Quote Originally Posted by fred View Post
Lenders snub calls to cut rates

http://www.ft.com/cms/s/0/ade4cc9c-a...nclick_check=1

All but two UK banks snubbed government calls to pass on Thursday’s dramatic interest rate cuts to new customers and more than 20 lenders withdrew deals that would have slashed borrowers’ monthly mortgage repayments.

The withdrawals mean that most of the UK’s biggest lenders have stopped offering any tracker mortgages, which automatically move up and down in line with the base rate, and brokers fear the rest could disappear by the weekend. “By the end of today there will be very few trackers left on the market,” said Ray Boulger, senior technical manager at John Charcol.

When banks launch their new tracker deals, perhaps next week, they are expected to increase the margin they charge above the base rate and may continue to charge hefty arrangement fees to offset rate cuts.
The banks will look after themselves i dont know why we bother should have let a few go to the wall. Thats also the view of many in the finanical sector. Would have been easier long term to compensate and move the customers to the banks that were stronger.

Now with the intrest rates down to get the ecomony going ie spend in the high st and buy houses what a great model how about exporting goods or knowledge.

Only thing that will go down or stay the same are saving intrest rates for most meaning more money leaving the system, the country and of course the currency will most liken weaken