Base Rate Decision 8th May 2008 - BoE HOLDS base rate at 5.00%

aardvaak

Base Rate Decision 8th May 2008 - BoE HOLDS base rate at 5.00%


Thank God they did.

Treadmill

Interest rates will be 3.5% this time next year, one 0.25% drop every other month for a year.

withabix

Treadmill wrote: »

Interest rates will be 3.5% this time next year, one 0.25% drop every other month for a year.

No they won't, because we will have hyper inflation if they do.

If those tits in Labour stopped lying and admitted that we already have 10%-15% inflation it would be a good start.

minimike2

Treadmill wrote: »

Interest rates will be 3.5% this time next year, one 0.25% drop every other month for a year.

Would you like to put a bet on that? I will take your money! Haha!

Treadmill

Inflation won't spiral to much if rates fall because there is not much money left to borrow and go on a spending spree with, people are already maxed out on credit and its getting harder to obtain.

keeping the property market propped up is priority number one because if it falls to far people will realise that the country is on its backside. When interest rates where at 5.75% people believed that they would continue to climb but the credit crunch has changed everything, inflation is not as headline grabbing as mass repossessions so rates will come down.

Treadmill

minimike2 wrote: »

Would you like to put a bet on that? I will take your money! Haha!

I'm happy to wager on it, what is your prediction ?

MortgageMamma

I think rates will drop to 4.25% by this time next year, stay there for 4-6 months the slowly climb to about 6%

ixwood

MortgageMamma wrote: »

...
Its an absolute debacle, the whole thing. And then we have the FSA not preventing lenders from bribing consumers to enter into non advised direct deals where they have no recourse if its the wrong product.

...

You want the FSA to stop lenders offering good deals to the public? Now there's a vote winner!

Bribing customers or cutting out the middle man? Surely better rates are good for customers?

The recourse bit is clutching at straws and a thin veil for your obvious self interest.

I could ring 10 brokers tomorrow and I'd pay more for a worse product than I could find myself with most, if not all of them. If a broker signs me up to higher rate/fee than the best around, what recourse do I have?

I've lost count now of how many times you've brought it up as if it's a legitimate disgrace. It's not.

If the FSA did try to stop the lenders "bribing" me and forced me to pay more just so brokers can get a cut, I'd be livid.

MortgageMamma

ixwood wrote: »

You want the FSA to stop lenders offering good deals to the public? Now there's a vote winner!

Bribing customers or cutting out the middle man? Surely better rates are good for customers?

The recourse bit is clutching at straws and a thin veil for your obvious self interest.

I could ring 10 brokers tomorrow and I'd pay more for a worse product than I could find myself with most, if not all of them. If a broker signs me up to higher rate/fee than the best around, what recourse do I have?

I've lost count now of how many times you've brought it up as if it's a legitimate disgrace. It's not.

If the FSA did try to stop the lenders "bribing" me and forced me to pay more just so brokers can get a cut, I'd be livid.

Good for you. If you prefer to go direct and take your chances thats your risk. As for me, I'm not losing business because of it, because I'm still recommending the direct deals to my client if thats the best product for them based on price AND lending criteria.

It IS a legitimate disgrace, making a mess up of a mortgage can cost the applicant, and those in the chain if buying/selling an absolute fortune. Not every broker will consider direct deals - I am raising public awareness so they select a broker that does. There is nothing wrong with that. Added to which, If I was advertising to clients that I'd process mortgage applications for them on a non advised basis, and rebate some of my commission so the mortgage works out cheaper for them, I would be absolutely anihalated by my regulator - why should the banks get away with it?

ixwood

If a broker signs me up to higher rate/fee than the best around, what recourse do I have?