interest rates cut to all time low........

[graham John]

Interest rates hit all-time low




The Bank of England has cut interest rates to 1.5%, the lowest level in its 315-year history, as it continues efforts to aid an economic recovery.
The half percentage point reduction brings interest rates below 2% for the first time since the Bank of England was founded in 1694.
Manufacturers' association EEF said the move was "too timid", and that the Bank should have cut rates further.
The Bank has now reduced rates four times from October's 5% level.
Explaining its decision, the Bank said the level of contraction in business activity had "increased during the fourth quarter of 2008, and that output is likely to continue to fall sharply during the first part of this year".
It added: "Surveys of retailers and reports from the Bank's regional agents imply that consumer spending has weakened." 'Why wait?' "Whilst the Bank has indicated it wanted to take a measured approach to cutting rates, this is too timid to deal with the current situation," said EEF chief economist Steve Radley.





cheeRS

[oldskooljoe]

heard on the news lark !

[Banishit]

its great mortage is down nearly £400 a month in the last 8 months

[Aaron P.]

Would love to say the same brian...im a bloody fixed mortgage for 3 years....srill got over 15 months to go b4 i can get any benefits

[Mogsmex]

its great mortage is down nearly £400 a month in the last 8 months

Ditto

I could have afforded to have kept my mk2 now

[taffr]

we've just finished our three year fixed deal, now on a tracker, had a great suprise when they told me how much it had come down, 5% down to 2% now another half % of again, great news

[daytona_2000]

i cant join in on this one i aint got a mortgage

[Martin]

Be careful as a lot of Building Societies will only drop the mortgage down to a set level. Mine has a minimum level of 1.25% above the BoE Base Rate but if the rate drops below 2% then I do not get any extra benefit.

So in real terms my mortgage cannot drop below 3.25% no matter what level the BoE rate becomes even if it drops to 0% I will still pay 3.25%

[rwdrs]

couldn't you take advantage and re-mortgage?

[Martin]

Not really Jamie as most Building Societies have now removed tracker mortgages from their lists due to the low BoE rates.

I am on a good deal anyway, but would like to benefit from even lower Interest Rates

[RStu]

I got 3 years left on my fixed too

[taffr]

couldn't you take advantage and re-mortgage?

the trouble with a re- mortgage is that the fees to set it up may cost more than the interest rate savings

[lee bishop]

our 2 year fixed deal ends in feb, got loads of appointments booked with lenders, hopeing to score a decent new deal

[rwdrs]

the trouble with a re- mortgage is that the fees to set it up may cost more than the interest rate savings

yeah, but the advantage of the savings and flexibility will be retained for as long as the economy is in the doldrums, not just the initial cost, or not?

I know the old man is loving it, as his repayments have dropped nicely

[driverace]

Rate cut

Bad news for me lads NO mortgage and now low interest rates which us pensionistas dont want ,but best wishes to you guys with mortgages ,its good for you,we will have to manage on my basic pension .Did any of you guys see Chanel 4 the other night,when the French guy said we will not let you English into the Euro.The blond journalist said to him "In an english vote 79% said they did,nt want the Euro,What part of Pi** off do you lot not understand"