CBS Offering BTL fixed at 3.99 for 5 Years

neverdespairgirl

To be fair to !!!!!!, way back in early October, when the high inflation figures came out, someone said:

Interesting! Now that will stop any interest rates reduction. Interest rates will be put on hold for the next 4 months until inflation is under control. The government target is 2% but we are in 5%.

and he replied:

I very much doubt it. The government will want to stimulate the economy and also try to lower the number of bad debts.

According to Channel 4 News last night, 45% of British mortgage debt is now with organisations under the control of the government. They now have a vested interest in making those mortgages much easier to service as bad debt would cost them a fortune (they are underwriting the banking system's debts now).

http://forums.moneysavingexpert.com/showpost.html?p=14974931&postcount=7

WTF?_2

neverdespairgirl wrote: »

To be fair to !!!!!!, way back in early October, when the high inflation figures came out, someone said:

Interesting! Now that will stop any interest rates reduction. Interest rates will be put on hold for the next 4 months until inflation is under control. The government target is 2% but we are in 5%.

and he replied:

I very much doubt it. The government will want to stimulate the economy and also try to lower the number of bad debts.

According to Channel 4 News last night, 45% of British mortgage debt is now with organisations under the control of the government. They now have a vested interest in making those mortgages much easier to service as bad debt would cost them a fortune (they are underwriting the banking system's debts now).

http://forums.moneysavingexpert.com/showpost.html?p=14974931&postcount=7

Thanks NDG, good find - but the bulls must have their strawman, what was actually said by me has always borne little resemblance to what they like to complain about.

StevieJ

neverdespairgirl wrote: »

To be fair to !!!!!!, way back in early October, when the high inflation figures came out, someone said:

Interesting! Now that will stop any interest rates reduction. Interest rates will be put on hold for the next 4 months until inflation is under control. The government target is 2% but we are in 5%.

and he replied:

I very much doubt it. The government will want to stimulate the economy and also try to lower the number of bad debts.





According to Channel 4 News last night, 45% of British mortgage debt is now with organisations under the control of the government. They now have a vested interest in making those mortgages much easier to service as bad debt would cost them a fortune (they are underwriting the banking system's debts now).

http://forums.moneysavingexpert.com/showpost.html?p=14974931&postcount=7

To be fair NDG, how do you get back to early Oct.

Cannon_Fodder

http://forums.moneysavingexpert.com/search.html

change the "Any Date" drop down, and to its right, Newer into Older.

silvercar

Enough bickering.

This thread is about OPs mortgage offer which is linked tothe Bank of England base rate, so the lender has no option but to pass on reductions in the interest rate.

WTF?_2

Cannon_Fodder wrote: »

tut, tut, mustn't use that word.

Good Lord - is he still banging on about that? :rolleyes2

As I noted at the time, the link provided was just a generalised search for the word:

http://forums.moneysavingexpert.com/showpost.html?p=15583031&postcount=47


Mind you, when it comes to deleting posts Chucky is up there for the trophy with Dithering Dad.

Here's one nasty example, which I quoted and noted with a link, wondering how long he'd take to delete it.

http://forums.moneysavingexpert.com/showpost.html?p=14572337&postcount=50

his is his window to the world and his only way of making friends.
some people have social lives he has his mouse and keyboard.

shame that he has never found a Mrs !!!!!!. he's very lonely man
and it's probably a good thing for society that he isn't going to have any children.

he thinks his posts on MSE will change the world and will go down in history as part of the Govt archives but unfortunately they won't. this a sub-board that was seperated so nutters like him could be hidden from the rest of the MSE world.

an absolutely classic glimpse into the psyche of the poster known as Chucky - no wonder he spends hours going back and deleting old posts like this bile .. You don't need to be a psychologist to realise that what it says about him isn't very complimentary.

chucky

lol - that post was probably very accurate and probably why you bring it up every few days.

good diversion AGAIN but let's get back how 11 of your posts have mysteriously disappeared.

i've sent you a PM so we can talk about it which is probably best for everyone. i'm sure you would rather do it in your "arena" to play for the crowd though.

let's get back on topic !!!!!! and discuss the fact that rates HAVE been dropped and the rates HAVE been passed on by the lenders in question in FULL.

mewbie_2

You know I'm the last person in the world to cast aspersions but I had a good look at that letter. Reckon it would not be difficult to mock up an 'official' looking letter from anyone you care to mention. Does seem a bit strange that the CBS are offering the following BTL rates...

http://www.coventrybuildingsociety.co.uk/mortgages/BTLSchemes.aspx

and yet you get 3.99%. Why is a BTL mortgage so cheap? Have they got funds to spare? What the heck is their normal mortgage rate to customers thinking of renewing? Why don't I rush out and buy buy BUY!!!

One other thing. If you save the picture and then blow it up in Windows picture editor it is just about possible to make out the reference number. I don't think it matters particularly in this case, but any MSE'ers thinking of doing the same with other confidential information might want to reconsider.

silvercar

mewbie wrote: »

You know I'm the last person in the world to cast aspersions but I had a good look at that letter. Reckon it would not be difficult to mock up an 'official' looking letter from anyone you care to mention. Does seem a bit strange that the CBS are offering the following BTL rates...

http://www.coventrybuildingsociety.co.uk/mortgages/BTLSchemes.aspx

and yet you get 3.99%. Why is a BTL mortgage so cheap? Have they got funds to spare? What the heck is their normal mortgage rate to customers thinking of renewing? Why don't I rush out and buy buy BUY!!!

One other thing. If you save the picture and then blow it up in Windows picture editor it is just about possible to make out the reference number. I don't think it matters particularly in this case, but any MSE'ers thinking of doing the same with other confidential information might want to reconsider.

I think we all now accept it is genuine. Another poster on the mortgage board had the same offer. I think the point is Coventry are happy to move people on lifetime trackers onto 5 year fixes. New offers won't be as good, these offers are shifting around people already with them.

IveSeenTheLight

pickles110564 wrote: »

It goes on to say that I could fix at 3.99% for 5 years and they will not charge me a fee to transfer over.

Are they starting to get worried over how low the rates are likely to go?
Do you think I should snap their hands off and accept the fix and know what I will be paying for the next 5 years?
As usual I await your comments
Rgds
Pickles

I have a fixed 5.5% deal.
It would be worth me checking out the ERP on my mortgage and seeing if it is worth transferring.
Quick calculations would make it seem so as I would be saving approx £1500 per year. Over 5 years that's approx £7,500 which I doubt the ERP and arrangement fees would be more than