Bank rate cut

jaysay · 06-11-2008, 12:17

Its just been on BBC News that the Bank of England have ut the base rate by one and a half percent down to 3%

andrewb · 06-11-2008, 12:21

Edit: I got that wrong and no time to edit it properly.

entwisi · 06-11-2008, 15:28

NOw lets see what happens to savings and mortgages

IMHO I'd love house prices to halve and mortgage rates to drop to 3.5%

Lilly · 06-11-2008, 16:49

Quote:

Originally Posted by entwisi

NOw lets see what happens to savings and mortgages

IMHO I'd love house prices to halve and mortgage rates to drop to 3.5%

Why do you want house prices to halve?

cashman · 06-11-2008, 17:05

Quote:

Originally Posted by Lilly

Why do you want house prices to halve?

well if they did n he bought one, then sat on it till better times, much moolah made.

jaysay · 06-11-2008, 17:09

The thing is will the lenders drop the rates to mortgage payers

Benipete · 06-11-2008, 17:14

Quote:

Originally Posted by Lilly

Why do you want house prices to halve?

They would still be over valued,They gained in value because of compulsory purchase and greedy officials and estate agents.
Feel sorry for the innocent people caught up in the trap.

Rant over.

Retlaw · 06-11-2008, 23:44

Quote:

Originally Posted by jaysay

The thing is will the lenders drop the rates to mortgage payers

Will they hell, its rip of Britain remember, they will take every opportunity to rip us off, they know they have you by the short & curlys, only the government can make them toe the line, and only if there a political need, like a general election.

Houses are well overvalued, its ok for the seller, but hard cheese for the buyer, one row of houses near me was bought by the corporation, some 25 years ago, 10 of them, didn't pay more that £200 for any one of them, got a firm to do them up, then sold 5 for 10,000 each, remainder let back to previous tenants, with an option to buy, at some future date. When the last one changed hands they were asking
90,000 grand.
I wouldn't value them at 9000. They were built in 1828 and are poky little things.

Retlaw.

entwisi · 07-11-2008, 10:50

Quote:

Originally Posted by Lilly

Why do you want house prices to halve?

The only people who benefit from high house prices are the goverment ( stamp duty, inheritance tax), estate agents ( %comission on house sales) and Banks ( interest on larger loans).

If houses were £3.50 the gov would not get stamp duty, Inheritance tax would only hit those with actual 'money', estate agents would get less comission for house sales( OK, they would probably then switrch to fixed price sales but hey, we are talking about as it is now) and banks would make less interest for teh life of your mortgage.

People seem to think that a house is some kind of wealth when in reality the only time you can release that wealth is when you either die or dowsize( at which point if you aren't careful CGT grabs a chunk.