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Renton

Interest rates down to 3%

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So apparently having to bail out incompetent banks and the financially illiterate and negligent isn't enough of a hit on diligent savers already. Go Team UK!

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Oh, and sterling's fucked, too. Still, if it persuades a few people to take out yet another mortgage they can't afford, then I'm sure everything will be just fine...

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Mortgage Lenders are doing everything they can no to pass it on. Tracker mortgages are being pulled, fixed rates arent budging. Twats!

 

Ive got 18months left on my fixed rate and if its at any sort of decent rate then im signing up for 5 years

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This news is but nothing to the news that Rentoine has returned to posting. Perhaps an all out Great Depression will bring Oba Gol back.

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Mortgage Lenders are doing everything they can no to pass it on. Tracker mortgages are being pulled, fixed rates arent budging. Twats!

 

They'd fucking need to be passing it on after being bailed out of the shit by the taxpayer.

 

Anyone got any idea how long this will take to filter through to the mortgages on offer for new buyers? Assuming that it is passed on at all.

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1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

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Mortgage Lenders are doing everything they can no to pass it on. Tracker mortgages are being pulled, fixed rates arent budging. Twats!

 

They'd fucking need to be passing it on after being bailed out of the shit by the taxpayer.

 

Anyone got any idea how long this will take to filter through to the mortgages on offer for new buyers? Assuming that it is passed on at all.

 

Depends on how much they think they can get away with.

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1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

 

Hi Leazes, thanks for the invitation, but I'm trying to avoid pointless, circular, Ctrl C Ctrl V, Foptastic arguments, thanks. :D

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This news is but nothing to the news that Rentoine has returned to posting. Perhaps an all out Great Depression will bring Oba Gol back.

:D

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1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

 

Hi Leazes, thanks for the invitation, but I'm trying to avoid pointless, circular, Ctrl C Ctrl V, Foptastic arguments, thanks. :D

 

You'll never do it..... :D

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1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

 

Hi Leazes, thanks for the invitation, but I'm trying to avoid pointless, circular, Ctrl C Ctrl V, Foptastic arguments, thanks. :D

 

oh, by the way, Shepherds successor is a tosspot and is ruining the club. Surprise surprise.

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Guest alex
1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

 

Hi Leazes, thanks for the invitation, but I'm trying to avoid pointless, circular, Ctrl C Ctrl V, Foptastic arguments, thanks. :D

 

oh, by the way, Shepherds successor is a tosspot and is ruining the club. Surprise surprise.

Give it a rest man ffs.

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1.5% cut, obviously of interest to people with a mortgage and not on a fixed rate. Clicky.

 

Of course it also means the economy is fairly fucked. :D

 

you can come out now and post on the football board if you like, Shepherd has gone.

 

Hi Leazes, thanks for the invitation, but I'm trying to avoid pointless, circular, Ctrl C Ctrl V, Foptastic arguments, thanks. :D

 

oh, by the way, Shepherds successor is a tosspot and is ruining the club. Surprise surprise.

 

:D

 

Needless to say whatever Mike Ashley is has no bearing on what Freddy Shepherd was, I guess that is a point that will be lost on you though (I'm assuming this because I haven't read your drivel in over a year).

 

Now, do you have any comments on the interest rate cut?

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The main mortgage lenders have started to respond to the government's demand that they should cut their mortgage lending rates.

 

The Nationwide, HBOS, the RBS/NatWest group and nationalised Northern Rock will cut their main variable lending rates by the full 1.5% on 1 December......

 

http://news.bbc.co.uk/1/hi/business/7716086.stm

 

Obviously reached the limited of what they could get away with...... for now.

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More down to the fact that LIBOR (the real cost to banks) went down by over 1% today. Aside from that, it was a marketing and political decision rather than a financial one. I doubt given the choice anyone would want to be issuing mortgages right now.

 

What I can't work out is how 'shaming' banks into lending money cheaply is going to ameliorate a problem caused by erm.... banks lending too cheaply.

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More down to the fact that LIBOR (the real cost to banks) went down by over 1% today. Aside from that, it was a marketing and political decision rather than a financial one. I doubt given the choice anyone would want to be issuing mortgages right now.

 

What I can't work out is how 'shaming' banks into lending money cheaply is going to ameliorate a problem caused by erm.... banks lending too cheaply.

 

Course it will, and then they can print loads more money and give us it to pay the mortgages with :D

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More down to the fact that LIBOR (the real cost to banks) went down by over 1% today. Aside from that, it was a marketing and political decision rather than a financial one. I doubt given the choice anyone would want to be issuing mortgages right now.

 

What I can't work out is how 'shaming' banks into lending money cheaply is going to ameliorate a problem caused by erm.... banks lending too cheaply.

 

 

They were getting a raping in the media, and political pressure was massive.

 

The thing is though they still don't actually have to do what they are supposed to be doing, even if they drop rates and keep them there.

 

There's other ways of avoiding lending (most of which are all ready being exploited to some degree or other).

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More down to the fact that LIBOR (the real cost to banks) went down by over 1% today. Aside from that, it was a marketing and political decision rather than a financial one. I doubt given the choice anyone would want to be issuing mortgages right now.

 

What I can't work out is how 'shaming' banks into lending money cheaply is going to ameliorate a problem caused by erm.... banks lending too cheaply.

 

It wasn't credit being too cheap that caused the problem

 

Nor was it house prices falling.

 

It was lending too much to people who blatently couldn't pay it back.

 

Remember the adverts - 'poor credit history, CCJs, no intention of paying us back? Come to Ocean Finance for a no quibble loan'.

 

That's what got us here, theoretically low interest rates make it easier to pay back loans, allowing more 'money' to be circuklated.

 

Also, LIBOR is pretty much redundant now as well, all lending fundamentals have been destroyed by stealth over the past decade, which is now revealing its ugly head

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