Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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I've heard whispers that it may be coming down to 1% 
Is there likely to be any truth in that?
We're currently fixed at 6.5% (i think), and are considering cancelling and setting up a new mortgage rate, but It would all depend on whats going to happen.
[Edited on 10-11-2008 by Bart]
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daymoon
Premium Member
Registered: 1st Aug 08
Location: Selby, North Yorkshire
User status: Offline
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i think i gonna take a mortgage when they go down to -10% 
happened in japan once...
as for 1 percent - dint think so.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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1% is what got us in this silly mess thanks to the Americans.
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Bart
Member
Registered: 19th Aug 02
Location: Midsomer Norton, Bristol Avon
User status: Offline
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quote:
Originally posted by deano87
1% is what got us in this silly mess thanks to the Americans.
How do you mean?
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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I think he means that cheap borrowing has got the economy in the current state.
I can't see the rate going much lower. Not much of it will be passed on to borrowers because most trackers will have a floor rate. Therefore all the government's talk about banks co-operating will be largely academic.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Yes. America dropped their 'Bank of America' interest rates to 1%, resulting in every body getting loans and mortgages. Then everyone started defaulting on payments etc 
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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The American economy was in a state well before the rate dropped to 1% Deano.
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Tim
Site Administrator
Registered: 21st Apr 00
User status: Offline
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You might want to check your T&C too. Normally cancelling a fixed-rate mortgage during the initial term results in a hefty fee (ours is 3% of the balance!)...
I've got to re-mortgage in May though -- hopefully the recent cut in base-rate will filter through in the New Year.
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Im out of a mortgage deal & on the BOE Base rate just now with no plans on changing.
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