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Interest Rate prediction

  • Increase

    Votes: 0 0.0%
  • No change

    Votes: 4 20.0%
  • cut by 0.25%

    Votes: 2 10.0%
  • cut by 0.5%

    Votes: 8 40.0%
  • cut by 0.75%

    Votes: 0 0.0%
  • cut by 1%

    Votes: 5 25.0%
  • cut by 1.25%

    Votes: 0 0.0%
  • cut by 1.5%

    Votes: 1 5.0%
  • Other (please specify)

    Votes: 0 0.0%
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Discussion Starter #1
The Bank of England meets this Wednesday & Thursday to decide on interest rates, so which way's it gonna go?
 

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Doesn't matter (to me) because Barclay's wouldn't adjust there "base rate" anyway :(
 

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half a percent.............
 

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1/4% drop. ;)
 

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Discussion Starter #6
i reckon 0.5%, possibly 0.75% at a push

lots of commentators are suggesting the full 1% but i'm not sure it will go that far for a few reasons:

BoE don't want the pound to lose any more value
this leaves them plenty of scope for future aggressive cuts
we're all so terribly english about this kind of thing, very moderate and never extreme

it will be at least a half percent though - the markets have already factored in a 0.5% cut so anything less would mean a big sell off in the city again

hopefully this time lenders will pass on more of the cut but i'm not holding my breath. personally i'm on a tracker so woolwich have no choice other than to pass on any reduction, but those of you on discount or standard variable rates may not fare so well. i'd also expect lenders to reprice all their tracker products for new customers so they make a bigger margin, just like they did last month
 

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My mortgage only dropped by the 0.5% from last time (2 or 3 months ago?) last week. Knowing my luck, they'll put it back up and they'll react instantly this time :D
 

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Doesn't matter (to me) because Barclay's wouldn't adjust there "base rate" anyway :(
Barclays bank base rate actually tracks the BoE base rate. if you have a tracker your mortgage it will go down( or up when BoE) goes up.
If you are on Barclays Standard variable rate then you are right chris
you are Fukced :)
 

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Ours have stayed unchanged 15.5% on my house and 17.5% on my car.......and smething like 32% on my credit card:eek:
 

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Barclays bank base rate actually tracks the BoE base rate. if you have a tracker your mortgage it will go down( or up when BoE) goes up.
If you are on Barclays Standard variable rate then you are right chris
you are Fukced :)
I'm on a tracker (woolwich offset actually), I got a mortgage statement through last week and the 0.5% (I think) rate cut they introduced a couple of months ago hasn't been applied to it ... (maybe a question for al) ... but where to Barclays publish their base rate ... I can't find it on their websh1te ...
 

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ahhhh ... just done a bit of searching ... the (last) interest rate change was only applied on 8th October ... and my statement was before this ... so horray!!! bring it down :thumbs:
 

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I'm on a tracker (woolwich offset actually), I got a mortgage statement through last week and the 0.5% (I think) rate cut they introduced a couple of months ago hasn't been applied to it ... (maybe a question for al) ... but where to Barclays publish their base rate ... I can't find it on their websh1te ...
Hi chris.
I believe that barclays only actually make the change once a year ( change to the BoE base rate on the actual day of the change) but an adjustment is made that takes into account any rate changes during the period. not truly tracking BoE but once you dont actually loose( or gain) either.

we have just applied for a woolwich ( barclays) tracker and this is how it was explained to me :confused:
 

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Discussion Starter #15
most of woolwich's deals are either daily/monthly interest calculation, about a quarter of them are annual interest calc. if you're on a tracker deal then any increase/decrease in BoE base rate must be passed on within 30 days (although this can be done on the annual ones as well - as long as each year they factor in any rate fluctuations from the date they happened )
 

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most of woolwich's deals are either daily/monthly interest calculation, about a quarter of them are annual interest calc. if you're on a tracker deal then any increase/decrease in BoE base rate must be passed on within 30 days (although this can be done on the annual ones as well - as long as each year they factor in any rate fluctuations from the date they happened )
depends on the wording of the tracker deal ... I think mine says that it tracks "barclays bank base rate" NOT BoE ... although it does seem that barclays do track BoE (they just don't publisice it very well IMO)
 
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gotta cut the rate by at least 1.5%...of course this will never happen !!
 

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Discussion Starter #18
depends on the wording of the tracker deal ... I think mine says that it tracks "barclays bank base rate" NOT BoE ... although it does seem that barclays do track BoE (they just don't publisice it very well IMO)

same with mine (i'm woolwich as well) but for them to officially call it a tracker it has to follow BoE base rate, so in other words the woolwich base rate has to be the same as the BoE base rate.

don't forget they (and all other lenders) also have a standard variable rate which they can alter (or not, as the case might be) at their own free will. i'm currently trying to find out what my mortgage rate is 'collared' at - any tracker deal will have a condition that if BoE rates go spectacularly low, the rate you pay cannot fall below a certain rate. i'll come back to you as soon as i know:D
 
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current BoE base rate.....4.5%
current abbey national variable (which i am on)....6.94%

thieving barstewards....:mad:
 

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Discussion Starter #20
just checked, my woolwich deal has no 'collar' hehe:D

so if BoE rates go down to, say, 2% at some point next year as plenty of economists are forecasting, then i'll only be paying 2.47% :eek: not bad for a lifetime tracker which didn't cost me a penny to switch over to from my previous lender
 
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