Saturday, November 8, 2008

Tracker mortgage news

Outlook for tracker mortgages not so bright

For many households the benefits of yesterday's mortgage cuts could be modest. The 4.2 million homeowners on existing mortgage deals pegged to the base rate - about a third of the UK mortgage market - will be celebrating this weekend. Their mortgage repayments are guaranteed to drop on December 1.

Posted by kaz @ 03:36 PM (861 views)
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11 thoughts on “Tracker mortgage news

  • yet people were out in force today spending money…

    in the meantime the sales rep at the lexus garage was saying vauxhalls could go bust…. and things were bleak for car sales……………..

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  • “the sales rep at the lexus garage was saying vauxhalls could go bust…. and things were bleak for car sales……………..” – this true the merger with GM & Chrysler looks to be off and GM reckons they only have enough cash to last to Xmas – lets hope Obama has his underpants on the outside of his trousers for this rescue mission.

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  • it vauxhalls went bust would this force UK houseprices down even more?………..

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  • “if vauxhalls went bust would this force UK houseprices down even more?………..” – well it wouldnt help because the loss of any GM subsiduary would have a big knock on effect with suppliers to the business creating even further job losses, confidence would slide further and thus the viscious circle would continue/grow.

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  • well i hate to say it, but lets hope GM goes bust then… after all for us lot to get a house now at an affordable level, we need all out depression………

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  • Slightly harsh perhaps – wanting people’s jobs to be lost. Somewhat unnecessary given that house prices are falling off a cliff anyway and will do so for some considerable time to come. It would be nice to think there was some semblance of an economy left at the end of the recession otherwise we’ll all be f*cked in the long run. To take the argument to the extreme – why not wish for a nuclear war – that’ll bring prices down.

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  • well according to a friend of mine who used to be in the marines in the USA, he was fairly high up too, he thinks a big war is on the horizon………….

    I know it is not nice to lose a job but then this is what cycles are, some pain some gain, some pain some gain, etc………..this time we had too much gain and people went mad, no they will have a much worse pain………….

    I know people who bought houses 10 or 12 times salary , i told them they were stupid to, but they thought and still think houseprices will go up, they really believe Brown that this is a blip……..

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  • Mark – for what it’s worth I agree with phdinbubbles on this one – there are tens of thousands of hard working people employed by the GM group and many of them are simply victims in all of this – the whole crisis is a typical minority spoiling things for the majority. Old saying careful what you wish for because in a severe recession or indeed depression you might become a victim !

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  • what has vauxhall going bust got to do with interest rates and tracker mortgages what you need to think about is if the govt is forcing banks to cut rates now just think what will happen when or if the dust ever settles rate will go through the roof to recoup there losses so house prices will drop but mortgage costs and repayments will be sky high remember they will have billions of £’s of debt to repay also like darling say’s in that cartoon we are doomed i say dooooooooooooooooooooooooooooooomed

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  • crash bandicoot says:

    I don’t know what this means, but I planned to take my boy to watch some old jets trundle down the runway at Bruntingthorpe in September. The event was cancelled because apparently the whole place was stuffed with unsold Vauxhalls. I can only imagine that it’s got worse since then.

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  • Mark, slightly confused why anyone would hope to see any company go bust – Unless they had VI in keeping house prices high – AKA Estate agents and the like. It’s going to be a long rough ride for most, house prices will continue to drop,.As long as GB and AD don’t interfere too much and bail out everyone who made a poor financial decision. Be patient our time will come. The fewer casualties the better, for post recession recovery.

    On a slight tangent – a membr of my family is about to be laid-off -Works for an EA that’s just going into receivership! Hitchin Herts.

    Also, I had family gathering tonight. If I had a pound every time someone asked what i was doing about a house! ‘Interest rates are down, house prices are down, you really should consider buying again’ – What are they on??? I’m getting fed up of explaining my thought on the market to people that just won’t/don’t listen to anything but VI.

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