shutyertrap Posted November 23, 2010 Share Posted November 23, 2010 Finally my mortgage came out of its fixed period and due to the super low interest rates I am now saving over £200 per month on my mortgage. Long live the low interest rate. We've never had it so good! No matter what the doom mongers say, many people are doing very well out of this so-called recession. Link to comment Share on other sites More sharing options...
taxman Posted November 23, 2010 Share Posted November 23, 2010 I'd rather interest rates went up so my ISA was worth something. Link to comment Share on other sites More sharing options...
Cyclone Posted November 23, 2010 Share Posted November 23, 2010 We've never had it so good! No matter what the doom mongers say, many people are doing very well out of this so-called recession. Some are, and some are suffering. Link to comment Share on other sites More sharing options...
BritPat Posted November 23, 2010 Share Posted November 23, 2010 Finally my mortgage came out of its fixed period and due to the super low interest rates I am now saving over £200 per month on my mortgage. Long live the low interest rate. The Government taxed YOU it then loaned YOUR money to the financial institutions at 1% and YOU now get to borrow YOUR own money at a higher rate and YOU are happy !!! We really do get what we deserve Link to comment Share on other sites More sharing options...
Greybeard Posted November 23, 2010 Share Posted November 23, 2010 BoE employee pension scheme is now 80% in index linked gilts (up from 30% in 2008 ). Meanwhile Mervyn tells us not to worry because inflation is temporary as he sits tight on a base rate of 0.5% accompanied by his monthly letter of apology and fictitious excuses to George Osborne. Link to comment Share on other sites More sharing options...
Vague_Boy Posted November 24, 2010 Share Posted November 24, 2010 Long live the low interest rate. When interest rates rise (as they inevitably must) it should prove most entertaining. Even with historically low interest rates, the UK housing market is moribund and the economy is sluggish. We've become so used to low IRs that we've started to think of them as the norm. Link to comment Share on other sites More sharing options...
Pidgeon Posted November 24, 2010 Share Posted November 24, 2010 If the mortgage rate went up the banks wouldn't raise savings, well not by the same amount. Link to comment Share on other sites More sharing options...
Cyclone Posted November 24, 2010 Share Posted November 24, 2010 It's the base rate we're talking about, the mortgage rates and savings rates both come from that. If the base rate went up they would raise them both (maybe not by the same amount though). I'm currently getting a grand 0%, not many years ago it was something like 4 or 5 %. The only reason that rates are still low is that they don't want to cause a wave of defaults and repossessions, and they'd rather you spent than saved right now. The latter isn't working, people save anyway when there's uncertainty, but the housing crash has largely been avoided by the maintenance of cheap credit through the mechanism of the base rate. Link to comment Share on other sites More sharing options...
Bonjon Posted November 24, 2010 Author Share Posted November 24, 2010 So anyone got any ideas when they will raise? As looking around on the net it suggests they will rise from anything between last month to 2 yrs?? Link to comment Share on other sites More sharing options...
Bonjon Posted November 24, 2010 Author Share Posted November 24, 2010 And savers, I dont really care if you get a crap rate, i'm sure if the boot was on the other foot you wouldn't complain/care. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.