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Debate House Prices
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This rate cutting is BS. I could get a cheaper loan
The_White_Horse
Posts: 3,315 Forumite
when the interest rate was 5% than I can now it is 1%.
The Govt should have let the banks failed, and all those billions given to the public as loans at 1.5-2%
farce.
The Govt should have let the banks failed, and all those billions given to the public as loans at 1.5-2%
farce.
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Comments
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I could get a cheaper loan
when the interest rate was 5% than I can now it is 1%
Thats Irony !!!!'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
But strangely true.
Amusing that, except for a few on trackers, rates are actually higher than they were when interest rates were several times higher.
Any number of witty and appropriate proverbs spring to mind.0 -
i don't think the rates are higher now.
you can get 3.4% variable now. short term fixes a bit higher, but still under 4%.
you couldn't have got a mortgage at these rates 2 years ago*.
* lunatic discount rates, with high arrangement fees and early repayment charges to switch onto the next pretend discount rate were not cheaper than current rates, they just had a lower headline interest rate more than compensated for by the charging structure.0 -
Unsecured personal loans and credit cards haven't gone down a jot though!0
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I had a quickl look the other day because I wanted to see if I could still come out better even if I had to pay an early redemption charge on the current mortgage.chewmylegoff wrote: »i don't think the rates are higher now.
Fixed rates for >75% LTV have not fallen since last October.Happy chappy0 -
I agree, IR cuts have lost their edge. The BoE though still has to be seen to be doing something. I said this a couple of months ago, all kinds of people in the media, government etc.. are saying 'we need to get banks lending again'
They can't lend anymore than they are doing. The assets that money is created against are losing value, therefore the money does not exist to lend out.
This isn't PhD economics, I just wonder why people don't get it ?0 -
Borrowing is for poor people :P0
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Rich people borrow too, they just take it from their own company/bank on very nice terms0
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Amusing that, except for a few on trackers, rates are actually higher than they were when interest rates were several times higher.
Any number of witty and appropriate proverbs spring to mind.
About 50% of residential mortgages are either on trackers or SVR. The other half who are on fixed rates got exactly what they wanted - security & peace of mind.0
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