Bank of England Base rate & other news

[DoctorStrangelove]

Despite what the gov and BoE say, interest rates are not about controlling inflation. Recent inflation was caused by "printing" too much money but it's much easier to blame Joe public spending on extravagant items such a water, electricity and food.

Damn uppity peasants wanting to eat & keep warm.

Are there no prisons?

Are there no workhouses?

Bah! Humbug!

[Martin@AS Financial]

An interesting report from the Bank Of England which collects data from around 340 mortgage lenders:

https://www.bankofengland.co.uk/stat...s/2023/2023-q4

One of the key points that jumped out at me straight away is that the value of all residential mortgages have decreased by 0.1% from the previous quarter.

As interest rates remain bumpy, many clients that I am speaking to (who are in a fortunate enough position to do so) are making lump sum over payments off their mortgages.

[northernladuk]

An interesting report from the Bank Of England which collects data from around 340 mortgage lenders:

https://www.bankofengland.co.uk/stat...s/2023/2023-q4

One of the key points that jumped out at me straight away is that the value of all residential mortgages have decreased by 0.1% from the previous quarter.

As interest rates remain bumpy, many clients that I am speaking to (who are in a fortunate enough position to do so) are making lump sum over payments off their mortgages.

Madness not to with the hikes that some people will be facing when they have to swap products.

[I am tired TIRED]

An interesting report from the Bank Of England which collects data from around 340 mortgage lenders:

https://www.bankofengland.co.uk/stat...s/2023/2023-q4

One of the key points that jumped out at me straight away is that the value of all residential mortgages have decreased by 0.1% from the previous quarter.

As interest rates remain bumpy, many clients that I am speaking to (who are in a fortunate enough position to do so) are making lump sum over payments off their mortgages.

All depending on ones's age I think. If near 55, topping up one's pension instead is still a viable option

[vetran]

An interesting report from the Bank Of England which collects data from around 340 mortgage lenders:

https://www.bankofengland.co.uk/stat...s/2023/2023-q4

One of the key points that jumped out at me straight away is that the value of all residential mortgages have decreased by 0.1% from the previous quarter.

As interest rates remain bumpy, many clients that I am speaking to (who are in a fortunate enough position to do so) are making lump sum over payments off their mortgages.

Sadly only possible if you don't have an early termination penalty because you had the luck to set it 4 years ago, its gone in a yearish!!! currently its still cheap money!



Its going to get nasty out there very soon sadly.

[Martin@AS Financial]

With most mortgages, you can overpay by 10% of the outstanding balance per year. As interest tends to be calculated on a daily basis, any overpayment you make means you should receive the benefit as of the next day. For example, if you have a £500,000 mortgage and overpay it by £50,000, as of the next day you are paying interest on the £450,000.

The price of mortgage rates are calculated according to risk so the lower loan to value (ie the more equity you have in your home), the lower your interest rate will be. Whilst it may not be possible to clear the entire mortgage, you may find you are able to achieve a lower rate by paying it down to get into the next bracket of products.

As long as the money isn't ear marked for anything else and the war chest remains healthy, I would always recommend trying to clear your mortgage as quickly as possible.

[Martin@AS Financial]

Today, the Monetary Policy Committee voted by a majority of 8-1 to maintain the base rate at 5.25%.

Full report here:

https://www.bankofengland.co.uk/mone...024/march-2024

[Martin@AS Financial]

UK inflation slows its fall, pushing back rate cut bets

Interesting report from Reuters.

With inflation now at 3.2%, there is still some serious amount of work to be done to get it to the government set target of 2%. This will also be very much dependent on what happens on the world stage over the next few months.

Full story here:

https://www.reuters.com/world/uk/uk-...ch-2024-04-17/

[Martin@AS Financial]

As you were:

Bank rate maintained at 5.25% - May 2024

Full report here:

https://www.bankofengland.co.uk/mone.../2024/may-2024

[Martin@AS Financial]

Taylor Swift’s London Eras Tour could delay Bank of England rate cut, analysts say

An interesting report from CNBC claiming that "Swiftflation" could defer a possible September rate cut.

https://www.cnbc.com/2024/06/14/tayl...-rate-cut.html