Reply to: Base rate cut 0.5%

[Iron Condor]

I benefit form it too....but we must be the teeniest minority of people!

There are several million tracker mortgages out there and i would reckon 25% or less have collars on them.

So its not a teenie minority.

[Guinness_Cat]

Going back to the 90s a mate of mine in his 50s had a very low mortgage but decided not to pay it off. His reasoning was that it was quite affordable and if he need some spare cash he could easily raise it. That was then of course, and he wasn't the type of chap to go borrowing silly amounts.

My folks said it was one of the worst things they ever did to repay it all - made it very hard when they wanted to borrow some money to help by borther out with a short term loan...

[Sysman]

The only losers here are 50 year olds with a mortgage

Going back to the 90s a mate of mine in his 50s had a very low mortgage but decided not to pay it off. His reasoning was that it was quite affordable and if he need some spare cash he could easily raise it. That was then of course, and he wasn't the type of chap to go borrowing silly amounts.

[Bagpuss]

The only losers here are 50 year olds with a mortgage

[Francko]

Francko obviously does not have a tracker mortgage.

I don't have a mortgage at all. I paid off my retirement flat when I was a little over 30 already...

[Cyberman]

Yes, they are. Just pop into your local bank of BS and say "I want an interest free mortgage please."

HTH

[DimPrawn]

are these collar free tracker mortgages still available ?
I will have one

Yes, they are. Just pop into your local bank of BS and say "I want an interest free mortgage please."

HTH

[Cyberman]

Francko obviously does not have a tracker mortgage.

[SallyAnne]

WHS

I benefit form it too....but we must be the teeniest minority of people!

It just doesn't seem fair on others. People are being shafted left, right and center, and they're being made to feel like proper charlies for having the "wrong" mortgage.

It'd just be more beneficial if they took the interest rates off Credit Cards and/or loans. Or made ALL mortgages pass on the interest rate cuts. People shouldn't be penalised.

[Andy2]

are these collar free tracker mortgages still available ?
I will have one

[Francko]

Those on fixed rate. No.

Those on SVR, likelyhood no.

Those on tracker, mostly have collar, so no.

AFAIK, only one mortgage is tracker no collar.

So overall, for 99% of people in the UK, they will be no better or even worse off (savers).

Why are you making things that complicated for cyber?

Just say good/bad, interest rates down = good for him and so and so...

Some minds do have some limitations unfortunately, you shouldn't push his boundaries that high to let him consider the 99% of the population if not him.

[BrilloPad]

Who does benefit in this? banks?

******* ridicuolous

Do banks benefit?

Rate they were paying savers was almost zero anyway. I cant see savings or mortgage rates going down : in fact banks will lose to those who have trackers.

[Cyberman]

Who does benefit in this? banks?

******* ridicuolous

They benefit on existing fixed rate mortgages, but they are losing out on a grand scale with trackers as some people are now paying a zero rate.... ie nothing. Thus, banks are not currently offering trackers. Overall, this is bad for the banks.

[Lockhouse]

My mortgage is collar-free tracker-tastic. Boomed!

WHS

[swamp]

My mortgage is collar-free tracker-tastic. Boomed!