Interest Rates

Does anyone know when the bank of England are next due to meet to look at interest rates, my mortgage is due for a change but i don't want to get into a fixed rate & then they go & lower it again.

[Gazza77]

Originally Posted by Foey

Does anyone know when the bank of England are next due to meet to look at interest rates, my mortgage is due for a change but i don't want to get into a fixed rate & then they go & lower it again.

Tomorrow IIRC.

They meet the 1st Thursday of every month. Think youll struggle to get a fixed rate as good as any lenders standard rate at the mo tbh

Thanks for the info, must remember that, on a quick initial inspection there are Trackers at 3.99% & fixed rate deals at 4.19% with no survey fee, no legal fees & no arrangement fees, heres hoping.

yes but do remeber those 3.99% are tracked to the base rate, currently 1.5% so thats 2.49% above base rate,

In a few months (maybee who Knows) when they go up again it will remain 2.49% above base rate...

I am in the proccess of getting a 5.69 fixed... not the cheapest but sort of future proof at least for 3 yrs

I wish they would put interest rates back up to the former levels. Being retired you are expected to have your savings earning £1 for every £500 of savings per week as they deduct this ammount from your pension and I just don't know of any investment that would give any decent return in todays economic climate.The outcome being that your actual income is DRASTICALLY reduced because you have planned ahead,to be honest I would be better off being skint as I am virtually left with no state pension and mimimalistic return on savings.Just makes me wonder what you should do for the best.

[fizzwheel]

Even if it does drop, I bet alot of the banks / building societies dont pass the interest drop on. I'm going to stay on my variable rate for a little longer I think and just keep an eye on things...

[dizzyblonde]

I have just gone and set up some extra payments on my mortgage, may as well spend it somewhere useful whilst I'm saving an enormous amount right now. If it goes down again...which I doubt, I'll be laughing even more

I made an overpayment yesterday and spent the evening thinking '6 months ago I thought I would be struggling to meet the payment and now I'm over paying?'

Was a good feeling in one way, but then I could've put the money in a pot to save for the DRZ for sale in Idle banter.

[Luckypants]

I have an 'Aussie Style' mortgage, which is basically a massive overdraft! All my wages go in and reduce the interest on what I owe. Any money I have left over at the end of the month reduces my mortgage. You have a repayment plan to keep you on track and you get a statement each month showing how you are doing against the repayment plan. Works for me.