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nornironsi

Boe Cut Interest Rates To Record Low Level

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So it's finally happened and the BOE have dropped the interest rates to a record low of 0.25% with perhaps further cuts to come.

What impact if any do you guys feel this will have on the housing market here in NI?

Difficult to know really but imo it could see a slight rise in demand as people will perceive lower mortgage rates coming - this added to the hit to savers could also bring more BTL buyers back into the market as a way for some people to try and get a return on their capital (even with the upcoming changes to BTL).

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So it's finally happened and the BOE have dropped the interest rates to a record low of 0.25% with perhaps further cuts to come.

What impact if any do you guys feel this will have on the housing market here in NI?

Difficult to know really but imo it could see a slight rise in demand as people will perceive lower mortgage rates coming - this added to the hit to savers could also bring more BTL buyers back into the market as a way for some people to try and get a return on their capital (even with the upcoming changes to BTL).

Honestly can't see it. It's .25%. Down from .5%.

It's £4 a week on a 100k mortgage.

Then again your average BTLer isn't the sharpest.

Edited by 2buyornot2buy

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Honestly can't see it. It's .25%. Down from .5%.

It's £4 a week on a 100k mortgage.

Then again your average BTLer isn't the sharpest.

You are missing my point though - this will make savers think more about looking towards investments rather than traditional savings accounts - investments which may include BTL. Saving in a bank account is virtually worthless now.

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You are missing my point though - this will make savers think more about looking towards investments rather than traditional savings accounts - investments which may include BTL. Saving in a bank account is virtually worthless now.

I honestly can't see it. But I suppose a fool and his money...

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Couple I know where one is on an ok wage and the other on the minimum wage have just borrowed £175K on a 5% deposit.

If this is what the banks are lending, then prices in NI won't be dropping.

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Couple I know where one is on an ok wage and the other on the minimum wage have just borrowed £175K on a 5% deposit.

If this is what the banks are lending, then prices in NI won't be dropping.

Define Ok?

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they are turning our money into toilet paper...does anyone remember the happy and carefree days when the government and supporting state apparatus such as the BOE were not our mortal enemies...?

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40k isn't bad.

165k mortgage on 55k joint. Not ideal.

I did seem to me like they were being generous on what they were lending.

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I did seem to me like they were being generous on what they were lending.

They're never really stopped being generous. 4-5 times joint income is pretty standard apart from HSBC. I guess that's why they've done a lot better than most.

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They're never really stopped being generous. 4-5 times joint income is pretty standard apart from HSBC. I guess that's why they've done a lot better than most.

Jesus, so 2 reasonably well paid professionals could be given about £400K to play with for their first house potentially. Explains some of the insane prices in the 'posh' areas.

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