Interest Rate down to 3%

Matt

About time the banking system in this country did something to benefit us. Taking 1.5% off the base rate is a great move forward, and should see quite a few people benefit from it.

Doesn't affect me though, my Mortgage is fixed rate until 2011, and I have no savings :crazy:

JohnnyN

I have no mortgage and savings! What a pisser for me.

pmsl..

blue_se2

No mortgage You lucky Git!! how'd you manage that

And same as Matt not much savings and i'm fixed until 2017!!! at last years rate!!

JohnnyN

I bought my house in 1994 for £25k. I was earning a lot of money back then too. I took a 10 year loan. The bank refused me a mortgage due to the amount of work that was required. The house needed complete renovation from top to bottom inc. new roof, kitchen/bathroom all new windows, central heating, rewire, new doors/frames, rendering and rough casting and so on.

Believe it or not, this was all done inside of 12 months!!

blue_se2

25k was it made off mud and straw lol nice one Johnny scary to think that you may have spent half that on the veccy

JohnnyN

blue se2 said:
25k was it made off mud and straw lol nice one

Mud, straw, horse shit, ashes and mainly stone. Its a 300 year old cottage. The walls are nearly 3ft thick. The wall between my living room and dining room is almost 4ft! The original fireplace used to go right back inside.

MikeS

i am the same as johnny

got about 3k in savings and now i am gonna get a lot less from interest

the interest drop is encourage credit again and i dont think it is the long term solution

furn

no wonder you can spend so much on your veccy then johnny!