Why not just make it 0%?
05 March 2009, 02:51 PM
#32
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I'll be moving in with my g/f when I can sell our business so I'll need to sort out a mortgage that is buy to let friendly, but also so I don't have to fork out for fee's, I also have money put aside already to pay off so try and avoid any more fee's by putting in just one lump.
05 March 2009, 03:16 PM
#33
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What economic planet do you live on? To go from .5% to 10%+ in 12 months is impossible because the economy would collapse even more spectacularly than it has now.I had a mortgage in 1992 when interest rates went from 10% to 15% in an afternoon
05 March 2009, 06:06 PM
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QE is a very bad move IMO, it's just total desperation and shows just how utterly screwed the UK is.
05 March 2009, 06:16 PM
#36
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can someone please explain to me why borrowing has never been so high (that i can remember) when the base rate is so low?
looked around at loans and credit cards the other week, bloody silly high APR
i read some old bollocks that they are charging high rates to cover the bad debts and non payers
so these banks are being given loads of money but aren't passing a penny on to us? nice to see someone is doing ok out of this mess.
looked around at loans and credit cards the other week, bloody silly high APR
i read some old bollocks that they are charging high rates to cover the bad debts and non payers
so these banks are being given loads of money but aren't passing a penny on to us? nice to see someone is doing ok out of this mess.
05 March 2009, 06:49 PM
#37
ps.... i am jealous of him too!!!
05 March 2009, 06:56 PM
#38
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Yeah totally agree with B2Z here - everyone on a tracker is thinking great, but now the desperate BoE have started quantitive easing we could have sky-high interest rates in a year or two if inflation takes hold. Those on 5% fixed rates won't be the ones complaining when we have 20% interest rates in an attempt to combat out-of-control inflation! Very good chance of that I reckon.
QE is a very bad move IMO, it's just total desperation and shows just how utterly screwed the UK is.
QE is a very bad move IMO, it's just total desperation and shows just how utterly screwed the UK is.
Market Guard
05 March 2009, 07:40 PM
#39
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Banks have so much debt that even with billions being pumped in, they still have nothing much left to lend anyway!
Interesting times...
Last edited by Petem95; 05 March 2009 at 07:41 PM.
05 March 2009, 07:48 PM
#40
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Yeah totally agree with B2Z here - everyone on a tracker is thinking great, but now the desperate BoE have started quantitive easing we could have sky-high interest rates in a year or two if inflation takes hold. Those on 5% fixed rates won't be the ones complaining when we have 20% interest rates in an attempt to combat out-of-control inflation! Very good chance of that I reckon.
QE is a very bad move IMO, it's just total desperation and shows just how utterly screwed the UK is.
QE is a very bad move IMO, it's just total desperation and shows just how utterly screwed the UK is.
The government wants high inflation.
06 March 2009, 09:31 AM
#42
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I will probably look into it in a few months
06 March 2009, 09:42 AM
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06 March 2009, 10:30 AM
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so will wait for his advice as per usual.
Last edited by Bravo2zero_sps; 06 March 2009 at 10:38 AM.
06 March 2009, 10:52 AM
#47
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You can get under 4% 5 year fixed now but it will cost £999 not added on 60% LTV and under 250K. Abbey. I'm keeping an eye on this one.
They are being very aggressive with lending and savings right now.
They are being very aggressive with lending and savings right now.
06 March 2009, 06:03 PM
#49
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Daily Mash have an amusing article on quantitive easing!
KING UNVEILS RADICAL PLAN TO **** BRITAIN INTO MIDDLE OF NEXT WEEK - The Daily Mash
KING UNVEILS RADICAL PLAN TO **** BRITAIN INTO MIDDLE OF NEXT WEEK - The Daily Mash
BANK of England governor Mervyn King last night unveiled his latest radical plan to take Britain and **** it squarely into the middle of next week.
Mr King and chancellor Alistair Darling agreed to increase the money supply after noticing how Britain was still not quite similar enough to Germany in 1932, or Zimbabwe this morning.
Mr King said: "Once we've laid the groundwork for hyper-inflation everything else should fall into place including the emergence of a strong, insane dictator, a nice new motorway network and our eventual annihilation."
Later today the government will release details of a scheme where people can hand in their wallets and purses in exchange for a shiny, new wheelbarrow to carry their money around in.
Across the country retailers are expected to soon begin pricing goods in wheelbarrows instead of pounds and pence. Newsagent WH Smith confirmed it will charge three and a half wheelbarrows for a can of Diet Fanta and a packet of Quavers.
Meanwhile economists are at odds over the new policy with some claiming it is pronounced 'quan-ti-ta-tive' while others have opted for the shorter, lazier 'quan-ta-tive'.
Dr Tom Booker, from Reading University, said: "It's the 'easing' bit that fascinates me. It makes it sound as if you're lowering yourself gently into a warm, soothing bath when in actual fact it's more like jumping head first into a swimming pool filled with spiders and glass."
He added: "What I'm particularly looking forward to is taking some news footage from this year and showing it in black and white alongside some film from Germany in the early Thirites to see if anyone can spot the difference.
"It'll be an amusing little game we can play when we're not murdering each other for a sausage roll."
Mr King and chancellor Alistair Darling agreed to increase the money supply after noticing how Britain was still not quite similar enough to Germany in 1932, or Zimbabwe this morning.
Mr King said: "Once we've laid the groundwork for hyper-inflation everything else should fall into place including the emergence of a strong, insane dictator, a nice new motorway network and our eventual annihilation."
Later today the government will release details of a scheme where people can hand in their wallets and purses in exchange for a shiny, new wheelbarrow to carry their money around in.
Across the country retailers are expected to soon begin pricing goods in wheelbarrows instead of pounds and pence. Newsagent WH Smith confirmed it will charge three and a half wheelbarrows for a can of Diet Fanta and a packet of Quavers.
Meanwhile economists are at odds over the new policy with some claiming it is pronounced 'quan-ti-ta-tive' while others have opted for the shorter, lazier 'quan-ta-tive'.
Dr Tom Booker, from Reading University, said: "It's the 'easing' bit that fascinates me. It makes it sound as if you're lowering yourself gently into a warm, soothing bath when in actual fact it's more like jumping head first into a swimming pool filled with spiders and glass."
He added: "What I'm particularly looking forward to is taking some news footage from this year and showing it in black and white alongside some film from Germany in the early Thirites to see if anyone can spot the difference.
"It'll be an amusing little game we can play when we're not murdering each other for a sausage roll."
06 March 2009, 08:44 PM
#50
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One problem with all this bring on inflation and bring on very high interest rates is the same but much worse when people were worried about their 4% special deal jumping to 6% last year.
You imagine the devestation if someone on a fixed 4% deal has to pay the lender SVR of 11%
Lose your home, lose you job, lose everything. But at least your getting 8% on your cash ISA?
You imagine the devestation if someone on a fixed 4% deal has to pay the lender SVR of 11%
Lose your home, lose you job, lose everything. But at least your getting 8% on your cash ISA?
06 March 2009, 09:36 PM
#51
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One problem with all this bring on inflation and bring on very high interest rates is the same but much worse when people were worried about their 4% special deal jumping to 6% last year.
You imagine the devestation if someone on a fixed 4% deal has to pay the lender SVR of 11%
Lose your home, lose you job, lose everything. But at least your getting 8% on your cash ISA?
You imagine the devestation if someone on a fixed 4% deal has to pay the lender SVR of 11%
Lose your home, lose you job, lose everything. But at least your getting 8% on your cash ISA?
The benefit being though is that your mortgage balance (If fixed) will remain the same so your debt worth becomes a hell of a lot less. Not just mortgages but any fixed rate debt.
Good for savers also
06 March 2009, 10:02 PM
#53
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If you have say 15% inflation, your salary should rise in line with this so not a problem.
The benefit being though is that your mortgage balance (If fixed) will remain the same so your debt worth becomes a hell of a lot less. Not just mortgages but any fixed rate debt.
Good for savers also
The benefit being though is that your mortgage balance (If fixed) will remain the same so your debt worth becomes a hell of a lot less. Not just mortgages but any fixed rate debt.
Good for savers also
07 March 2009, 06:29 PM
#54
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Looked at a flat last week and got a quote on a mortgage on Tuesday that came out at £457 a month at 5.5% for the first 2 years falling to 3.2% after that, with a 20% deposit. The interest rates fell in the week and we spent most of today talking to the seller and managed to knock another £5K of the price, meaning our deposit size has increased and we need to borrow less.
Went to see the financial advisor after that and the mortgage we were offered has been "withdrawn". We now need a 30% deposit and the interest rate would be 6.1% and the arrangement fee is now £999 with a monthly repayment of £581.
When will Brown and Darling realise that all the cuts in interest rates have had sod all affect on the banks lending money. They've chucked over half a trillion pounds in bailing out the greedy banks and the idiots who took on loand they can't afford and the rest of us who were prudent and are trying to save are being hung out to dry. 
Went to see the financial advisor after that and the mortgage we were offered has been "withdrawn". We now need a 30% deposit and the interest rate would be 6.1% and the arrangement fee is now £999 with a monthly repayment of £581.
When will Brown and Darling realise that all the cuts in interest rates have had sod all affect on the banks lending money. They've chucked over half a trillion pounds in bailing out the greedy banks and the idiots who took on loand they can't afford and the rest of us who were prudent and are trying to save are being hung out to dry.
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