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Hoovie
Devon DIYer
Joined: 27 Jul 2007
Posts: 8036
Location: East Devon
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 Posted: Thu Nov 06, 2008 6:31 pm Post subject: |
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| handyman wrote: |
there was offers of 0% above the base rate when we were looking! But with a £800 odd arrangement fee, it didnt work out as enough of a saving over the 2 years of the deal.
This deal was for 2 years, with an option to re sign for a further 2 years at the same rate, and £0 arrangement fee  |
If you have at least 25% deposit, their best tracker now for an existing customer doing a new deal is 1.38% above base, so that is 4.38% from today. Reckon you should re-sign 
Looks also like the tracker will never go below a 2.75% base rate
10 Year Fixed Rate Deal is currently 6.29% , which considering the 4.5% base rate that the website is quoting (not updated yet) is not that attractive!
They did a 4.89% fixed rate when the base rate was 4.5% in 2006
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I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose. |
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leebwk
Senior Member
Joined: 01 Dec 2006
Posts: 847
Location: Oxford
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| Posted: Fri Nov 07, 2008 9:52 am Post subject: |
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Only 3 of the major high street banks/building societies are passing the rate on to mortgage holders which is absolutely disgusting when the ar*****es have taken billions of pounds of taxpayers money to bail themselves out of a mess they have been responsible for. in my opinion the government should say if it isn't passed on then the money they have recieved should be immediately rescinded
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Raf
Senior Member
Joined: 07 Mar 2008
Posts: 159
Location: Lancs
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| Posted: Mon Nov 10, 2008 12:50 pm Post subject: |
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the banks that didnt take the handouts (namely Barclays & HSBC) want to use this "windfall" to buffer up their dodgy debt. they pay less on interest on savings and make more on interest paid by borrowers.
they should be rolling it in as we speak; however the £500bn (or whatever it was) package is open to them too, this is what is shoring up their share price so technically they are benefitting from the taxpayer & hence should pass this saving on immediatley.
however what gets my goat about this whole saga is that do the wloody bankers not realise that if they dont help their customers at this difficult time, more and more will default hence exasparating the situation for them. once a guy cannot afford to pay say his mortagage, is he going to care about his loan on the car, credit cards etc? this is what makes me think the whole "crunch" has been and continues to be orchestrated... |
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handyman
Senior Member
Joined: 16 Jan 2006
Posts: 2863
Location: Alderley Edge, Cheshire
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| Posted: Fri Dec 19, 2008 5:19 pm Post subject: |
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got another letter today, and the rate is now 2.33%
In the small print, the lowest it can go is 2.75% ('tracker floor' as they call it), but for some reason they have 'not applied it on this occasion'
Cant be bad
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Hoovie
Devon DIYer
Joined: 27 Jul 2007
Posts: 8036
Location: East Devon
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| Posted: Fri Dec 19, 2008 5:39 pm Post subject: |
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UK interest rate projected to be 0.5% soon. In Japan it is 0.1%, down from 0.3% asnd US is 0% to 0.25%
Time to invest on the horses!
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I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose. |
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ultimatehandyman
Site Admin
Joined: 16 Jul 2005
Posts: 9740
Location: Darwen, Lancashire
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| Posted: Fri Dec 19, 2008 5:56 pm Post subject: |
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I'm still not spending any money that I don't need to 
With the real threat of job losses and high unemployment looming in many places, people will still be saving and not spending.
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Hoovie
Devon DIYer
Joined: 27 Jul 2007
Posts: 8036
Location: East Devon
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| Posted: Fri Dec 19, 2008 6:38 pm Post subject: |
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a wise precaution - but don't go too far! need to keep some money running around.
Like the song goes ...."Money makes the world go round" - and it is true!
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I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose. |
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ultimatehandyman
Site Admin
Joined: 16 Jul 2005
Posts: 9740
Location: Darwen, Lancashire
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| Posted: Fri Dec 19, 2008 7:51 pm Post subject: |
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| Hoovie wrote: |
a wise precaution - but don't go too far! need to keep some money running around.
Like the song goes ...."Money makes the world go round" - and it is true! |
There are a couple of sayings-
Money is made round to go around
or as my college lecturer says-
Money is made flat to stack up 
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Geewizz
Senior Member
Joined: 08 Nov 2008
Posts: 421
Location: Scotland
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| Posted: Fri Dec 19, 2008 7:55 pm Post subject: |
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My mother always said, "Money has the root of a small weevil." I think she meant that it was for people with small willies.
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Hoovie
Devon DIYer
Joined: 27 Jul 2007
Posts: 8036
Location: East Devon
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| Posted: Fri Dec 19, 2008 8:42 pm Post subject: |
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if you have money. and you want to save it. WHERE do you now put it?
invest in savings account ? - gain is so paultry (especially after taxes on the interest) it is not worth it - and is the money even safe there!"
stocks and shares? right now, yeah right, unless you got a crystal ball!
so called "Gilt Edged Securities" - meant to be safer then anything - my "gilts" lost about 30% this year.
I'm paying any spare money into my mortgage on overpayments. Can always get the money back if need be and is like getting a 7% or better savings rate as no tax payable.
Advise anyone who has money that they want to save AND a mortgage to do the same (even if it is a tracker, maybe still the best option!)
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I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose. |
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ultimatehandyman
Site Admin
Joined: 16 Jul 2005
Posts: 9740
Location: Darwen, Lancashire
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| Posted: Fri Dec 19, 2008 8:58 pm Post subject: |
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I'm struggling finding any decent investments at the moment.
I might have to buy a cheap house and rent it out in order to get a better return, but I don't want to buy just yet.
Never catch a falling knife etc.
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thescruff
Senior Member
Joined: 10 Mar 2008
Posts: 5665
Location: Bath
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| Posted: Fri Dec 19, 2008 9:52 pm Post subject: |
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If anyone is interested.
This week i stuck 8k in a guaranteed investment plan, this is a 5year plan, gilt edge etc, and the original investment is safe whatever happens.
I also stuck 8k in a 1year fixed interest of 5.75%. Had to be before the 19th after which it will be nearer 3.5%.
And I fixed the ISA at 4.25 %
There still some good long term investments, but you need to talk to your bank/building society, sooner than later.
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Scruff |
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thescruff
Senior Member
Joined: 10 Mar 2008
Posts: 5665
Location: Bath
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| Posted: Fri Dec 19, 2008 9:56 pm Post subject: |
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On a separate issue.
Consider the middle of next year, and Brown nose will try to stuff the Euro down our throats again. This is the cream on his cake having stop Bliar from doing it.
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Scruff |
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Hoovie
Devon DIYer
Joined: 27 Jul 2007
Posts: 8036
Location: East Devon
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| Posted: Fri Dec 19, 2008 10:09 pm Post subject: |
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good rates you got there, Scruff couldn't afford to do that though (not got it!)
They reckon houses will drop another 15% before the price has bottomed out - be a good buy for rentals at that point, I think.
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I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose. |
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thescruff
Senior Member
Joined: 10 Mar 2008
Posts: 5665
Location: Bath
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| Posted: Fri Dec 19, 2008 10:20 pm Post subject: |
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You would be better putting any spare cash into a fixed rate ISA hoover, as normally over payments don't count if you find yourself having to miss a few payments later.
You can still invest £3.750 in any one year, the benefits are it's tax exempt, and you can pay the mortgage with it if times get hard.
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Scruff |
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