mortgage companies not going to pass on rates cuts
Discussion
did anyone else catch this on GMTV this morning
Bing o said:
No, just one of many of intelligent people who can see that following the same policies that the US did in the nineties did that have ducked us all over, is not a viable long term solution.
??Do you have a mortgage?
If so, care to tell us if you're on a fixed, variable, tracker, etc?
I'm on fixed rate but have a large sum of cash put away, so all the rate cuts mean to me is yet another big hit on the interest that was earning. Have very recently been looking at remortgaging and the massive cuts are not being passed on. What they think this possible 0% base rate will achieve i really don't know.
Dave_ST220 said:
I'm on fixed rate but have a large sum of cash put away, so all the rate cuts mean to me is yet another big hit on the interest that was earning. Have very recently been looking at remortgaging and the massive cuts are not being passed on. What they think this possible 0% base rate will achieve i really don't know.
I hear you. Its a big kick in the nuts for savers, whilst being a nice short time relief for mortgage payers (those that arent fixed).Unfortunately people such as yourselves - money in the bank, but on fixed deals are losing.
slideways said:
whats kfi and svr and yes i have a tracker
KFI :- Key Features Illustration. Tells you the ins and outs of the mortgage deal you are considering taking out. You will have got one when you looked into the mortgage.SVR :- Standard variable rate. The rate at which the mortgage lender will lend you moeny after any incentive period comes to an end.
C&G, owned by Lloyds,therefore owned by the state, have already stated they will move their SVR inline with the BoE decision. They also withdrew all their tracker deals to new borrowers yesterday.
Dave_ST220 said:
I'm on fixed rate but have a large sum of cash put away, so all the rate cuts mean to me is yet another big hit on the interest that was earning. Have very recently been looking at remortgaging and the massive cuts are not being passed on. What they think this possible 0% base rate will achieve i really don't know.
The lenders are pricing form LIBOR. Rates are being cut, especially the short temr fixes (2 years) but it will take time for the cuts to work through the system to the borrower.anonymous said:
[redacted]
Ahhhh but now the FSA have got away without censure for their failings in bank regulation they have suddenly developed teeth. THey know the banks (especially the state owned ones) arent in a position to fight back. They also have tyhe treating custoers fairly initiative coming on stream as of this month.
You are going to hear a lot fo this kind of thing Tonks.
anonymous said:
[redacted]
I completely agree, but in the same way that risk people are ignored in banks when the traders are making money, and then when it all goes tits up they suddenly become gods able to decide who gets to trade and who doesnt, the FSA has suddenly found its voice. They are looking at over 200 new supervisory staff for the banking sector at the moment.
(And I still dont understand why Hector Sants kept his job.)
what i find amusing is that northern rock are now government owned but still dragging their heels over passing on the rate cut.
i'm on an SVR but my mortgage contract states that this can't be more thant 2.39% above base and it was at this level before the 0.5% cut. i got a letter last week saying i'm getting a 0.4% cut and reckon it'll be the new year before any of the 1.5% cut comes my way.
personally hoping for another cut today. i know its not good for most or indeed for the economy as a whole, but suits my needs at this point in time. as long as it gets passed on before the next ice age!
i'm on an SVR but my mortgage contract states that this can't be more thant 2.39% above base and it was at this level before the 0.5% cut. i got a letter last week saying i'm getting a 0.4% cut and reckon it'll be the new year before any of the 1.5% cut comes my way.
personally hoping for another cut today. i know its not good for most or indeed for the economy as a whole, but suits my needs at this point in time. as long as it gets passed on before the next ice age!
mickken said:
shirt said:
what i find amusing is that northern rock are now government owned but still dragging their heels over passing on the rate cut.
The government has to pay for illegal raids on MP's offices somehow.....The issue is that the Police didn't have a warrant, and the people at Parliament who should have asked to see one didn't.
youngsyr said:
mickken said:
shirt said:
what i find amusing is that northern rock are now government owned but still dragging their heels over passing on the rate cut.
The government has to pay for illegal raids on MP's offices somehow.....The issue is that the Police didn't have a warrant, and the people at Parliament who should have asked to see one didn't.
Dave_ST220 said:
I'm on fixed rate but have a large sum of cash put away, so all the rate cuts mean to me is yet another big hit on the interest that was earning. Have very recently been looking at remortgaging and the massive cuts are not being passed on. What they think this possible 0% base rate will achieve i really don't know.
Are they following the path of Japan?Been wondering this for a couple of days now.
esselte said:
No,as I read it the police should have informed the SaA that she could demand the search only be done with a warrant....they didn't give her this bit of info..(I suppose it's like not being read your rights when arrested)
She should have known the legal position to do her job properly!Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff