Interest rates down 0.5%

[Soovy]

Now at 1%

[tonyvid]

Fast on the fingers there, Soovy.

[nownek]

Is this really going to have any effect apart from screwing savers?

Edited by nownek on Thursday 5th February 12:02

[Hoppy2008]

Good!!

[tricky69]

nownek said:

Ist this really going to have any effect apart from screwing savers?

nope

[Andy Zarse]

Idiots. Won't make any positive difference to the economy at large, but it will hit savers, particularly the elderly supplementing their income from their savings. Oh and I predict a further reduction in Sterling in the short/medium term and hello inflation...

Way to go, Merv!

[V8mate]

[Genuine question]

Can someone explain what, apart from the odd tracker mortgage, is directly affected by/tied to the declared interest rate of the BoE?

[cazzer]

Had a hell of an effect on me. My mortgage has gone down from £1200 a month in October to £289 at last count, and thats not counting this drop.
As I got made redundant last year and used all my savings to get through the unemployed months.
Bring it on.
Selfish, probably, but right now I need it.

[dirty boy]

Thank god i'm fixed at 6.18% <phew>



oh

[largerandrock]

Time to buy me a second house!.
If the bank will lend me some of the tax payers money that is.

[Landlord]

V8mate][Genuine question said:

Can someone explain what, apart from the odd tracker mortgage, is directly affected by/tied to the declared interest rate of the BoE?

My commercial mortgage for one or is that what you meant by "the odd tracker mortgage".

Edited by Landlord on Thursday 5th February 12:17

[touching cloth]

dirty boy said:

Thank god i'm fixed at 6.18% <phew>



oh

[dirty boy]

On the plus side, with this further rate reduction, I think we can pay the redemption clause - move onto the N'Wide BRM and after 6 months already be better off?

We've also seen a house for sale £30,000 cheaper than our own that we like with loads more potential

[David87M3]

largerandrock said:

Time to buy me a second house!.
If the bank will lend me some of the tax payers money that is.

If the bank will lend you your money (assuming you pay tax)

[Phil1]

So anyone have an opinion on why the exchange rate with the Euro has improved in the wake of the news? Shouldn't the lowered interest rate cause a move away from Sterling?

[hornetrider]

tricky69 said:

nownek said:

Ist this really going to have any effect apart from screwing savers?

nope

Au contraire. Another 50 odd quid a month in my sky rocket.

[Mr E]

dirty boy said:

Thank god i'm fixed at 6.18% <phew>



oh

Indeed. We're fixed as well (although not at that).
I got that call very, very wrong.

[miniman]

Have they actually talked to the lenders before doing this? LTSB certainly aren't offering any variable rate mortgages at the moment, so although people currently on tracker / variable are benefiting, this is going to stimulate the market about as much as a, well, a not very market stimulating thing. fkwits the lot of them. This is just electioneering.

[hornetrider]

cazzer said:

My mortgage has gone down from £1200 a month in October to £289 at last count

Is that interest only?

[V8mate]

Landlord said:

V8mate said:

[Genuine question]

Can someone explain what, apart from the odd tracker mortgage, is directly affected by/tied to the declared interest rate of the BoE?

My commercial mortgage for one or is that what you meant by "the odd tracker mortgage".

Yep. You're in the 'odd' category for sure

I mean BIG things. What impact does the BoE's rate have on retail banks, merchant banks, other City institutions, foreign investors etc.

Apart from the 'odds', who cares what the BoE declares as their interest rate?

Edited by V8mate on Thursday 5th February 12:23