BoE votes to keep mortgage rates at 0.5% and other mortgage news

RenovationMan

BoE votes to keep rates at 0.5%, not unexpected.

Householders reduced their mortgage debt by £8.8billion in the first quarter of this year, acording to BoE figures.

A total of £122billion has been paid into mortgages since summer of 2008.

Households spent the equavalent of 3.3% of their post-tax income on reducing their mortgages.

ILW

BoE votes to keep mortgage rates at 0.5% and other mortgage news

I never realised that BoE set mortgage rates.

Mr._Pricklepants

RenovationMan wrote: »

A total of £122billion has been paid into mortgages since summer of 2008.
Households spent the equavalent of 3.3% of their post-tax income on reducing their mortgages.

That's amazing.
Reading the forum here, one would think they are all on the brink of repossession, can't make ends meet and are overindebted and scared. Looks like reality is different.

RenovationMan

Mr._Pricklepants wrote: »

That's amazing.
Reading the forum here, one would think they are all on the brink of repossession, can't make ends meet and are overindebted and scared. Looks like reality is different.

I know, all the 'negatives' can do wth this one is have a sad poke at the thread title. :rotfl::rotfl::rotfl:

moneyinmypocket

Fantastic news, congrats to everyone involved, taking steps to secure their future

RenovationWoman

renovationman wrote: »

boe votes to keep rates at 0.5%

:T ......... :beer:

Graham_Devon

I fear I might be bursting a bubble, but the BOE implicitly state that the mortgage paydown is through normal monthly payments, and a reduction in new debt.

It's not people actively paying over the mortgage in terms of overpayments. Just general monthly repayments.

Thrugelmir

RenovationMan wrote: »

A total of £122billion has been paid into mortgages since summer of 2008.

One would assume the majority being interest.

As total debt has continued to increase (well until May 2012).

shortchanged_2

Yeah........ lets celebrate the fact that the UK economy continues and even appears to be getting further in the sh*t.

DervProf

Not suprising to see that RM continues his habit of posting ridiculous inaccuracies.

What is suprising is to see him make a couple of posts without mentioning his farmhouse that he supposedly is buying.

abaxas

DervProf wrote: »

Not suprising to see that RM continues his habit of posting ridiculous inaccuracies.

What is suprising is to see him make a couple of posts without mentioning his farmhouse that he supposedly is buying.

He used to be quite a nice bloke. Not exactly sure what happened, but the bitterness appears to be building inside, he's trying to justify something to himself, but cant find the answer he wants to hear.