Reply to: Bank of England Governor Sir Mervyn King to issue seventh inflation apology in a row

[AtW]

OK, since you ask let's go back to when UK had the chance to join the euro. It is well documented on here that you would have joined it.

Yes I would have.

The result of that would have meant that, not only would you have had no control over interest rates

ECB dropped rates just like BOE and the Fed did, so your argument is total tulip.

Now ECB started slow increase in rates because it is way overdue, BOE lost control over rates anyway - they are meaningless when they are near zero anyway.

[shaunbhoy]

Just wait until 20-30% payraises demanded by unions

[Doggy Styles]

That would depend on time period. Is it now? Is it 5 years ago? Is it 1997 when he joined "independent" monetary policy committe? Is it 1948 when he was born?

Be more specific and I might just grace you with the answer worth remembering.

OK, since you ask let's go back to when UK had the chance to join the euro. It is well documented on here that you would have joined it.

The result of that would have meant that, not only would you have had no control over interest rates, but you would also be paying a lot more to bail out the eurozone. I might be wrong but I'd say that's a fail.

So what about now? What levers would you pull that Mervyn King hasn't?

[DimPrawn]

Walked past Halifax yesterday - they show 2.79% mortgage rate fixed for 2 years, but small print says you need to have 40% deposit

Who needs a mortgage, when there's housing benefit?

Family on benefits move into £2 million home - Telegraph

[Old Greg]

I'm thinking of offering personal loans, nought percent interest for 5 years**

**100% admin fee applies.

I'd like a loan of -£1,000,000 please.

[lilelvis2000]

I'm thinking of offering personal loans, nought percent interest for 5 years**

**100% admin fee applies.

Don't let it out. the banks might copy that and you'd get nothing.

[DimPrawn]

I'm thinking of offering personal loans, nought percent interest for 5 years**

**100% admin fee applies.

[PAH]

Like those 0% balance transfer offers on credit cards, with an arrangement fee of ~3%. So that's really a 3% balance transfer isn't it.

If inflation continues to rise will mortgage rates go up even if the BoE allows the base rate to remain as it is?

[MrRobin]

It's called an admin fee, but it's really a subsidy.

APR is there to compare like for like.

[AtW]

It sounds like the kind of product that will be target for lawsuits in the future just like ridiculous overdraft fees...

[lilelvis2000]

Oh, forgot to mention that - admin fee was £1300 or something plus £250 for something, wtf - this sort of money should buy month of admin work.

Its incredibly amazing how for a different product - one at a better rate - the admin fee is about double. Is there more work invloved. I mean, are there more keyboard keys to press, more photocopying, more e-mails and more post?

[AtW]

Yeah, we looked into lower offers but the "admin fee" was about 5 times what we would save over the term of the offer. So we're a bit stuck at the mo'. Only have about £30K left on it so we might just pay it off in a lump sum and be rid of that noose around our necks.

Oh, forgot to mention that - admin fee was £1300 or something plus £250 for something, wtf - this sort of money should buy month of admin work.

[lilelvis2000]

Walked past Halifax yesterday - they show 2.79% mortgage rate fixed for 2 years, but small print says you need to have 40% deposit

Yeah, we looked into lower offers but the "admin fee" was about 5 times what we would save over the term of the offer. So we're a bit stuck at the mo'. Only have about £30K left on it so we might just pay it off in a lump sum and be rid of that noose around our necks.

[Old Greg]

Walked past Halifax yesterday - they show 2.79% mortgage rate fixed for 2 years, but small print says you need to have 40% deposit

2 years is daft. It's worth paying extra for a 5 year fix.

[AtW]

Walked past Halifax yesterday - they show 2.79% mortgage rate fixed for 2 years, but small print says you need to have 40% deposit