your tenants
:eek:
I'm not, I dont see it as greed though but as a way to increase the mortgage debt reduction rate

I wonder if there will be more call from this from tenants, but I guess it waould depend if they were happy to increase when rates go up as well

MissMoneypenny

Really2 wrote: »

Look I am not boasting but it does not look good when people start grasping at straws.

All banks have those terms but HSBC more than any other can afford to pass them on.;)

I am not greedy though I will be happy if they are stuck at 2.5%:rotfl:

I don't think the HSBC will be grasping at straws, they will do what is best for themselves. That's the reason they will have clauses like this. Luckily for me, as I have a staff pension with them:D