Bank of england base rate...

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mikebdomain

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Post by mikebdomain » Thu Dec 06, 2007 12:38 pm
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YIPEEEE!

Bank of England Reduces Bank Rate by 0.25 Percentage Points to 5.5%
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R1chard

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Post by R1chard » Thu Dec 06, 2007 1:20 pm
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to us mere mortals what does that mean>?
lots of payments to go.
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cr15py

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Post by cr15py » Thu Dec 06, 2007 1:22 pm
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It should mean that your mortgage payments go down, and anything else "tracked" to the base rate.

Needless to say, credit card companies won't be reducing their interest rates!!
Chris
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mikebdomain

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Post by mikebdomain » Thu Dec 06, 2007 1:23 pm
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- If you are on a variable rate mortgage your monthly payments will go down shortly.

- fixed rate mortgage products may reduce follow suit soon.
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Skipper

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Post by Skipper » Thu Dec 06, 2007 1:25 pm
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It is true the B O E reduced interest rate will be great for those with tracker mortgage payments. But not everyone is on this type of mortgage so the Banks can still keep variable rates highish to meet its own profit targets in 2008.

Standard life had risen theirs recently.
Last edited by Skipper on Thu Dec 06, 2007 1:26 pm, edited 1 time in total.
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ray_a

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Post by ray_a » Thu Dec 06, 2007 5:28 pm
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Have to agree I think this cut was really done to try and help the banks and not us Mortals!
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