?Halifax expecting rate change on Thurs?

lana22

I just rang up the Halifax to increase our overpayments again, and the lady on the phone said they were expecting another rate "change" on Thurs and that if that happened I would have to call up again to change the overpayments to keep them at the current level.
Now I am sure that this is just something they are told to say, and I am pretty sure she has no more knowledge of the economy than I do, but I just thought it was pretty interesting as they have never told me this before. She told me that they would be doing all the rate changes on Saturday for mortgages and to call up on Monday.
It turns out our mortgage doesn't have a collar on it after all like I thought it did, so if it does go down again and we are paying ridiculous% interest, then I might start rethinking this overpayment business and put the money elsewhere. At present the interest payments are something measly like £120 a month, so if it drops any lower than this it may be my student loan that starts getting paid of instead.

itsnever2lateisit?

The Governor of the BoE has indicated that QE is on its way, to enable this rates will have to be 'close to zero' so the expectation is that rates will fall to 0.5% on Thursday

mewbie_2

A few months ago the build up to interest rate day was eagerly anticipated on here, with numerous threads and at least one poll for us to add our opinion as to which way things were going. Along with the house price figures from Nationwide, Halifax, Land Registry it now all seems a bit redundant.

And yet. Surely it is of some interest, even if it's a few more pounds in mortgagees pockets, or a few less pounds in pensioners pockets. The angle now may be that having robbed the pensioners of virtually every penny of interest, they are now planning to reduce the capital value of their savings.

There are more savers than debtors. Why is Brown not being hung out to dry? Why is the media mantra - higher house prices - hurray, lower interest rates - hurray?

lana22

mewbie wrote: »

A few months ago the build up to interest rate day was eagerly anticipated on here, with numerous threads and at least one poll for us to add our opinion as to which way things were going. Along with the house price figures from Nationwide, Halifax, Land Registry it now all seems a bit redundant.

And yet. Surely it is of some interest, even if it's a few more pounds in mortgagees pockets, or a few less pounds in pensioners pockets. The angle now may be that having robbed the pensioners of virtually every penny of interest, they are now planning to reduce the capital value of their savings.

There are more savers than debtors. Why is Brown not being hung out to dry? Why is the media mantra - higher house prices - hurray, lower interest rates - hurray?

Is it though? I personally think the media has portrayed the positive side of lower house prices recently, and has also shown the loss of interest that pensioners are getting hit by. Perhaps it is because we have become accustomed to it - "what's another half a percent when interest rates are so low any way?" sort of mentality?

Perhaps it is because all my family bar me are savers (I have a mortgage)? So I am around people who are being hit hard by the interest rate cuts, and perhaps this skews my view of what is being shown by the media?

Perhaps complacency is part of the problem? Maybe people should be making a stand against things?
I think one thing people have realised though, is that it's become about far, far more than house prices now. Interest rates haven't been dropped to prop the market up, but to prop the entire economy up.

Graham_Devon

Don't we all expect a 0.5% drop?

If not, and we stick, we will return to the dark ages as the grid goes into meltdown due to the printing press doing overtime!

mewbie_2

lana22 wrote: »

Is it though?

Well I read extensively the Daily Express and Mail and that's where most of my knowledge comes from. Did you know Mohammed Fayed is partially responsible for the crisis?

lana22

Graham_Devon wrote: »

Don't we all expect a 0.5% drop?

Maybe everyone does! I don't know. I didn't know what to expect to be honest, I was just going to see what they said on Thursday.
I didn't realise it was so obvious, sorry!:o

lana22

mewbie wrote: »

Well I read extensively the Daily Express and Mail and that's where most of my knowledge comes from. Did you know Mohammed Fayed is partially responsible for the crisis?

:rotfl:

I suppose one's preferred reading material plays a role in the way one views the media's portrayal of the recession!

TV programmes are useful too - I find the GMTV presenters to be mines of information when it comes to important issues.;)

Graham_Devon

lana22 wrote: »

Maybe everyone does! I don't know. I didn't know what to expect to be honest, I was just going to see what they said on Thursday.
I didn't realise it was so obvious, sorry!:o

LOL no need to say sorry, wasnt having a go

It's not a given, but I know im not alone expecting it.

mewbie_2

Yeah I might go for .5% as well, although I haven't heard what the poll of economists thinks yet. After all inflation is well below the 2% target now. Isn't it?

1984ReturnsForReal_2

Personally I dont expect a drop of more than .25 if any.

Its been awfully quiet over the last month, not like the last few months when everything was being leaked.