BOE base rate cut by 1.5% to 3%!

[Faldo]

Cripes!

Makes my tracker mortgage look good. But will YOUR bank pass on the reduction?

 

[Seagull over NZ]

9 months ago I was looking pretty smug with my 5 year fixed mortgage with arrangement fees going through the roof and the banks not passing on the interest rate cuts but within a few months I'll be looking pretty stupid.

 

[Barnet Seagull]

I've a base rate tracker but luckily I can switch it free of charge to the fixed rate whenever I want and back again.

Either way, great news for the economy. I think we'll see them cut down to nearer 2% before long.

 

[Jam The Man]

Endowment here - so f*cked off massively

 

[seagullsovergrimsby]

Abbey have withdrawn their tracker mortgage today for new applicants. The banks dont necessarily have to pass on the 1.5% reduction and it means bad news for savers because with current inflation your savings are being eroded.

 

[timbha]

Abbey have withdrawn their tracker mortgage today for new applicants. The banks dont necessarily have to pass on the 1.5% reduction and it means bad news for savers because with current inflation your savings are being eroded.

savings could actually attract net negative interest if the interest rate is below inflation, encouraging people to spend, spend, spend