Page 1 of 1
Posted: Thu Dec 06, 2007 12:38 pm
by mikebdomain
YIPEEEE!
Bank of England Reduces Bank Rate by 0.25 Percentage Points to 5.5%
Posted: Thu Dec 06, 2007 1:20 pm
by R1chard
to us mere mortals what does that mean>?
Posted: Thu Dec 06, 2007 1:22 pm
by cr15py
It should mean that your mortgage payments go down, and anything else "tracked" to the base rate.
Needless to say, credit card companies won't be reducing their interest rates!!
Posted: Thu Dec 06, 2007 1:23 pm
by mikebdomain
- If you are on a variable rate mortgage your monthly payments will go down shortly.
- fixed rate mortgage products may reduce follow suit soon.
Posted: Thu Dec 06, 2007 1:25 pm
by Skipper
It is true the B O E reduced interest rate will be great for those with tracker mortgage payments. But not everyone is on this type of mortgage so the Banks can still keep variable rates highish to meet its own profit targets in 2008.
Standard life had risen theirs recently.
Posted: Thu Dec 06, 2007 5:28 pm
by ray_a
Have to agree I think this cut was really done to try and help the banks and not us Mortals!