Pop321 Posted July 27, 2016 Share Posted July 27, 2016 http://www.dailymail.co.uk/news/article-3707831/Natwest-set-NEGATIVE-rates-accounts-Bank-hit-firms-credit-change-terms-condiitons.html Getting picked up by many now. Wonder if this'll start a back run? I may shop around for the best rate.....or is that no the worsed rate? My Santander 123 accounts and numerous other current accounts will need close watching. Maybe I should take it out and start a crowd funding thing? Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted July 27, 2016 Share Posted July 27, 2016 I may shop around for the best rate.....or is that no the worsed rate? My Santander 123 accounts and numerous other current accounts will need close watching. Maybe I should take it out and start a crowd funding thing? Santander 123 already reported to be dropping by 1%... Quote Link to comment Share on other sites More sharing options...
winkie Posted July 27, 2016 Share Posted July 27, 2016 Does anyone honestly think people will take on ever more high debt to purchase over priced things even if they got paid to do it?......to be in debt service for their entire life, for the savers to pay for the privilege......the world has gone upsidedown. Everything is falling.....falling apart.......part three, ready to walk away with nothing. Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted July 27, 2016 Share Posted July 27, 2016 (edited) Does anyone honestly think people will take on ever more high debt to purchase over priced things even if they got paid to do it?......to be in debt service for their entire life, for the savers to pay for the privilege......the world has gone upsidedown. Everything is falling.....falling apart.......part three, ready to walk away with nothing. It won't necessarily work like that. Negative rates could mean slightly higher mortgage charges to borrowers to subsidise saver's deposits. The bank would only be forced to pay negative rates on mortgages if the mortgage is linked to base rate such as some Swiss mortgages which pay 0.7% above libor, which has gone to -1% now. If we do into negative territory here then banks would adjust their product range based on the new scenario and you wouldn't be able to take out a new mortgage that paid your debt! You would still see low rates offered to borrowers but not negative rates. We are at all time low's for mortgage rates; either IRs go up and mortgage rates have to go up, or rates go Negative and mortgage rates (for new products) have to go up. Correct that it is all falling apart though. The hope is that the collapse of the current system brings about a much better and fairer system, hopefully without a world war in between... Edited July 27, 2016 by streamingfreedom Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 27, 2016 Share Posted July 27, 2016 Santander 123 already reported to be dropping by 1%...Source? Quote Link to comment Share on other sites More sharing options...
Barnsey Posted July 27, 2016 Share Posted July 27, 2016 http://www.thisismoney.co.uk/money/currentaccounts/article-3709286/Massive-blow-millions-customers-Santander-plots-slash-rate-Britain-s-favourite-current-account.html Santander is plotting to slash the interest rate on Britain's most popular current account - in a blow to millions of its customers. Money Mail can reveal that the bank is in talks to cut the headline interest rate on its 123 Current account from 3 per cent to 2 per cent.The move could cost customers as much as £200 a year. Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted July 27, 2016 Share Posted July 27, 2016 Source http://www.thisismoney.co.uk/money/currentaccounts/article-3709286/Massive-blow-millions-customers-Santander-plots-slash-rate-Britain-s-favourite-current-account.html Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted July 27, 2016 Share Posted July 27, 2016 Something is happening as builders shares have just jumped up between 5 and 10% today. Crest Nicholson up 10%, Taylor wimpey and Bellway up 7% Savile up 6.5% Persimmon up 5% Is this before US and Japan central bank policy decision tonight on top of strong US housing data? Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted July 27, 2016 Share Posted July 27, 2016 Something is happening as builders shares have just jumped up between 5 and 10% today. Crest Nicholson up 10%, Taylor wimpey and Bellway up 7% Savile up 6.5% Persimmon up 5% Is this before US and Japan central bank policy decision tonight on top of strong US housing data? There was a positive post-Brexit trading update from Taylor Wimpey this morning. Quote: Since 24 June, the early forward confidence indicators amongst homebuyers, together with the continued competitive lending by mortgage providers, have been encouraging and support confidence in the resilience of the UK housing market. We are monitoring both our own internal measures of customer confidence and external data closely. Help to Buy has continued to be a differentiator for new build housing, and remains popular with our customers. Over the last month, the actions and commentary by the Government, Bank of England and mortgage lenders demonstrate a commitment to housing supply and a recognition that there remains a fundamental imbalance between demand and supply in the UK. Customer interest remains high, with website visits solid and customers continuing to register interest in forthcoming developments and to make appointments to progress their home purchases. Whilst we saw a small increase in the average cancellation rate immediately following the Referendum, this remained low compared to long term historic norms and is now back in line with recent low levels. Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted July 27, 2016 Share Posted July 27, 2016 (edited) There was a positive post-Brexit trading update from Taylor Wimpey this morning. Quote: Since 24 June, the early forward confidence indicators amongst homebuyers, together with the continued competitive lending by mortgage providers, have been encouraging and support confidence in the resilience of the UK housing market. We are monitoring both our own internal measures of customer confidence and external data closely. Help to Buy has continued to be a differentiator for new build housing, and remains popular with our customers. Over the last month, the actions and commentary by the Government, Bank of England and mortgage lenders demonstrate a commitment to housing supply and a recognition that there remains a fundamental imbalance between demand and supply in the UK. Customer interest remains high, with website visits solid and customers continuing to register interest in forthcoming developments and to make appointments to progress their home purchases. Whilst we saw a small increase in the average cancellation rate immediately following the Referendum, this remained low compared to long term historic norms and is now back in line with recent low levels. I see. Wouldnt have believed it but unfortunately I have seen first hand that new builds are still selling very strongly in the SE. Edited July 27, 2016 by streamingfreedom Quote Link to comment Share on other sites More sharing options...
winkie Posted July 27, 2016 Share Posted July 27, 2016 Don't see the point in paying a fee for something that is sold as paying you something by paying the fee back.....like a two year fixed mortgage 2% arrangement fee £1000.....that is not an interest rate of 2%. Quote Link to comment Share on other sites More sharing options...
knock out johnny Posted July 27, 2016 Share Posted July 27, 2016 I see. Wouldnt have believed it but unfortunately I have seen first hand that new builds are still selling very strongly in the SE. See my anecdotal re friend's unsuccessful attempt at post brexit renegotiation on new build price in the london prime crashing thread Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted July 27, 2016 Share Posted July 27, 2016 See my anecdotal re friend's unsuccessful attempt at post brexit renegotiation on new build price in the london prime crashing thread Yup I saw that. I wanted to check if she had already handed over a deposit - standard practice with developers - and what size, as that seems like it would make anyone's position weak, depending on how big it was. Quote Link to comment Share on other sites More sharing options...
Venger Posted July 28, 2016 Share Posted July 28, 2016 Was wondering where to place this, then remembered this thread. Source: Samuel Tombs (July 26, 2016)Chief U.K. Economist at Pantheon Macroeconomics. Previously at Capital Economics. ---------- "My jumbo mortgage is my pension." No thanks. You'd have to pay me many years of mortgage payments, in order to take out a mortgage, against a house at these prices. HPC. Separately. Quote Link to comment Share on other sites More sharing options...
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