Sniper 11:59 Thu Jul 14
Interest rate drop
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So it looks like the base rate could drop today to 0.25%
If that does happen, how quickly to banks pass this on to their fixed rate mortgage deals? I'm in the process of buying a house and if we can get a revised mortgage offer at a lower rate is be ducking delighted as the thing is gonna be a money pit
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Replies - In Chronological Order ( Show Newest Messages First)
Troy McClure
12:05 Thu Jul 14
Re: Interest rate drop
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I went off too early (fnar) by jumping off the BMR gravy train onto a 10 year fixed at 3.24%. Who'd have thought after years of a record low, that the next change would be downward!
I work in FS and its a real bun fight for mortgage business - I'd certainly wait for today's (probable) announcement then you'll see changes in the next few days
Best of luck
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penners28
12:11 Thu Jul 14
Re: Interest rate drop
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same as troy. I was on a tracker at 3% + br so fixed in for 10 years with no fees. that was 2 yrs ago. hindsight is a great thing with mortgages. i bought a house in 2008 and fixed for 5 yrs at 6.89.....then mths later BR dropped to the 0.5%!
End of the day, i make myself feel a bit better though as my mortgage per mth is still less than what it would cost to rent my house. that's good enough for me. plsu when the BR does go up I wont have to adjust my lifestyle, as others will who have only known stupidly low rates.
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Sniper
12:13 Thu Jul 14
Re: Interest rate drop
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Cheers Troy
We're
Getting near a possible exchange date for the house so I'm hoping any impact will happen asap - mortgage is quite a lot and over a long term so even a small drop would have a decent enough impact. I could afford a cheap seat at the OS every few months!
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Troy McClure
12:32 Thu Jul 14
Re: Interest rate drop
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Yeah every penny counts Sniper. At the end of the day you're gonna get a great rate cos theyre all fantastically low so fill your boots.
If you get a fixed deal, you obviously pay more for a longer term - If you can afford the repayments, then I'd suggest the longer, the better.
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boltkunt
12:33 Thu Jul 14
Re: Interest rate drop
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Will certainly help restore some uncertainty in the market.
Also, more people with savings will end up lumping their £ into buy to lets.
Good all round.
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Al Jolson
12:37 Thu Jul 14
Re: Interest rate drop
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not to good if you intend to buy Euros later today or this week
............get them this morning before it goes sub 1.15
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Hermit Road
12:38 Thu Jul 14
Re: Interest rate drop
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Buy to lets aren't nearly as attractive as they were due to recent legislation. In addition, the buy to let market will be hit for a while by foreign investors being more reticent to step in, personally I think this isn't all bad,
I've also noticed a big change in the attitude of Estate Agents over the past couple of weeks. They've gone from treating you like you're lucky to have their time, to actively chasing you down for properties they're clearly not getting interest in.
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Al Jolson
12:39 Thu Jul 14
Re: Interest rate drop
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Penners you fixed for 10 years at 3%+ BR?
fucking hell hope for your sake we don't see the return of 1980's 12% BR in 4-5 years time
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subcutaneous
12:41 Thu Jul 14
Re: Interest rate drop
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It might be happy days for all you borrowers, but what about us savers?
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Al Jolson
12:43 Thu Jul 14
Re: Interest rate drop
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I'm 2.5 years into a 4 year 2.49% fixed rate
hopefully these rates stay low as I can start to negotiate a new mortgage in 12 month time
I hear banks are adding huge redemption fees at the end of fixed terms and lowering arrangement fees to make deals look a lot more attractive, so make sure you calculate everything and look at the overall mortgage cost rather than just rates people
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boltkunt
12:45 Thu Jul 14
Re: Interest rate drop
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Hermit, obviously depends on where you buy.
On the outskirts of London, whilst the jump in stamp duty will effect a fair amount of investors due to rental prices being stupidly high they will recover the extra money in no time at all.
Savers have had is shit for years, this doesn't change that.
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ludo21
12:45 Thu Jul 14
Re: Interest rate drop
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My mortgage rate is 0.19 above base..... happy days!
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Clubfoot
12:48 Thu Jul 14
Re: Interest rate drop
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i'm 0.89 over base with First Direct on a flexible mortgage
There's probably cheaper out there but i sleep well at night .
good luck people, stay classy
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Al Jolson
12:48 Thu Jul 14
Re: Interest rate drop
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Any savvy savers (married / couples) can get 3% on £60,000 in the 123 Santander accounts
Decent return in today's market
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boltkunt
12:51 Thu Jul 14
Re: Interest rate drop
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Also Hermit, Estate Agents are just having to be estate agents again, rather than just chucking properties onto rightmove and allowing that to do the job tehy have to get on the phones and generate business.
Can't see that being a bad thing either.
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Al Jolson
12:51 Thu Jul 14
Re: Interest rate drop
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Clubfoot 12:48 Thu Jul 14
decent rate that......are you free to leave any time and make over payments
I've just become a FD bank customer and their mortgages seem decent
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boltkunt
12:58 Thu Jul 14
Re: Interest rate drop
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Jolson, you won't get an FD mortgage.
85% of FD/HSBC applications get declined.
You being a pikey cunt would mean you're highly unlikely to get accepted.
swt
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penners28
1:08 Thu Jul 14
Re: Interest rate drop
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Jolson, no. I was on 3% + br tracker. fixed at 4%
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J.Riddle
1:13 Thu Jul 14
Re: Interest rate drop
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Most banks will trouser it as usual.
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Al Jolson
1:16 Thu Jul 14
Re: Interest rate drop
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Bolty
I'll have you know I have 30% LTV on a £400k Cambridgeshire property............ they will be inviting me in with whores on tap
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