Page 1 of 2 12 LastLast
Results 1 to 10 of 19

Thread: So now its 0.5%, whos benefitting then?

  
  1. #1
    Status
    Offline
    mattcoupturbo's Avatar
    AOC Obsessed
    Join Date
    Aug 2005
    Posts
    4,765
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)

    So now its 0.5%, whos benefitting then?

    Bank of England dropped base rate to 0.5%. Personally im not benefitting as my mortgage is set for another 2 years, plus im probably in negative equity now to, what with house prices dropping. Plus banks arn't really passing on the savings yet as most other mortgages i've seen are still siting around the 4-5% mark so not really worht me paying £3000 to cancel my mortgage early. God damn it

  2. #2
    Status
    Offline
    bigstring's Avatar
    AOC Obsessed
    Join Date
    May 2008
    Posts
    4,156
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Not me mate, lost my house 3 years ago when miss's was ill with kidneys, ow well, 0.5%, everything will be worth nothing soon!!
    Celica T-Sport , Audi S3 , scania r series

  3. #3
    Status
    Offline
    Ryan_Fisher's Avatar
    AOC Regular
    Join Date
    Oct 2007
    Posts
    262
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Not me mate, as i have no mortgage for the house (never have) and all money is/was in bank. So gettin sh#t all return so have to resort to more risky options!! Soon have enough to get another house tho!!

  4. #4
    Status
    Offline
    celticrsmith's Avatar
    AOC Fanatic
    Join Date
    Feb 2005
    Posts
    672
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Quote Originally Posted by mattcoupturbo View Post
    Bank of England dropped base rate to 0.5%. Personally im not benefitting as my mortgage is set for another 2 years, plus im probably in negative equity now to, what with house prices dropping. Plus banks arn't really passing on the savings yet as most other mortgages i've seen are still siting around the 4-5% mark so not really worht me paying £3000 to cancel my mortgage early. God damn it

    im just off the blower to my financial advisor and im in a similiar boat to you. i took out a 5year fixed rate just last year @ something silly 5%!! but that was the best fixed rate going at the time. although the 0.5% is great, we couldnt really survive if it were to go up and basically shaft us. we earn the same each month so liked to know our outgoings.

    he says that theres the £2.2k ERC plus the £££ of applying for a new mortgage which are still sitting @ 4.7% so the difference is basically the same.

    the only thing that plays in our favour is that we bought our property for almost half of its market value . and saying that, weve only got about 14years left to pay it off which isnt too bad for being 25. it WILL be paid off by the time im 35 though....*touches wood*

  5. #5
    Status
    Offline
    demogorgon's Avatar
    AOC Obsessed
    Join Date
    Mar 2008
    Posts
    2,534
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    hell no. banks aren't lending, as I well know. I own a property abroad and wanted 15k to buy out my dad's share of my property here (which I own 85%) and was refused, but they told me I can get 22k if I want a car
    Men have two emotions: Hungry and Horny. If you see him without an erection, make him a sandwich

  6. #6
    Status
    Offline
    Burger Boy's Avatar
    AOC Obsessed
    Join Date
    Nov 2006
    Posts
    4,879
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    i am. im on a standard variable mortgage rate so aslong as northern rock reduces the rate again then i will be better off, i just wish i would see the full reduction not a partial.
    Castle Combe Saloon Car Championship. Car 21, pug 106 GTI. Gone from track days to full on racing

  7. #7
    Status
    Offline
    Mordoklej's Avatar
    AOC Obsessed
    Join Date
    Feb 2007
    Posts
    2,738
    Mentioned in
    0 Post(s)
    Quoted
    5 Post(s)
    I am.. variable rate with Nationwide. Their rate is always no more than 2% over base rate.. So I'm expecting 2,5% now.
    FAMILY SHED: VAUXHALL ASTRA 2.2 SRI
    ROAD MISSLE: HONDA CBR1000RR FIREBLADE
    TRACK MISSLE: none

  8. #8
    Status
    Offline
    Want_A_VECCY_VXR's Avatar
    AOC Fanatic
    Join Date
    Oct 2005
    Posts
    428
    Mentioned in
    0 Post(s)
    Quoted
    0 Post(s)
    Quote Originally Posted by celticrsmith View Post
    im just off the blower to my financial advisor and im in a similiar boat to you. i took out a 5year fixed rate just last year @ something silly 5%!! but that was the best fixed rate going at the time. although the 0.5% is great, we couldnt really survive if it were to go up and basically shaft us. we earn the same each month so liked to know our outgoings.

    he says that theres the £2.2k ERC plus the £££ of applying for a new mortgage which are still sitting @ 4.7% so the difference is basically the same.

    the only thing that plays in our favour is that we bought our property for almost half of its market value . and saying that, weve only got about 14years left to pay it off which isnt too bad for being 25. it WILL be paid off by the time im 35 though....*touches wood*
    Dont let anyone kid you into thinking 5% isnt a brilliant rate (assuming its a longer term thing.. 5 years +)... Ask those on the current "high margin" trackers (1.5% - 1.75% + BOE) in 2-3 years time if they think 5% is a high rate" long term average is about 7% or thereabouts..
    I no longer have a Sig

  9. #9
    Status
    Offline
    buckle's Avatar
    /
    Join Date
    Sep 2004
    Posts
    18,921
    Mentioned in
    0 Post(s)
    Quoted
    1 Post(s)
    Not me, I have no mortgage at the moment just savings.

    So saving rate has dropped massively and got little chance of getting a mortgage ATM lol.

  10. #10
    Status
    Offline
    Andy's Avatar
    AOC Obsessed
    Join Date
    Jan 2005
    Posts
    5,313
    Mentioned in
    5 Post(s)
    Quoted
    0 Post(s)
    not me im fixed...fixed at the highest point and being as im a bank manager you would have thought i would have seen this coming

    O well....9 months when im out of my fixed rate will be a 0.45% above base tracker so just have to hope it stays low for a long time.....
    Drives - 08 Astra SRi XP 1.9CDTi 150

    Beer is living proof that God loves us and wants us to be happy.

Page 1 of 2 12 LastLast

Similar Threads

  1. PVS whos going sat and whos going sunday?
    By amatthews45 in forum North West and North Wales Region
    Replies: 4
    Last Post: 03-06-2013, 12:29
  2. anybody know whos car is
    By mk4 GSI in forum Astra Discussion & Chat
    Replies: 2
    Last Post: 14-08-2008, 21:26

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •