Reply to: Boe

[Diver]

1.5% !!!!!

A very frightening occurrence

Now everyone can see a light at the end of the tunnel.


"It's on fire you Idiots"

[Gonzo]

The fact that mortgages are cheaper will be little consolation to the people that can't afford them any more because they don't have a job. There will be an explosion of those before the year is out.

I walked out of the office this morning at 11:45 to get a sandwich for my lunch. This bloke walked past me and I thought, hang on a minute, is that who I think it is?

I turned around and watched him wander into Austin Reed

ClientCo is just over the road from the Bank of England but in all the time I have been there I have never thought it likely that I would see the Governor of the Bank of England wandering about.

He looked to me like he had rather a lot on his mind .....

[HairyArsedBloke]

If you ain’t scared, you ain’t right
-- Taj Mahal

IF you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,

Then you have no idea of the seriousness of the situation and the mess we are in.

[ace00]

Unless we all get out and spend lots I dont see it happening. Hence we need to borrow more than the huge amount of debt we already owe. You know it makes absolutely no sense.

[swamp]

I doubt lenders will pass it, even for "trackers" - many lenders have got some exclusions for that in small print that nobody reads.

Indeed they have, and it's called a collar.

But, AFAICT, my lender doesn't implement a collar!

[BrilloPad]

I expect rate cuts to give a boost to equity values regardless of the state of the local housing market.

Unless we all get out and spend lots I dont see it happening. Hence we need to borrow more than the huge amount of debt we already owe. You know it makes sense.

[expat]

Statement from Bank of England



Smells of panic to me.

If you ain’t scared, you ain’t right
-- Taj Mahal

[ace00]

Well if the banks wont cut mortgages by 150bps - what do you expect?

I expect rate cuts to give a boost to equity values regardless of the state of the local housing market.

[BrilloPad]

FTSE 100: 4,391.63* -139.10 (-3.07%)

Oh well. Nice try.

Well if the banks wont cut mortgages by 150bps - what do you expect?

[ace00]

FTSE 100: 4,391.63* -139.10 (-3.07%)

Oh well. Nice try.

[Bagpuss]

A 'tracker' is designed to 'track' the BoE base rate, how could a lender say otherwise?

Nationwide has a clause where their tracker won’t fall below 2.75% but we're not quite there yet.

and the TSB one won't be any worse than 2% above BOE so probably going to be 5%. Marvelous!

[gingerjedi]

I doubt lenders will pass it, even for "trackers" - many lenders have got some exclusions for that in small print that nobody reads.

A 'tracker' is designed to 'track' the BoE base rate, how could a lender say otherwise?

Nationwide has a clause where their tracker won’t fall below 2.75% but we're not quite there yet.

[Mich the Tester]

The ECB has followed suit, but of course the bastard bankers who’ve been paid quazillions of pounds while fooking up the world’s economy won’t pass these cuts on to borrowers; they’d rather stick to what they know, hoarding other people’s cash for their own bonuses and fooking up healthy businesses by cutting credit lines.

[Bagpuss]

I doubt lenders will pass it, even for "trackers" - many lenders have got some exclusions for that in small print that nobody reads.

they will knock it off the savings rates though. Credit boom, the new socialism, i.e. lend to those who have nothing at the detriment of those who have

great news indeed, im paid in euro's woohooo

Yep, good move you made there!

[AtW]

I doubt lenders will pass it, even for "trackers" - many lenders have got some exclusions for that in small print that nobody reads.