City Bankers*

November 12th, 2008 § 0 comments


Just how low will your mortgage payments fall if, as predicted, the Bank of England slashes interest rates over the next few years towards 3% or even lower? If you have a fixed rate, then there’s no joy for you.

But before holders of “tracker” mortgages look forward to steep cuts in monthly costs, be prepared for a nasty shock.

Some of the biggest lenders have small print terms which allow them not to pass on rate cuts, even if the contract says the loan is tied to the Bank of England base rate.

And households whose mortgages track the “standard variable rate” may also see little benefit from cuts in base rate.

So far, mortgage lenders haven’t exactly been rushing to pass on the most recent base rate cuts. It emerged this week that half haven’t cut standard variable rates following the emergency rate cut of 0.5% last month.

Fucks sake. The banks and shit take all this money that the government suddenly found (can’t find a bloody penny when a hospital or school need it) cos they’ve got a ‘fluidity problem’, The Bank of England cut the interest rates so the punters have more chance of actually repaying the fucking loans and and the cunting fucks in the city don’t pass on the rate cut.

Fuck ’em. Let em go. Bring on the bloody revolution.

*And yes that is a euphemism. It’s a euphemism for greedy money grabbing whinging cunts.

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