As you were:
Bank rate maintained at 5.25% - May 2024
Full report here:
https://www.bankofengland.co.uk/mone.../2024/may-2024
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Reply to: Bank of England Base rate & other news
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Previously on "Bank of England Base rate & other news"
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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/
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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
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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.
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Originally posted by Martin@AS Financial View PostAn 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.
Its going to get nasty out there very soon sadly.
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Originally posted by Martin@AS Financial View PostAn 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.
Leave a comment:
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Originally posted by Martin@AS Financial View PostAn 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.
Leave a comment:
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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.
Leave a comment:
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Originally posted by Paddy View Post
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.
Are there no prisons?
Are there no workhouses?
Bah! Humbug!
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There's more than one factor, for sure. Wars, pandemics, interest rates, money creation, crop yields, sentiment will all be having an effect. I don't think many people actually are blaming the public for high inflation anyway?
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Originally posted by Smoggy View PostThe CPI index is at the same level it was 7 months ago meaning inflation of 0% over this period. Unless something dramatic happens the BoE will easily undershoot the 2% year on year target in the coming months.
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The CPI index is at the same level it was 7 months ago meaning inflation of 0% over this period. Unless something dramatic happens the BoE will easily undershoot the 2% year on year target in the coming months.
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UK inflation holds steady at 4% in January
Hopefully this is a sign that things are gradually improving although still a fair way to go to get the government set target of 2%
Full story here:
https://www.financialreporter.co.uk/...n-january.html
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Originally posted by dsc View Post
60k is 3.7k take home, for a single that might allow you to live fairly comfortably, but you'd be mad to call yourself wealthy at that point. We are talking 10% of the entire work force, "best earners" in the country, that is imho very depressing how tulip wages have been in the UK over the last 10 years.
I just googled top 10% income in the USA, it came back with $173K. And the top states like California are way more than that.
And the tax rates over there are way lower as well for someone earning that kind of money.
We have almost created equal pay for all workers communism here in the uk. Over 70% of the full time workforce earn after tax somewhere between £1600 and £2600 a month. If you earn £60K, top 10% you take home after tax just a bit more than double what a full time cleaner on minimum wage does. If you earn 100K you take home around 3.4 times what a cleaner does.Last edited by Fraidycat; 1 February 2024, 13:37.
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Bank rate maintained at 5.25% - February 2024
Full report here:
https://www.bankofengland.co.uk/mone.../february-2024
Leave a comment:
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