Thursday, Oct 16, 2008
Northern Rock No, only a 0.15% cut 7.34%
yahoo finance: Is Your Mortgage Going To Get Cheaper?
The Bank of England recently cut its base rate by a half a percentage point. This should mean good news for mortgage borrowers on variable rates. After all, that's the key advantage of choosing a variable rate over a fixed rate: your monthly payments come down when the base rate is cut.
But not all lenders passed on the full 0.5% cut. Here's a list of the biggest 10 lenders and their Standard Variable Rates (SVRs) those that have not passed on the full 0.5% cut are highlighted:
Posted by malct @ 01:28 PM (260 views) Add Comment
2 Comments
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1. japanese uncle said...
One thing is to be clearly appreciated and remembered. In the UK people must not think about buying a house without raising at least 50% or higher deposit, and the price itself should be 3 x net annual income. Otherwise, buying a house is too dangerous and not worth considering, because of this unpredictability in the movement of IR.
2. nooneo said...
I think the days of buying everything on the never, never and easy credit are over. The banks simply aren't going to start lending to each other again on anywhere near the levels we've seen in the last 20-30 years.
The 2 trillion dollar emergency world plan is piddle compared to the hole that's being made by bad debt in the US alone. JU is absolutely right. But I would go further. DONT BuY ANY PROPERTY, AT ALL for at least 2 years.
You have been warned, they will continue to fall and a more than 50% drop is entirely likely. The financial market is not just ill it's BROKEN.