BofE interest rate cut by 0.5% to all time low of 0.5%

R34GTT

Good news for those with tracker mortgages and no floor/collar

HSBC 0.54% above base rate 1.04% now which for me equates to another ~£20 less per month in repayments. :j

Not good for those savers

Grolsch30

hamstercheeks wrote: »

I'm on a nationwide tracker with a collar so unlucky this time:mad:

hmm interesting,

I'm with Natiowide with a tracker collared @ 2.65% but they have passed all the reductions onto my mortgage rate.

My mortgage is currently @ 0.88% :beer:

Only problem is the deal runs out in July so will be looking at a fix for 10 years in a couple of months.

before_hollywood

Peelerfart wrote: »

Good news for some, me included, but should we expect a few fixed rate people on here soon , pretty fed up ?

its a gamble, i wanted a fixed rate for term of mortgage and a couple of years back could have got one but now am looking at a tracker. i wanted one specifically so i knew what i was paying a month for the next 30 years

kriss_boy

My last letter from Lloyds tsb reads a cut 0.5% down to us paing interest only on £80K which amounts to only £149 a month.

But this recent cut means we literally get yet another 0.5% off making it only £113?

This is crazy. my girlfriend and I can afford to save literally £1000 a month easy peasy since our interest only payments rocketed down from an original £420.....

SuzieMum

kriss_boy wrote: »

My last letter from Lloyds tsb reads a cut 0.5% down to us paing interest only on £80K which amounts to only £149 a month.

But this recent cut means we literally get yet another 0.5% off making it only £113?

This is crazy. my girlfriend and I can afford to save literally £1000 a month easy peasy since our interest only payments rocketed down from an original £420.....

I think you would be better off over paying on your mortgage then, as being on interest only you aren't actually paying anything off...Just a thought seeing as you can't make anything by saving it now.

stolt

kriss_boy wrote: »

My last letter from Lloyds tsb reads a cut 0.5% down to us paing interest only on £80K which amounts to only £149 a month.

But this recent cut means we literally get yet another 0.5% off making it only £113?

This is crazy. my girlfriend and I can afford to save literally £1000 a month easy peasy since our interest only payments rocketed down from an original £420.....

i'd be sticking that grand back into your mortgage if i could and try to overpay as much as you could. really good chance to eat away at it. Thats if the bank lets you overpay.

Rowan1946

Peelerfart wrote: »

Good news for some, me included, but should we expect a few fixed rate people on here soon , pretty fed up ?

Im on 6.49% and have been for nearly 3 years now with C&G,, finishes this July,, hopefully save some £££ then.

spuds_2

You really, really want to start paying off the actual mortgage now. Find out how much you can overpay and then do it to the max, keeping any spare in an account for when rates go up. As Suziemum says, it's not like you can earn much in interest on your savings, but you can quickly get used to spending your 'spare' cash every month.

kriss_boy

It doesnt make sense to over pay it while the rate is low...

we are accumulating money easily so when the rates do start to go up back we can hand over lumps of cash.

poet123

I would be converting to a repayment mortgage and overpaying on that, if I were you