Rates cut to 0.5%

[Bsmithmilne]

Means my Mortgage is now 0.5% Im so glad I took the staff deal now

[_James]

JagLover said:

Skipppy said:

But correct...

Why though? IT'S NOT WORKING!

.....It is penalising savers ....

That's the point.

[illmonkey]

Bing o said:

illmonkey said:

Mortgage down an other £70 a month. Whilst its not great news for everyone, its giving me a good chance to shove loads into savings.

Why aren't you paying down the Capital instead?

What will you do when interest rates are at 7 or 8%?

What return are you getting on your savings?

I'm not getting much return on them, apart from the face I will actually have them. I could still afford the mortgage at those rates, but it'd start getting tight.

If I put the money into the mortgage, then I wont see it if I get made unemployed.

I'm not that worried about making interest on the money, just happy I have some saved up! Once I get a fair amount, I'll dump some on the mortgage.

[turbobloke]

_James said:

JagLover said:

Skipppy said:

But correct...

Why though? IT'S NOT WORKING!

.....It is penalising savers ....

That's the point.

Indeed. If you (not you) have savings the chances are you don't rely on the government, the chances are that you give the government more than they give back to you, the chances are you won't vote for them, so the chances are they aren't the slightest bit interested in your predicament

[Republik]

I'm about to renew my mortgage. Is a long term fixed at 4.59% looking good yet?

[Bing o]

illmonkey said:

Bing o said:

illmonkey said:

Mortgage down an other £70 a month. Whilst its not great news for everyone, its giving me a good chance to shove loads into savings.

Why aren't you paying down the Capital instead?

What will you do when interest rates are at 7 or 8%?

What return are you getting on your savings?

I'm not getting much return on them, apart from the face I will actually have them. I could still afford the mortgage at those rates, but it'd start getting tight.

If I put the money into the mortgage, then I wont see it if I get made unemployed.

I'm not that worried about making interest on the money, just happy I have some saved up! Once I get a fair amount, I'll dump some on the mortgage.

Furry Muff - to be honest, I'm in a similar position, except I'm fixed so can't overpay.

[Puggit]

They also announced they are printing £75bn in cash - pound is in freefall as I type...

[largerandrock]

Puggit said:

They also announced they are printing £75bn in cash - pound is in freefall as I type...

May aswell just burn my savings then to keep warm.

[ipitythefool]

MitchT said:

Trying to solve a problem by creating more of what caused it. Hmmm. Perhaps their next trick could be to suggest that the fire brigade start using petrol instead of water.

So should an obese person be taken off food full stop?

What got us into this mess was a lot of things, one of which was bad lending. Lending in itself wasn't the cause.

[UncappedTag]

Pointless for me as I'm already on Nationwides floor of 2.5%

[Darth Paul]

Puggit said:

They also announced they are printing £75bn in cash - pound is in freefall as I type...

That just reminds of the Simpsons episode when Mr Burns gives a Trillion dollars to Castro.

Mr Burns: Now give it back

Castro: Give what back.

[Racingdude009]

Or savers withdraw money to spend it on cars, holidays, house improvements ect.

Also people borrowing to do the same result economy comes out of recession.

[sniff diesel]

UncappedTag said:

Pointless for me as I'm already on Nationwides floor of 2.5%

Is that for "new customers only"?

So glad my big mean old bank has passed on the full cut, now paying 0.99%

[Andy Zarse]

Racingdude009 said:

Or savers withdraw money to spend it on cars, holidays, house improvements ect.

Also people borrowing to do the same result economy comes out of recession.

Do you think it's a good thing for society generally if everyone disposes of their savings to spend on cars, holidays etc?

[scotal]

Republik said:

I'm about to renew my mortgage. Is a long term fixed at 4.59% looking good yet?

How longterm?

[Republik]

10 whole years.

[mondeoman]

Republik said:

10 whole years.

TAKE IT!

[sniff diesel]

Shirley that is going to be it for rate cuts now. When can we expect them to go back up?

[Fittster]

G_T said:

richyb said:

I'm holding out for -0.5%. Come on Gordon you've tried everything else.

It won't go negative IMO;

Err, if interest rates are less than inflation isn't it already negative for practical purposes?

[Republik]

mondeoman said:

Republik said:

10 whole years.

TAKE IT!

I intend to. Its with Chelsea Building Society if anyone else is interested. This was before the rate cut. I'm hoping it will go down a little bit more in the next few days.