Saturday, December 6, 2008

A success for the BoE rate cuts?

Nationwide tracker mortgages rates 'will go through the floor'

This is a contrarian posting: "Nationwide Building Society has announced that it will reduce the rates of interest on its tracker mortgages scrapping the interest rate 'floor' it had previously put in place. The building society's tracker mortgages had included the condition that the interest rate would not fall below an artificial floor of 2.75 per cent, whatever the base rate of interest might be. However, following the Bank of England's reduction in the base rate to two per cent yesterday, Nationwide have decided to scrap the floor, passing on the benefits of the cut to its tracker mortgage customers." Similar report at

Posted by quiet guy @ 09:00 AM (605 views)
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2 thoughts on “A success for the BoE rate cuts?

  • It wont help the market but might help a few individuals, the Pound is getting near history and will get worse.

    Expect OPEC to cut production soon and oil price to rise, with the £ at 1:1 with the $ expect UK petrol to be £1.50 to £2.0 a litre, the recession will get far worse then and our leaders will not know what to do, they might even look to join the euro which will further push up the cost of living.

    You can do what you like with reates at the moment, anyone with even the smallest spark of sanity wont be going to borrow a large sum of money for many years…… Its a bit like fear i think …….. People can smell a Rat and they hear the headlines, they know as do the markets the rate at what Rates have been cut spells problems and wasnt done for nothing, personally i know its very short sighted and the BOE MPC are really just political puppets not independant, dont forget these so called “EXPERTS” have let things get where they are now, they can say its a global problem but its there job to overseee whats “GLOBALLY” Occuring and act to protect the UK ahead of time, The FED and the UK BOE MPC are by the way the “Global Problem ” they talk of.

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  • Needless to say, NW savings rates are now dreadful. Hope they can get by OK without retail deposits…

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