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Colin

posted on 10th Nov 08 at 22:22

Im out of a mortgage deal & on the BOE Base rate just now with no plans on changing.


Tim

posted on 10th Nov 08 at 22:07

You might want to check your T&C too. Normally cancelling a fixed-rate mortgage during the initial term results in a hefty fee (ours is 3% of the balance!)...

I've got to re-mortgage in May though -- hopefully the recent cut in base-rate will filter through in the New Year.


Ian

posted on 10th Nov 08 at 21:35

The American economy was in a state well before the rate dropped to 1% Deano.


deano87

posted on 10th Nov 08 at 14:51

Yes. America dropped their 'Bank of America' interest rates to 1%, resulting in every body getting loans and mortgages. Then everyone started defaulting on payments etc :|


Ian

posted on 10th Nov 08 at 14:48

I think he means that cheap borrowing has got the economy in the current state.

I can't see the rate going much lower. Not much of it will be passed on to borrowers because most trackers will have a floor rate. Therefore all the government's talk about banks co-operating will be largely academic.


Bart

posted on 10th Nov 08 at 12:48

quote:
Originally posted by deano87
1% is what got us in this silly mess thanks to the Americans.


How do you mean?


deano87

posted on 10th Nov 08 at 08:32

1% is what got us in this silly mess thanks to the Americans.


daymoon

posted on 10th Nov 08 at 08:26

i think i gonna take a mortgage when they go down to -10% :D

happened in japan once...

as for 1 percent - dint think so.


Bart

Icon depicting mood of post posted on 10th Nov 08 at 08:21

I've heard whispers that it may be coming down to 1% :!

Is there likely to be any truth in that?
We're currently fixed at 6.5% (i think), and are considering cancelling and setting up a new mortgage rate, but It would all depend on whats going to happen.

[Edited on 10-11-2008 by Bart]