CBS Offering BTL fixed at 3.99 for 5 Years

StevieJ

Cannon_Fodder wrote: »

As Pickles has, quite rightly and successfully, proven the point that this was not a wind-up post, that makes the original dilemma of "do I fix/or not" also genuine.

So, I don't quite see the irony that someone, taking the post as a genuine question, might answer in the light of expected further cuts.

In MSE terms, its perfectly valid to give "advice" of a practical, personal nature that takes advantage of market conditions, whilst at the same time remaining dubious of the effects in a wider economic debate.

Personally, I hope to buy cash, but if I push the boat out and need a 25% mortgage I shall pay the market rate at the time. I don't plan on offering to pay more than the going rate, just to salve my conscience and fit in with my personal opinion on Govt economic policies.


My own gut response would have been "don't fix, rates are set to drop, bide your time".

But that would be with 2006/7 mortgages deals in mind. If your own provider doesn't repeat the deal, will another provider accept you as "new" BTL (to them) ? How long until range of products recovers?

Maybe fixing would be sensible.

The irony in question was the fact that not so long ago !!!!!! was saying the the lenders would not pass on the rate drops, now he is saying they are going to drop further.

chucky

StevieJ wrote: »

The irony in question was the fact that not so long ago !!!!!! was saying the the lenders would not pass on the rate drops, now he is saying they are going to drop further.

i had noticed this and didn't want to raise it just in case he was going to his routine of the 'bulls' being rude and picking on him again :rotfl:

Cannon_Fodder

not that !!!!!!? needs me to do so, but to save you the effort as you never seem to quote people, but just repeat what you want to have heard...

on the "BoE cuts rate to 3%" thread...

!!!!!!? says "I'd expect 0.75% at least to be passed on, which is considerable." http://forums.moneysavingexpert.com/showpost.html?p=15613639&postcount=107


Doesn't seem too anti the lenders...

poppy10_2

I'd go for the fix. Does your current tracker deal have a 'collar' limiting how low rates can go?

StevieJ

Cannon_Fodder wrote: »

not that !!!!!!? needs me to do so, but to save you the effort as you never seem to quote people, but just repeat what you want to have heard...

on the "BoE cuts rate to 3%" thread...

!!!!!!? says "I'd expect 0.75% at least to be passed on, which is considerable." http://forums.moneysavingexpert.com/showpost.html?p=15613639&postcount=107


Doesn't seem too anti the lenders...

Have you any before that, where he says that if the BOE does drop rates the lenders won't pass it on anyway.

chucky

Cannon_Fodder wrote: »

not that !!!!!!? needs me to do so, but to save you the effort as you never seem to quote people, but just repeat what you want to have heard...

on the "BoE cuts rate to 3%" thread...

!!!!!!? says "I'd expect 0.75% at least to be passed on, which is considerable." http://forums.moneysavingexpert.com/showpost.html?p=15613639&postcount=107


Doesn't seem too anti the lenders...

but they've passed 1.5%... which will probably be more in the next round of IR cuts

i'm glad that you're there for him CF...

Cannon_Fodder

do your own leg work, if you want to prove your point...

chucky

StevieJ wrote: »

Have you any before that, where he says that if the BOE does drop rates the lenders won't pass it on anyway.

now that would be too convenient

StevieJ

chucky wrote: »

i had noticed this and didn't want to raise it just in case he was going to his routine of the 'bulls' being rude and picking on him again :rotfl:

Hey Chuckie, it is hacking me off, my history only go back 12 pages, I can't retrieve his previous posts, how do you go back past 12 pages.

WTF?_2

Cannon_Fodder wrote: »

not that !!!!!!? needs me to do so, but to save you the effort as you never seem to quote people, but just repeat what you want to have heard...

on the "BoE cuts rate to 3%" thread...

!!!!!!? says "I'd expect 0.75% at least to be passed on, which is considerable." http://forums.moneysavingexpert.com/showpost.html?p=15613639&postcount=107


Doesn't seem too anti the lenders...

Thanks for the support CF but it should be obvious now that some folk just post here to blow off steam and need someone they can rail against. I'm the obvious target as I offer 'robust' opinions so they just build a strawman of their prejudices and fire away at it.

I really feel sorry for them if they are under pressure financially as a result of their property borrowings but they'd be better employed speaking to experts in the field of financial planning and anger management than slagging some anonymous stranger on the interent off. Mind you, it's free to have a go at me so maybe they're doing the MSE thing


It's notable that the banks which did eventually drop their interest rates to borrowers by the full base rate cut correspond almost 1:1 with the organisations that ended up being bailed out by the government or having dealings with the government over bailouts (Santander/Abbey/B&B).

Since the cost of their money market borrowing fell by less than the cut the government prodded them into making, I guess us taxpayers will be making up the shortfall. Hey ho - borrow borrow borrow. Just the thing to do if we really are going into deflation, eh? Clearly they'll try to inflate the cash away down the line, part of the reason why they are going to have so much trouble shifting bond issues.