Bank of England Rate Finance Anyone?

[diablovt]

Does anyone know of any finance people still offering BOE base rate finance? This LIBOR rate ones are very expensive and unpredictable

[andy355]

if they are they are losing money!

[5to1]

Only the BOE/Government, but you have to be a Bank to get that Think I'd rather pay extra then be a bank right now

[LongLiveTazio]

A bit OT but my dad once had a customer pay with a cheque issued by the Bank of England. "That's funny," says my dad, "I didn't know they issued chequebooks." "Oh," replied the bloke, "they're insured for any amount." "So you could go and buy a 747 if you wanted to?" said my dad, joking. "Yes" came the serious reply...

[XXVIII]

slightly off topic, but I'm sure I read that no less a luminary than the great LJK Setright once said that with a sufficient deposit of funds directly with the BoE, any need for insurance was cancelled...


...don't have the time to check if that still applies, but it has a certain jeany sez kwahhh doesn't it?!?!


I think those bits of paper that the BoE prints in various different sizes are still quite acceptable for most purchases, but the gubby-munt and a high street bank (mostly owned by UK taxpayers, 'pparently...) would need the depositor to prove it was yours to spend with them...


hey Andrew - good news on the 'sale'... hahahahahahahahahaha!

[matc]

Finance at 4.5% flat rate should be available from most lenders, i.e Lombard, Blackhorse, Bank of Scotland. It usually depends on the age of the vehicle being bought and the way it's financed (hp/pcp etc.).

I assume this is what you meant?

[diablovt]

What I mean is a finance rate based on the Bank of England rate (4.5%) plus markup % for the finance company, as opposed to a rate based on LIBOR plus markup %. BOE rate will be lower and less volatile...

[5to1]

diablovt said:

What I mean is a finance rate based on the Bank of England rate (4.5%) plus markup % for the finance company, as opposed to a rate based on LIBOR plus markup %. BOE rate will be lower and less volatile...

Assume your talking about Mortgages tracking the BOE rate? Because it doesn't make much sense for shorter term loans.

If that is the case, then yes, Barclays/HSBC will do trackers based on the BOE rate. They just ask for larger deposits these days. I was recently offered 0.75% + BOE rate witha depostit of 20%. No haggling there, just an initial offer.

[LongLiveTazio]

XXVIII said:

slightly off topic, but I'm sure I read that no less a luminary than the great LJK Setright once said that with a sufficient deposit of funds directly with the BoE, any need for insurance was cancelled...


...don't have the time to check if that still applies, but it has a certain jeany sez kwahhh doesn't it?!?!


I think those bits of paper that the BoE prints in various different sizes are still quite acceptable for most purchases, but the gubby-munt and a high street bank (mostly owned by UK taxpayers, 'pparently...) would need the depositor to prove it was yours to spend with them...


hey Andrew - good news on the 'sale'... hahahahahahahahahaha!

Almost correct. There are some exemptions to needing to have insurance, one of them being that you have deposited £500,000 with HM Paymaster General.

[XXVIII]

LongLiveTazio said:

Almost correct. There are some exemptions to needing to have insurance, one of them being that you have deposited £500,000 with HM Paymaster General.

thanks for that confirmation/information - can't imagine how useful it may ever be to know it, but y'know, there is no such thing as useless information, just useless receivers of information...

[3200gt]

LongLiveTazio said:

Almost correct. There are some exemptions to needing to have insurance, one of them being that you have deposited £500,000 with HM Paymaster General.

What interest rate would he give me?

[LongLiveTazio]

The way things are going you should receive a medal for donating £500k to the coffers!

[japhilip]

XXVIII said:

LongLiveTazio said:

Almost correct. There are some exemptions to needing to have insurance, one of them being that you have deposited £500,000 with HM Paymaster General.

thanks for that confirmation/information - can't imagine how useful it may ever be to know it, but y'know, there is no such thing as useless information, just useless receivers of information...

It's what the big haulage firms do, so they meet their own accident/damage liabilities rather than claiming from an insurance company. Works out more cost effective in the long run.

[diablo_pete]

japhilip said:

XXVIII said:

LongLiveTazio said:

Almost correct. There are some exemptions to needing to have insurance, one of them being that you have deposited £500,000 with HM Paymaster General.

thanks for that confirmation/information - can't imagine how useful it may ever be to know it, but y'know, there is no such thing as useless information, just useless receivers of information...

It's what the big haulage firms do, so they meet their own accident/damage liabilities rather than claiming from an insurance company. Works out more cost effective in the long run.

MONEY ARRRGGGHHH !!!!! I only come on here to escape thinking about how much I've lost.
Biting my keyboard right now.