Bombay Bad Boy Posted December 7, 2008 Share Posted December 7, 2008 wish my mortgage was cheap as a bag of chips.... £1.20 for a house seems very reasonable It would seem that some lenders are saved by the small print, so even with a 'Base Rate-2%' tracker or something, the lent rate will not dip below some nominal value like +0.001 % Judging from a friend of mine's house in Andreas, £1.20 was what they spent on building it, not to be confused with your mortgage repayments Link to comment Share on other sites More sharing options...
manshimajin Posted December 7, 2008 Share Posted December 7, 2008 Hardly, look at the Ozzy dollar vs the euro, or the Krona. Which makes Australia and the UK prime tourism destinations for 2009! So what are the IOM Department of Tourism, IOMSPC and airlines doing about non-UK tourists coming to the 'cheap' IOM in 2009 - the reaction I got when I asked them (DoTaL & IOMSPC) was 'too bl**dy hard ". Let's not whinge about the value of sterling - let's take advantage of it! PS: It would be great to be in a currency zone (Euro) where you can travel around without having to keep changing money because it is English, Scottish, Northern Irish, Manx, Channel Islands or Lundy Puffin Island Sterling. I used to love to offer to pay English people who grumbled about the euro with a Manx £1 note. When they stopped screaming I would say 'it's sterling, which you have just been supporting, so why won't you take it?' (The best I have had was 'we can't accept sterling notes unless they have 'sterling' written on them' - which happens to exclude BoE notes.) Link to comment Share on other sites More sharing options...
Mission Posted January 8, 2009 Share Posted January 8, 2009 Just been announced that it's going down to 1½%. Link to comment Share on other sites More sharing options...
Pat Ayres Posted January 8, 2009 Share Posted January 8, 2009 Lowest since 1951. Bugger, I don't have a mortgage so it does me no good at all, unless fuel prices come down? LOL LOL LOL LOL Link to comment Share on other sites More sharing options...
Knoxville Posted January 8, 2009 Share Posted January 8, 2009 Lowest since 1951.Bugger, I don't have a mortgage so it does me no good at all, unless fuel prices come down? LOL LOL LOL LOL Wrong, lowest in 315 years. http://news.bbc.co.uk/2/hi/business/7817453.stm Link to comment Share on other sites More sharing options...
Sebrof Posted January 8, 2009 Share Posted January 8, 2009 I really don't think this is sustainable. With tax receipts down and a big capital investment programme to restart the economy, the government is going to need to borrow massively. Who is going to lend to them? And anway, bank rate doesn't need to come down. What's needed is lower credit card interest rates, and lower rates for business loans. Both are completely out of line with bank rate. Rates up in summer is my prediction. S Link to comment Share on other sites More sharing options...
Slim Posted January 8, 2009 Share Posted January 8, 2009 Rates up in summer is my prediction. S Rubbish, they'll go down to zero before they go up. Down to zero then we start printing money. Link to comment Share on other sites More sharing options...
Pat Ayres Posted January 8, 2009 Share Posted January 8, 2009 Lowest since 1951.Bugger, I don't have a mortgage so it does me no good at all, unless fuel prices come down? LOL LOL LOL LOL Wrong, lowest in 315 years. http://news.bbc.co.uk/2/hi/business/7817453.stm Sorry, last time they were 2% was 1951 Link to comment Share on other sites More sharing options...
TerryMcCann Posted January 8, 2009 Share Posted January 8, 2009 Great. Punished once more for being prudent and actually saving money. I may as well just riddle myself with debt like everyone else Link to comment Share on other sites More sharing options...
Gladys Posted January 8, 2009 Share Posted January 8, 2009 I really don't think this is sustainable. With tax receipts down and a big capital investment programme to restart the economy, the government is going to need to borrow massively. Who is going to lend to them? Lots, if they can offer a higher percentage. Link to comment Share on other sites More sharing options...
Slim Posted January 8, 2009 Share Posted January 8, 2009 Great. Punished once more for being prudent and actually saving money. I may as well just riddle myself with debt like everyone else In case you'd forgotten, savings pay interest while lending costs interest. Subtle difference, but you're still better off saving than borrowing until they start paying you to accept debt Link to comment Share on other sites More sharing options...
TerryMcCann Posted January 8, 2009 Share Posted January 8, 2009 I was planning on waiting until next month........ Link to comment Share on other sites More sharing options...
pongo Posted January 8, 2009 Share Posted January 8, 2009 Savers can currently often get better rates by moving funds to € Zone institutions. It might not be a great time to convert funds right now - then again sterling might sink even lower. Which goes to show the potential benefits of spreading the risks by being in the other currency. Even here - there are still some okay fixed rate sterling deals if you look around. Sometimes they are not advertised and you have to ask them how much they will pay you over a fixed term at a money market rate. Probably still safer than having it under the bed. Link to comment Share on other sites More sharing options...
Cambon Posted January 8, 2009 Share Posted January 8, 2009 Great. Punished once more for being prudent and actually saving money. I may as well just riddle myself with debt like everyone else In case you'd forgotten, savings pay interest while lending costs interest. Subtle difference, but you're still better off saving than borrowing until they start paying you to accept debt If interest rates drop below 1% banks may charge people interest on their savings as they did in Japan when their rates were Zero. Japan pretty much stagnated for 10 years until they put the interest rates up again and it stimulated the economy. Low interest rates simple encourage more borrowing and will make the problem worse in the long run. Link to comment Share on other sites More sharing options...
Slim Posted January 8, 2009 Share Posted January 8, 2009 If interest rates drop below 1% banks may charge people interest on their savings as they did in Japan when their rates were Zero. Japan pretty much stagnated for 10 years until they put the interest rates up again and it stimulated the economy. What planet are you on? The BoJ's rate is currently 0.1%. Low interest rates simple encourage more borrowing and will make the problem worse in the long run. Or cushion the fall making the difference in saving some businesses or losing them all. With the G7 average base interest rate at 1.1%, what do you know that the worlds leaders don't? Link to comment Share on other sites More sharing options...
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