Breaking News: Bank Rate down again

[bocadillo]

Another 0.5% - now 1.5%

 

[newtonfox]

This should be in the credit crunch thread TBH .

 

[Jeff]

This should be in the credit crunch thread TBH .

Why?

So people who don't have the time to read a thread with nearly 400 posts will miss it?

 

[newtonfox]

fair enough

 

[bocadillo]

Why?

So people who don't have the time to read a thread with nearly 400 posts will miss it?

Which is entirely the reason I started a new thread rather than having important new news hidden in a long thread which many people will already have stopped reading.

 

[RHYDAL]

Which is entirely the reason I started a new thread rather than having important new news hidden in a long thread which many people will already have stopped reading.

But all this will do is encourage another 400 posts from us happy trackers gloating about paying 2.2% or suchlike.

 

[Brauny Blue]

But all this will do is encourage another 400 posts from us happy trackers gloating about paying 2.2% or suchlike.

2 months to go on my fixed mortgage.

Roll on April :icon_bigg

 

[The Major]

If people can afford it, I'd advise people to carry on paying the same amount as they used to and overpay their mortgage. We're over paying by about £60extra a month from the last rate cut. These low interest rates won't last for ever, now's a good chance to knock a few thousand off your mortgage.

 

[beaumontfox]

I'm putting the money into my savings account, cos tbh there's more chance I'll need it in there than to pay a bit extra off the mortgage each month. At least I'm not spending it(as tempting as that is!)

 

[muzzysgal]

If people can afford it, I'd advise people to carry on paying the same amount as they used to and overpay their mortgage. We're over paying by about £60extra a month from the last rate cut. These low interest rates won't last for ever, now's a good chance to knock a few thousand off your mortgage.

Excellent advice, and something that I did for quite a few years until my circumstances changed. I don't regret doing it at all and will do so again, as soon as I can.

 

[Melton Fox]

If people can afford it, I'd advise people to carry on paying the same amount as they used to and overpay their mortgage. We're over paying by about £60extra a month from the last rate cut. These low interest rates won't last for ever, now's a good chance to knock a few thousand off your mortgage.

Excellent advice

Is it? I suppose at first glance it may appear so, but I'd say it's far from that.

The government reduced the VAT rate which should help to kickstart consumer spending again. The BOE have yet again reduced the interest rates to an all time low with a view to increasing consumer spending.

We currently have 1000 companies going bankrupt each month and a major part of that reason is because people won't part with their money. People can't be shocked or saddened by our high street stores going bankrupt if they won't spend their money with them.

The banks have played a massive part in this shit we are now experiencing. So why the **** when the government and the BOE make steps towards cleaning up the bank's shit would we want to go and give them back more of our money? What are the banks going to do with it? Donate it to the high street stores in trouble? Or maybe keep it for their big fat greedy selves?

We have been given money by the powers that be, we should use it to help, not to give to the banks. My mortgage is now £300 per month less than it was this time last year, I aint giving this to the bank, I'm going to spend it wisely.

Selfishly Major's sugestion may be the best thing to do, but if we all do it, the country's finance will just keep getting worse. There are a few ways for the economy to improve, but spending in the high street stores will have the quickest and most beneficial effect.

 

[muzzysgal]

Is it? I suppose at first glance it may appear so, but I'd say it's far from that.

The government reduced the VAT rate which should help to kickstart consumer spending again. The BOE have yet again reduced the interest rates to an all time low with a view to increasing consumer spending.

We currently have 1000 companies going bankrupt each month and a major part of that reason is because people won't part with their money. People can't be shocked or saddened by our high street stores going bankrupt if they won't spend their money with them.

The banks have played a massive part in this shit we are now experiencing. So why the **** when the government and the BOE make steps towards cleaning up the bank's shit would we want to go and give them back more of our money? What are the banks going to do with it? Donate it to the high street stores in trouble? Or maybe keep it for their big fat greedy selves?

We have been given money by the powers that be, we should use it to help, not to give to the banks. My mortgage is now £300 per month less than it was this time last year, I aint giving this to the bank, I'm going to spend it wisely.

Selfishly Major's sugestion may be the best thing to do, but if we all do it, the country's finance will just keep getting worse. There are a few ways for the economy to improve, but spending in the high street stores will have the quickest and most beneficial effect.

Depends what's more important to you, I guess - helping this country or clearing your biggest personal debt

For me, it's the latter.

 

[Melton Fox]

Depends what's more important to you, I guess - helping this country or clearing your biggest personal debt

For me, it's the latter.

If we don't "help this country", then those of us with 50%+ to pay on our mortgages will be in fear of negative equity if the house prices don't stop falling. Putting a few extra quid away each month is going to do nothing to help our immediate personal financial status, but a collapse of the economy could be devastating, and it's possibly imminent. I am more likely to keep my house by spending in the high street than giving a nominal extra to my lender each month, but only if everybody else does.

We need to spend to rescue, we are being helped to do that by the powers that be.

You overpaid on your mortgage with the disposable income you had when the economy was strong, that is totally different to the current situation. We have been given money to help out, I believe we must.

 

[The Major]

By over paying your mortgage and giving money to the banks you enable the banks to lend that money on to businesses in this country, which will achieve more for the economy than spending any spare income on cheap Chinese/Indian imports.

 

[Melton Fox]

By over paying your mortgage and giving money to the banks you enable the banks to lend that money on to businesses in this country

You enable them too, but they won't. Banks are shitting themselves and are trying to consolidate as much money as possible, not hand it out.

Manufacturing in this country is dead, it died years ago. Importing products is now the way things are done. We need to get the cash flow going again to enable the retailers/wholesalers to re-stock. Banks aint gonna lend to the like of Woolies to help them for fear of losing their money, we need to do it.

Most of us are better off than we were this time last year, not worse off. You go tell the Woolies staff (and the like) what you plan to do with your extra money and see what they think of it?

Don't kid yourself that looking after number one is having a positive knock on effect.

 

[Jeff]

Depends what's more important to you, I guess - helping this country or clearing your biggest personal debt

For me, it's the latter.

You killed Woolies.

 

[MKFox]

My mortgage is now £300 per month less than it was this time last year, I aint giving this to the bank

OK, give them a grand in few years instead.

 

[Melton Fox]

OK, give them a grand in few years instead.

When that happens I'll have no choice, but for now I do.

 

[bocadillo]

You killed Woolies.

Good on yer, Muzzysgal. It had been ill for years and it needed somebody like you to finish it off.

 

[Billyjof]

I think everyone should just go out and buy some tropical fish.