The 8p a month mortgage

baby_boomer

Or less!

Who says it's all doom and gloom

Mail on Sunday

"Thousands of people are set to pay as little as eight pence a month for their mortgages if the Bank of England cuts interest rates to a record low of 1% next week.

They include those who took out interest-only loans with the Cheltenham & Gloucester in 2007 at 1.01% below the base rate - in theory meaning they should be charging the bank for their mortgage. C&G has said its computers cannot deal with zero or negative rates and 0.001% will be charged 'until the computer systems can be adjusted'.

On a £100,000 interest-only mortgage, this equates to eight pence a month.

But C&G has promised to refund these few pence once its system is fixed....."

Just a shame about the capital losses

Lotus-eater

I swear I've got that [STRIKE]devj[/STRIKE] [STRIKE]daja[/STRIKE] [STRIKE] deejavau[/STRIKE] that thing where you remember stuff from before.

ad9898_3

It's a good deal I guess if you have one of those mortgages, lets hope the people who have them are making massive overpayments on the capital instead of buying a 60' plasma.:rolleyes:

Lotus-eater

Sometimes I think I must be the only bloke without a large macho plasma TV in his lounge.
Self confidence slipping away........

Kez100

I think most are overpaying, or using to help live following losses of income. I don't think many people will be out buying 60inch plasmas.

People seem to underestimate tracker owners. I have been paying (a little) more in many of the years I have had my tracker than a fixed but I have enjoyed the flexibility and control I have over it (flexible offset). We have had to take a risk on the rate and to that end, I suspect, most have lower LTVs than FR owners. I don't think (generally)tracker owners are the big spenders people make them out to be.

FungusFighter

Lotus-eater wrote: »

Sometimes I think I must be the only bloke without a large macho plasma TV in his lounge.
Self confidence slipping away........

I've got one on the ceiling in me bedroom too:beer:

PasturesNew

FungusFighter wrote: »

I've got one on the ceiling in me bedroom too:beer:

For watching bangbabes on no doubt.

PasturesNew

While they're getting an 8p mortgage, I feel I'm getting an 8p interest income

FungusFighter

PasturesNew wrote: »

For watching bangbabes on no doubt.

It's not for ME to watch anything doll

Come round and I'll show ya :cool:

[Deleted User]

My mortgage has dived by 3% since the summer, giving me an extra £445... so i've bought a bunch of baby furniture that we need for our incoming arrival and ordered a laptop (no space for our desktop PC anymore)... i promise i'll start overpaying soon!

IveSeenTheLight

PasturesNew wrote: »

While they're getting an 8p mortgage, I feel I'm getting an 8p interest income

But you didn't save up this money, you earned it from selling a property that gained through massive HPI.

Did you cheer on HPI when prices were going up and now you've sold believe that prices are way too much