0.25% cut in BoE base rate

adr0ck

!!!!!!? wrote: »

Well, If you're one of the over-indebted, squealling blindly for interest rate cuts to save your bacon, then he kind of already is giving you cash to bail you out.

(As indeed is everyone with savings or not in debt)

how do you work that one out?

adr0ck

MissMoneypenny wrote: »

Perhaps £350 is a small amount to him/her, because he isn't stupid with his money - like taking on a big mortgage or giving money away?

small amount to you as well then

please hand it over :beer:

i'm waiting

adr0ck

!!!!!!? wrote: »

Well, If you're one of the over-indebted, squealling blindly for interest rate cuts to save your bacon, then he kind of already is giving you cash to bail you out.

(As indeed is everyone with savings or not in debt)

so £350 is a very small amount of money to you as well !!!!!!

please hand the cash over

as i've said if £350 to you is like what 2p is to me then please hand it over :beer:

WTF?_2

adr0ck wrote: »

how do you work that one out?

You really should actually read the posts from those bearish about the housing market prospects as they contain some pretty good info which would enable you to know what I'm talking about.

I've long suspected from the lack of substantive content from the bullish posters that they don't even bother reading all the arguments and quoted URLs put forth so I guess this confirms it.


I'll spell it out:

* Lower interest rates will stoke inflation, already looking dangerously strong. Why do you think the Bank of England was busy raising the rates before the credit crunch hit?

* Lower interest rates also mean less returns from savings. Some of us actually do have savings you know. We see less returns from them now even as prices of the basics are starting to rise steeply (inflation) and eroding the actual 'value' of our cash holding. Double whammy

* Therefore, in order to bail those up to their eyeballs in debt (and also the banks who stupidly and irresponsibly loaned them that money) out - those of us with savings or a balanced budget are footing the bill.

So if you are some fiscal nincompoop who borrowed 200k to buy a bog standard basic house and now can't afford the repayments, you've managed to take a nice slice of my wealth too. No need to say thank you.


(Now, feel free to ignore the substantive argument I've laid out above and accuse me of being bitter and angry for not buying a house and then counter by telling me that some house near you just sold for a reasonable price so everything must be OK in the market. :rolleyes:)

snarffie

m00m00 wrote: »

I just picked a sample offer at random, which was a good example of the way the market is going.

the HSBC offer is br + .74 points now

yet another example of the way the market is going

I'm looking at sample FTB mortgages, not remortgages.

When I was a FTB, I would never have gone for a tracker, but if that's your angle. Btw, HSBCs tracker (non-mortgage) has been +0.74 for some time also. I looked at it when I was remortgaging, and discounted it until I saw the excellent deal they have for remortgagers. Point is that HSBC (and First Direct) appear to have been bucking the trend since the crunch worstened.

adr0ck

!!!!!!? wrote: »

You really should actually read the posts from those bearish about the housing market prospects as they contain some pretty good info which would enable you to know what I'm talking about.

I've long suspected from the lack of substantive content from the bullish posters that they don't even bother reading all the arguments and quoted URLs put forth so I guess this confirms it.

!!!!!! your the pot calling the kettle black

why don't you go and read the previous posts before asking me too

i was commenting on how i think £350 is quite a lot of money

you obviously don't feel that £350 is a lot of money because i can only assume that your very very well off indeed

the thing is !!!!!! were not all like you £350 to me is quite a lot of money

i fail to see how thinking that £350 is quite a bit of money means that i am bullish

snarffie

!!!!!!? wrote: »

You really should actually read the posts from those bearish about the housing market prospects as they contain some pretty good info which would enable you to know what I'm talking about.

I've long suspected from the lack of substantive content from the bullish posters that they don't even bother reading all the arguments and quoted URLs put forth so I guess this confirms it.


I'll spell it out:

* Lower interest rates will stoke inflation, already looking dangerously strong. Why do you think the Bank of England was busy raising the rates before the credit crunch hit?

To be fair, the BOE were raising interest rates to blunt the out of control house prices, despite this not being within their mandate. It was possibly too late anyway.

They are now doing the reverse. It is still not exclusivley their mandate.

!!!!!!? wrote: »

* Lower interest rates also mean less returns from savings. Some of us actually do have savings you know. We see less returns from them now even as prices of the basics are starting to rise steeply (inflation) and eroding the actual 'value' of our cash holding. Double whammy

True. some win, some lose. I have my savings in ISAs. The savings rate hasn't been this high for quite some time, so no problems for me here. In fact savings rates are pretty reasonable at the moment.

!!!!!!? wrote: »

* Therefore, in order to bail those up to their eyeballs in debt (and also the banks who stupidly and irresponsibly loaned them that money) out - those of us with savings or a balanced budget are footing the bill.

It doesn't only bail out people who are up to their eyeballs. It reduces the mortgage payments of those whose mortgages track the BOE rate. I wasn't irresponsible in my borrowing, but I'm happy to save £15 extra per month per 0.25% drop. And no, I don't desparately need it, and I do balance my budget thanks very much.

!!!!!!? wrote: »

So if you are some fiscal nincompoop who borrowed 200k to buy a bog standard basic house and now can't afford the repayments, you've managed to take a nice slice of my wealth too. No need to say thank you.

Myopic, biased, rude, stereotypical. YAWN.:rolleyes:

!!!!!!? wrote: »

(Now, feel free to ignore the substantive argument I've laid out above and accuse me of being bitter and angry for not buying a house and then counter by telling me that some house near you just sold for a reasonable price so everything must be OK in the market. :rolleyes:)

I'd rather not, thanks.

adr0ck

!!!!!!? wrote: »

I'll spell it out:

* Lower interest rates will stoke inflation, already looking dangerously strong. Why do you think the Bank of England was busy raising the rates before the credit crunch hit?

* Lower interest rates also mean less returns from savings. Some of us actually do have savings you know. We see less returns from them now even as prices of the basics are starting to rise steeply (inflation) and eroding the actual 'value' of our cash holding. Double whammy

* Therefore, in order to bail those up to their eyeballs in debt (and also the banks who stupidly and irresponsibly loaned them that money) out - those of us with savings or a balanced budget are footing the bill.

So if you are some fiscal nincompoop who borrowed 200k to buy a bog standard basic house and now can't afford the repayments, you've managed to take a nice slice of my wealth too. No need to say thank you.


(Now, feel free to ignore the substantive argument I've laid out above and accuse me of being bitter and angry for not buying a house and then counter by telling me that some house near you just sold for a reasonable price so everything must be OK in the market. :rolleyes:)

you don't need to spell it out to me !!!!!!

i actually wanted interest rates to stay where they are for the moment

please feel free to ignore what i actually write in my comments though

as you always do

adr0ck

where is my cash !!!!!!

put your money where your mouth is

WTF?_2

adr0ck wrote: »

!!!!!! your the pot calling the kettle black

why don't you go and read the previous posts before asking me too

i was commenting on how i think £350 is quite a lot of money

you obviously don't feel that £350 is a lot of money because i can only assume that your very very well off indeed

the thing is !!!!!! were not all like you £350 to me is quite a lot of money

i fail to see how thinking that £350 is quite a bit of money means that i am bullish

So you didn't actually want your question answered when you posted:

how do you work that one out?

in response to my post of:

Well, If you're one of the over-indebted, squealling blindly for interest rate cuts to save your bacon, then he kind of already is giving you cash to bail you out.

then?

Hopefully someone else actually interested in learning something read my points about inflation eroding savings to benefit the indebted and the banks.

( One useful thing about this little discourse: Proof that it really is a waste of time posting points for the HPI cheerleaders to debate. :rotfl:)