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Old 06-03-2009, 13:37   #381
farmroad38
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Originally Posted by neilalford View Post
They changed it a while back as well, I think it was just before the last but one rate drop. Of course, it will only be for people who apply for the mortgage from now on though (I assume), so people who previously took out mortgages with them (like me) will still get the old base rate+1.89% rate.
Stuffs me up though, as I was going to start looking for a house in a couple of months time. Whilst a rate of 2.89% is okay now, if rates go to 5, 6 or 7% then base + 2.39% is going to really hurt and to change it I'd have to pay another arrangement fee.

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Old 06-03-2009, 14:13   #382
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Will that then help savers? Will the interest rate for saving go back up before the QE devalues all the savings too much?
I've given up on getting any interest on my savings. I wasn't savvy enough to lock down a high interest paying account - didn't have enough at the time to think I should. Now wish I had.

Most of my savings are now invested in premium bonds as it's "safe" and if I win anything then I'll have a little hurrah moment. With the money in a crappy savings account every month I get a "is that all?" moment.

And I just bought 1 share in Ladbrokes. I had some cash left sitting in my share account so just went crazy and spent it all!

Last edited by pyrogena; 06-03-2009 at 14:15.
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Old 06-03-2009, 14:18   #383
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I'm loving it and hating it at the moment trying to sell the house so on an interest only mortgage at 3%, hopefully I can sell my house before the down turn ends which is unlikely as people are waiting for the down turn to end to buy houses
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Old 06-03-2009, 14:38   #384
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I hope those lucky people with these negative interest payments haven't forgotten that they still have to repay the capital sum one way or another!
Surely no one is on negative interest payments ?? With the latest cut I am down to 0.44% (if Halifax pass the full cut on to their BoE tracker customers) but I don't expect to ever be in the situation where they start paying me for me borrowing from them

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If the plan for doing that is just to sell the property at or before the full term of the loan, the current financial outlook is just as gloomy for them as it is for everyone.
Surely, that (a) depends on how long there mortgage has left to run (ie if they still have 20 years to go then in all likelihood house prices will be back up by then) and (b) is their own fault for being, arguably, stupid enough to think that house prices always went up and never down.

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If they're sensible they'll be putting their mortgage interest savings away so as to reach the capital sum sooner - but then that would most likely be in savings accounts that are now earning next to nothing - not sure I'd be partying yet.
If they're sensible they'd surely be on a repayment mortgage so they'd be no capital sum at all by the end

Last edited by AdamBrunt; 06-03-2009 at 14:39.
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Old 07-05-2009, 12:28   #385
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So, rates held at 0.5% again. Worryingly, though, Gordo, Captain Darling & Merv are going to increase their rate of production with the printing presses - quantative easing upped by Ł50bn. Doesn't sound like much when you say it quickly, does it?
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