We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
BoE cuts rates to 3.0%!!!
Comments
-
All that is going to happen is that savers are going to lose out. People who are careful with their money and save it will suffer, and those that go throwing their money about will be in the same situation because banks wont reduce mortgage rates.0
-
Turnbull2000 wrote: »Yeah, that's a silly comparison. Even if rates were to majically remain at 3.5% over the term of the mortgage, salary growth would also reflect this (assuming the don't continue to fix the figures).
So buying at a lower price at a higher rate not only means less risk, but also more rapid easing of the debt burden against your earnings. Oh, and your pension scheme wouldn't suffer so much either.
Why less risk?, what about the risk of the property not reducing in price in the future.
Rates can magically remain low( not esp 3.5%) if you buy into a long term fixed rate while rates are at historically low levels.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
They can always decide to transfer you to personal pension....
I just checked with staff pensions and they said they can't do that. They said they can pay me my final salary pension from age 55 if I request it.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
Is he not talking about fixed rates?
Are those fixed rates actually ones which are available to borrowers?
It's too early to see what momentarily low headline IRs are going to do to long term fixes.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
setmefree2 wrote: »Obviously, I don't think so. The point I was trying to make (and have been for months) is that it's not necessarily a good thing to over focus on the cost of house as in the end the interest rate you pay over the life of a mortgage will have as much of an impact on the true cost of the house.
Whether you think HPs will fall should be balanced with where you think interest rates are going..
Yes - but todays headline rate cuts don't necessarily translate into longer term fixes for borrowers.
The time to get a longer term fix would have been during the bubble when the lenders collectively lost their marbles.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
MissMoneypenny wrote: »I just checked with staff pensions and they said they can't do that. They said they can pay me my final salary pension from age 55 if I request it.
How many years away is that? If it is more than 5 you are going to be a disapointed lady.0 -
Have been pondering this cut this pm. Just kowing how ZaNulab works with the giving with one hand etc... I am expecting record rises in council tax!In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
-
How many years away is that? If it is more than 5 you are going to be a disapointed lady.
4 months. And thanks for calling me a lady. Staff pensions just told me that I need to put the request in writing, so I think I need to have a word with my accountant beforehand.RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
MissMoneypenny wrote: »4 months. And thanks for calling me a lady. Staff pensions just told me that I need to put the request in writing, so I think I need to have a word with my accountant beforehand.
I would do as you may as retire now than be forceably retired.;)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards