drogon Posted December 15, 2008 Report Share Posted December 15, 2008 Someone has a few shillings to lend me please? There are opportunities soon to be grabbed there. http://news.bbc.co.uk/2/hi/business/7782939.stm Link to comment Share on other sites More sharing options...
The_Munchmaster Posted December 15, 2008 Report Share Posted December 15, 2008 I could lend you a few shillings but they wouldn't be a lot of use to you as they ceased to be legal tender a long time ago. :smirk: Link to comment Share on other sites More sharing options...
drogon Posted December 15, 2008 Author Report Share Posted December 15, 2008 One penny then? OK I settle for a loan of a few thousand baht (gold) :grin: This must be terrible for some home owners or people on a mortgage (but like most borrowers they stupidely signed for a variable mortgage...) Still, good opportunities to be found if you have money to invest. Link to comment Share on other sites More sharing options...
Faustian Posted December 15, 2008 Report Share Posted December 15, 2008 Indeed...and investing we will go....but next year.... Pound continues to suck... Unemployment going up at alarming speed... The UK is doing great. Link to comment Share on other sites More sharing options...
chelseafan Posted December 15, 2008 Report Share Posted December 15, 2008 One penny then? OK I settle for a loan of a few thousand baht (gold) :grin: This must be terrible for some home owners or people on a mortgage (but like most borrowers they stupidely signed for a variable mortgage...) Still, good opportunities to be found if you have money to invest. Erm surely people who have variable mortagages are quids in as the interest rates have been slashed along with their monthly repaymanets, i.e. someone who was paying 6% is now paying circa 4%. Its stupid people like me on a fixed 5 year at 6.2% who you should feel slightly sorry for Link to comment Share on other sites More sharing options...
drogon Posted December 16, 2008 Author Report Share Posted December 16, 2008 chelseafan, yes recently some borrowers on variable mortgage got a very needed help but from what I read in UK newspapers it wasn't that much for some of them. Some very few lucky ones got the full "discount" following the decrease of lending rates but others got only a few %. On the other hand, how many got busted by their variable mortgage before the Bank of England did lower its rates? Must have been the same as back here. A few months ago if you want to by a condo (average price around 3OOK) then you could easily get a 1.75 - 2% variable mortgage... When it skyrocketted -> many people saw their rapayments almost double... You could be right about the variable mortgage now but I maintain that when you sign for a loan always take a fixed one....at least you know what you sign for. (but this is my opinion, you can disagree) Link to comment Share on other sites More sharing options...
chelseafan Posted December 16, 2008 Report Share Posted December 16, 2008 For the past few years the Bank of England rate (BOI) has remained pretty steady at around 5%ish. People on variable mortgages knew roughly what they were paying back monthly. Now that the BOI rate has been cut - and yes after a large nudge by the government - it seems both interest rates have been passed on in the main. I dont think many people got "busted" because of the credit crunch as it took hold far too rapidly for the banks to start turfing people onto the streets. There are always going to be repossessions and this is defintely going to increase rapidly. To be fair, the government has reacted pretty quickly (Well for them) in reducing interest rates. Their biggest mistake was cutting VAT though. Link to comment Share on other sites More sharing options...
drogon Posted December 16, 2008 Author Report Share Posted December 16, 2008 Thus I am wrong about UK as I thought the same happe nedf to you as in the US-Spain-Ireland. Good for you but you are not a dumbass at all to have signed up for a fixed rate mortgage.... Your ass is covered no matter what happens. Link to comment Share on other sites More sharing options...
chelseafan Posted December 16, 2008 Report Share Posted December 16, 2008 True, but I could be paying £200 quid less a month, or to put it in terms we all understand 20 ST's on Soi6 Link to comment Share on other sites More sharing options...
drogon Posted December 16, 2008 Author Report Share Posted December 16, 2008 Sure but who knows, if on a variable mortgage, what you would have to pay in let's say two years... Anyway, this is signed already... Link to comment Share on other sites More sharing options...
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