Leekbrookgull
Well-known member
Down to 1 quarter of 1%.
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[News] Base rate cut.
- Thread starter Leekbrookgull
- Start date
Superphil
Dismember
That’ll help those with shitloads, to accrue more shitloads then. How about a tax cut, or a business rate rebate? No chance.
Why ? I get it if someone's on a fixed rate mortgage but why would a standard rate not drop ?
Bob!
Coffee Buyer
- Jul 5, 2003
- 11,115
Last place I'd want to be right now is on a cruise ship.
arewethereyet?
Well-known member
Superphil
Dismember
Indeed, surely a tracker deal has to go down?
Barham's tash
Well-known member
I’ve already seen wholesale mortgage rates falling because the base rate cut was being priced in.
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Sorry was thinking of new policies. The banks are going to need to make money. They can’t rely on Tory Government funding forever.
Lower West Stander
Well-known member
Chunky.
Bad news for DB pension deficits
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Bad news for DB pension deficits
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Beach Hut
Brighton Bhuna Boy
Hmm, all announced early on Budget Day...........
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 35,289
most standard rates have already hit their floor. no real point to this cut as it wont go through to the economy and there is not a demand problem that lower rates can stimulate. i was expecting it to hit £ but so far no impact.
expect a quite loose budget coming later, this didnt happen today by chance.
Good news for those on variable and tracker rates depending on how much each lender passes on. Tracker rates will fall but some have a floor. They may take it as an opportunity to boost the very fine profit margins on mortgages re variable rates and overall profitability. Not much difference to fixed rates which are ridiculously low as it is
pb21
Well-known member
- Apr 23, 2010
- 6,283
Just about to get a new mortgage, would probably go for a 2/5 year fixed, how long will any decrease in rates take to come into affect with this drop?
Please PM me and I can have a look for you. Fixed rates are so low, 1.19% for a 2 year and 1.5% for a 5 year depending on deposit I cannot see much of the 0.5% cut being passed on. They make very little from the interest rate, most make some money with the arrangement fee they charge usually £ 995 but varies. Trackers have been higher than fixed rates as lenders factored in a rate cut but most expected 0.25%
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southstandandy
WEST STAND ANDY
- Jul 9, 2003
- 5,637
For me it just means I will spend less for a while - no major harm done.
Our mortgage is directly linked to BoE base rates, without a floor, so we will benefit straight away.
Deliberately so, according to BBC Business this morning, a coordinated strategy from the Chancellor and BoE to ameliorate the coming recession.
Double edged sword. To bolster the cash of businesses to survive the recession, and make new borrowing cheaper for them.