Interest Rates Cut to 2%

As a saver and a family on a fixed rate, this is terrible news ?

For me too ?

sad about The Pier though.

As a person with huge debts and a tracker, interest-only mortgage (at 0.16 above base) and a baby due in 8 months, I couldn't be happier ? We might be able to be debt-free in 8 months time, if we're very careful.

Dammit. i really like the pier.

interest rates, i'm not sure how it would affect me, i can't make head nor tail of our mortgage thing.

Ours is a tracker too, at 0.23 above BoE, but collared at 2.73% I think. I never imagined we would hit the collar when we took the mortgage out in January.

Does anyone have any idea how long these low rates are likely to last? We don't come off our fixed rate until 08/09.

And HBOS have annouced they won't enforce the 3% floor either woo!

That's good for us, our mortgage has already come down about £80 a month so every little helps.

Not so good for our savings but as there's not a huge amount of them it doesn't matter. Money off my mortgage is the most important thing atm.

We have a discount tracker but this cut has meant it has hit the collar. We do have a small amount of savings as well that won't be getting much interest but overall the cut will benefit us so woo hoooo!!!

Just got to get a new job now......

Yes. ANd thanks to the utter cnut I married, I am sitting on a standard variable rate and currently paying 6.5% and am chronically skint. Thanks a lot, you utter fucking fuckwit. [/rant]

We're on a tracker mortgage too, so this is good news for us.

We're also on 6.2% until Oct 2010 having recently taken out a fixed rate 2 year mortgage ?.

Damn our stupid 6%odd fixed mortgage

Exactly the same here. Our mortgage is now £400 less than it was a year ago when we moved in. If we're really, really careful we could be debt-free by the time the baby arrives. It's easy to be careful when you feel like death warmed up and haven't bought wine for 6 weeks ?

Exactly the same here. Our mortgage is now £400 less than it was a year ago when we moved in. If we're really, really careful we could be debt-free by the time the baby arrives. It's easy to be careful when you feel like death warmed up and haven't bought wine for 6 weeks ?

We just completed on a 6.8% fixed for 2 yrs.

Sh*it mutherf*cker f*uck Sh*it.

Damn our 6% something 2 year fixed rate - signed off about 3 days before the last rate cut!!! Tried to change it, but funnily enough mortgage people said no!!

Sorry, but I'm in the 'couldn't be happier' kleek - we have an offset mortgage, so we don't get any interest on our savings, but our savings reduce the amount of our mortage we have to pay interest on. The bank we're with usually reduces its mortgage interest rates when the BoE rate goes down, so this is awesome news for us.

I do feel for the people who've been sensible and saved and are now getting clobbered, and those who are stuck with high fixed-rate mortgages. It sucks when you've tried to do the right thing and got caught out - there but for the grace of God and all that.

We are currently trying to remortgage after our 3 year fixed ends at the end of the year... you know something the greedy banks mean that we are actually going to be paying more than we are now, as the good rates mean that you need 40% equitity in your property for the good rates now as they have scrapped the 25% which we had.

We are currently trying to remortgage after our 3 year fixed ends at the end of the year... you know something the greedy banks mean that we are actually going to be paying more than we are now, as the good rates mean that you need 40% equitity in your property for the good rates now as they have scrapped the 25% which we had.

I know a really good mortgage guy if you want help finding the best deal

L
xx

Im another in the happy kleek...

Of course assuming that NR pass on the rate cut, our fixed rate ends on 1st Jan and we then go onto their SVR

We have savings too, but the amount we gain from the mortgage cut far outweighs what we lose from the savings.

I think the banks will be under considerable pressure to pass on the cut - they were last time, and the government owns considerable stakes in a nuimber of them now, so it'd be highly embarrassing for them if the banks didn't drop their rates.

It's all ups and downs though, it could be the other way with tracker rates up to 8% for example and everyone on 6% fixed laughing. We've just come onto a tracker from a 5.4% fixed rate (least I think it was that) so we're still paying more at the moment as our tracker rate is about 5.9% or something I think.

It's all swings and roundabouts, what I'd like is a nice 5% fixed for several years so I don't have to worry about the ups and downs.

Oh no, I love the Pier.

Kind of good news for us with some debt and a mortgage that's about to be shifted onto a let rate. Will save us a fortune as we're paying 6.5% just now

What's happened to the Pier? I couldn't see anything.

I am pleased, we are on a tracker rate and have saved £200 a month already. I do feel sorry for the savers though and those on fixed rates. Although, we took a big risk going on a tracker for 5 years, but its definitely paid off. It ends in July next year though, so hopefully there'll be some better deals out there by then.

Thats the risk of a fixed rate though isn't it - we're fixed for another year so its not good for me, but I don't begrudge it to anyone else, its not made me worse off after all.

Damn! I like The Pier, too!

With a tracker mortgage the rate cuts have been good news for us - particularly as Mr GMT is currently unemployed and I've spent nearly all my savings baling him out of his financial messes. He is utterly, utterly hopeless when it comes to money .....

With a baby due in 2 weeks and huge debts. Our mortgage on the property we rent out is a tracker and has gone down almost £240 so far, not sure if there is a limit on it though. Our mortgage on our own house in unfortunately a fixed rate so it would have been good to have a crysta ball last year when we took out a new mortgage. But am due to go on SMP at £117 a week soon so the extra £240 is a godsend to us as we now make profit from our rental.

We fixed at 5.9% for five years last summer, and for the first time ever we have some money to put into a savings account too, so this double sucks!