Base rate slashed to 3% The Bank of England has cut interest rates in the UK by one-and-a-half percentage points to 3%, its lowest since 1955, in a shock move. Quite a drastic drop - 2% over the last 8 weeks.
but mortgage rates have hardly changed cause this doesn't really affect the lending rates for the banks - which is what people really need to happen Still, a MASSIVE drop, they were only talking about a 0.5% cut this morning....
Low interest rates = Fucked economy. Mortgage holders will be lucky to see ANY of this reduction - the interest rate drop is merely to save banks, not people.
LIBOR is the rate that matters - the interbank rate is what mortgage rates are ROUGHLY based on. Bear in mind though, that barely anyone is offering mortages, and the ones that do require 20-25% deposits.
some of them are asking for 30% but 10% of that can be a vendor deposit. The last rate cut was passed on by halifax, my mam came home from holiday last week to find her mortage payment had been reduced by £100, if they pass this one on too it should 'in theory' drop by another £150.
if you have a tracker morgage it HAS to be passed on, its getting so low tho most trackers will have a bottom line and id guess that will be around 3% anyway.. i am going to see if I can get a ten year fixed rate quote asap u cant go wrong at this rate... bit of a twat for ppl with savings/isa's like
When parity with the euro is reached, we'll be pushed into it. It will be one of those 'To ensure the stability of the system' sells we hear so much of these days. So much for a manifesto promise eh
Aye the instore & net rate are complketely different. Have your eyes out if you change it here 1.1101 the rate LOL
I found the 50 euro note I had stashed under my sole when I went travelling this summer the other day, and it is probably my best investment of the year.
