[News] Base rate cut.

[Leekbrookgull]

Down to 1 quarter of 1%.

 

[knocky1]

Negative interest rate by the summer. Don’t expect cheaper mortgages.

 

[Superphil]

That’ll help those with shitloads, to accrue more shitloads then. How about a tax cut, or a business rate rebate? No chance.

 

[Westdene Seagull]

Don’t expect cheaper mortgages.

Why ? I get it if someone's on a fixed rate mortgage but why would a standard rate not drop ?

 

[knocky1]

I’m taking out my savings and going to spend it on a cruise, pasta and toilet rolls

 

[Bob!]

I’m taking out my savings and going to spend it on a cruise, pasta and toilet rolls

Last place I'd want to be right now is on a cruise ship.

 

[arewethereyet?]

Last place I'd want to be right now is on a cruise ship.

Satire me thinks

 

[Superphil]

Why ? I get it if someone's on a fixed rate mortgage but why would a standard rate not drop ?

Indeed, surely a tracker deal has to go down?

 

[Barham's tash]

Negative interest rate by the summer. Don’t expect cheaper mortgages.

I’ve already seen wholesale mortgage rates falling because the base rate cut was being priced in.


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[knocky1]

Indeed, surely a tracker deal has to go down?

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]

Chunky.

Bad news for DB pension deficits


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[Beach Hut]

Hmm, all announced early on Budget Day...........

 

[beorhthelm]

Why ? I get it if someone's on a fixed rate mortgage but why would a standard rate not drop ?

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.

 

[Uncle Spielberg]

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]

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

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?

 

[Uncle Spielberg]

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%

 

[southstandandy]

For me it just means I will spend less for a while - no major harm done.

 

[Weststander]

Indeed, surely a tracker deal has to go down?

Our mortgage is directly linked to BoE base rates, without a floor, so we will benefit straight away.

 

[Weststander]

Hmm, all announced early on Budget Day...........

Deliberately so, according to BBC Business this morning, a coordinated strategy from the Chancellor and BoE to ameliorate the coming recession.

 

[Weststander]

Chunky.

Bad news for DB pension deficits


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Double edged sword. To bolster the cash of businesses to survive the recession, and make new borrowing cheaper for them.