Interest rate

vorlon24 · 04-08-2005, 12:30

It's official - the Bank of England has dropped the interest rate to 4.5%, apparently the first reduction in 2 years, and there are thoughts that there may be more to come.

Woo-hoo my mortgage repayments will be dropping then!

harwood red · 04-08-2005, 12:33

it's great for my mortgage repayments too! But I do feel for the older personage who have saved up only to see that they get next to nothing on their savings!

garinda · 04-08-2005, 12:36

No mortgage.

Less interest on my dwindling savings.

harwood red · 04-08-2005, 12:38

does that make you one of the older personage then rindy???

garinda · 04-08-2005, 12:47

Old? OLD???

I still pass myself off as twenty nine with good lighting.

I'd be chuffed as well if l still had a mortgage as well, but when my savings have got to last me the rest of my life, because I can't work, it peeves me.

I don't really understand why the interest rates have been lowered?

True the housing market has slowed down, but if this helps to push house prices even higher, it will make it even harder for first time buyers to get a foot on the ladder, as wages certainly haven't increased at the same rate.

Also at a time when people have never had so much personal debt, the lowering of interest rates won't exactly encourage people to save, but more likely hit the stores credit card in hand.

entwisi · 04-08-2005, 13:01

Its only .25% so don't go splashing the cash too much guys,

It is a shame for those who have to make do with savings. Rind, I hope you have a decent investment plan with a good IFA.

PS 29 in a good light

surely you mean in no light at all!!!!!

Ian

vorlon24 · 04-08-2005, 13:13

And if you need a good IFA, I can recommend a very very good one.

He is multi-talented; he can also set up wireless networks!!!

And I am 18 years old, with 15 years experience...

garinda · 04-08-2005, 13:19

Quote:

Originally Posted by entwisi

Its only .25% so don't go splashing the cash too much guys,

It is a shame for those who have to make do with savings. Rind, I hope you have a decent investment plan with a good IFA.

PS 29 in a good light

surely you mean in no light at all!!!!!

Ian

Not really, I didn't plan to finish work at 39, so I paid off my mortgage, and have managed to get my private pension from work to pay me out earlier than expected, which just about keeps me in loo roll. Hopefully my savings are in as high an interest account as I could find.

vorlon24 · 04-08-2005, 13:21

There are better things than bank savings accounts to keep your money, depending on how much you have, and your attitude to risk (and how quickly you need access to the money). You can get some very safe investments with better returns than bank accounts

garinda · 04-08-2005, 13:28

I do feel I need fairly easy access to the money, but thanks for your advice.

Perhaps if we can ever drag you up here to one of our meets you could give me a freebie in exchange for a pint, or if you prefer, a stiff one.

chav1 · 04-08-2005, 13:35

Quote:

Originally Posted by garinda

Old? OLD???

I still pass myself off as twenty nine with good lighting.

and 20 pints

vorlon24 · 04-08-2005, 13:49

Quote:

Originally Posted by garinda

I do feel I need fairly easy access to the money, but thanks for your advice.

Perhaps if we can ever drag you up here to one of our meets you could give me a freebie in exchange for a pint, or if you prefer, a stiff one.

You naughty boy!

My wife might have something to say about that - she likes stiff ones...

harwood red · 04-08-2005, 14:45

Quote:

Originally Posted by garinda

I do feel I need fairly easy access .

oh yeah