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[Marks DTM Calib]

Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!

Mark,with the difference between 0.5%and 1% ,I would agree with you.
But remember Interest rates were at 5% only last October.That is a sgnificant drop.
About £400 each month in our case ,nearly £5000 peryear.

Yes, and what are you doing with your saved out goings........and consier also how much lower the cost of fuel and imported goods would be if they had remained higher.

You cna see a direct saving basd on your mortgage but, its hard to directly evaluate the impact the piss poor pound is having on EVERYTHING you buy  

[Mr Skrunts]

Yes, and what are you doing with your saved out goings........and consier also how much lower the cost of fuel and imported goods would be if they had remained higher.

You cna see a direct saving basd on your mortgage but, its hard to directly evaluate the impact the piss poor pound is having on EVERYTHING you buy Thumbs Up!

I agree with you Mark, its a bigger picture that a lot dont focus on, my brother has carried on paying his mortgage to the same ammount he was before the rate drops, so unless rates rise higher than what he has ever paid since he took the house on he will be ok.  The downside for him is that he is self employed and as you mention the cost of fuel and parts from other countries have risen, hopefully that may be absorbed as customers pay thier bills (if they survive the current situation)

[Lazydocker]

Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!

I wanted to but because I'm tied into a deal I'll get charged for any overpayment! So, I'm spending it on a few bits and bobs I otherwise probably wouldn't have had straight away without the cuts.

That said... We're only talking about 2 months payments at the new rate Everything else is being saved, even with the pitiful interest rates, as I may well build the garage and conservatory I want in a couple of years time, especially if builders are still struggling!

[TheBoy]

Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!

Mark,with the difference between 0.5%and 1% ,I would agree with you.
But remember Interest rates were at 5% only last October.That is a sgnificant drop.
About £400 each month in our case ,nearly £5000 peryear.

Which I'd rather be paying off my mortgage, so no extra money in my pocket.

In fact less money, as goods are going up dramatically.  Although extreme, take the OOF server for example.  Since I bought it in November, its price has gone up 150%.  Since last summer, its gone up nearly 400% .  OK, thats extreme, but other commodities sold in dollars (such as all computer bits) have risen.  Ideally, said OOF server could do with another 4G of RAM (other VMs run on it as well), but that has gone up another 50% since December, putting it out of my reach.  Fuel, despite very low oil prices, is rising fairly quickly again.

And, once again, my pension pot has been dessimated - hence I need to pay mortgage asap so I can start saving for retirement...

[HerefordElite]

So hands up who will buy something now that they would not have done last week?  I don't think credit card interest has gone down at all has it?  It will make break all positive difference as far as I can see.

not me - have fixed rate motgage so no savings there - only outcome will be interbank lending and more proffits for banks

[Martin_1962]

I have noticed the price rises on PC components too £15 over a week between looking at and buying!!

I want a new video camera - that will go up!

[Kevin Wood]

And, once again, my pension pot has been dessimated - hence I need to pay mortgage asap so I can start saving for retirement...

Blimey! You've had the courage to look?

Not sure I'm going to even open my pension statement when it lands on the doorstep. :-/

Kevin

[stuart30]

Its a desperate approach which yet again will yield jack all.

I keep paying my mortgage at the old rate so will be clearing the debt a bit quicker, you would need to be mad to just send the (little) saved every month on the high street.

And lets be honest, if the amount you save following these cuts is the difference between keeping or loosing your property then your already in deep shite anyway!

Mark,with the difference between 0.5%and 1% ,I would agree with you.
But remember Interest rates were at 5% only last October.That is a sgnificant drop.
About £400 each month in our case ,nearly £5000 peryear.

Oh i wish i was paying that...mine was well over 7%.

Got so bad i had too go interest only....luckily rates have dropped and im about £250 a month better off,Christ it makes a big difference.

[Entwood]

I know some you have some fairly "robust" views on savers .. and I can laugh at the "savers didn't help me when rates were high" comments ...

Been there .. 1978 ... mortgage rate payable 19.5%.. at one stage my standing orders per month were £25 more than my monthly paypacket..

But we survived somehow, and I'm now faced with the "other" problem.

It's fine saying "don't save.. spend" .. as some of you, and the government seem to want...but have you thought it through

At the moment I don't claim anything off the state, and I pay Income tax on the Interest from my savings .. ok it's a very small amount .. but I'm, overall, paying INTO Government coffers ......

So, I'll do as you ask... I'll buy a new car, new TV, have a holiday, and reduce my savings to zero ..and have a nice time doing so ...

What then  I now have no income, so I pay no tax, I have no savings so I'm eligible for all those state benefits I was not allowed before... I'll start to claim everything I can because I'm no longer able to support myself...

The Government now has to pay out more from its reduced income .... so it has to raise your taxes ... not mine .. I don't pay any now... to pay me ....

So, now do you still want me to spend all my money

The policies of the mad-house.

[HolyCount]

I know some you have some fairly "robust" views on savers .. and I can laugh at the "savers didn't help me when rates were high" comments ...

Been there .. 1978 ... mortgage rate payable 19.5%.. at one stage my standing orders per month were £25 more than my monthly paypacket..

But we survived somehow, and I'm now faced with the "other" problem.

It's fine saying "don't save.. spend" .. as some of you, and the government seem to want...but have you thought it through

At the moment I don't claim anything off the state, and I pay Income tax on the Interest from my savings .. ok it's a very small amount .. but I'm, overall, paying INTO Government coffers ......

So, I'll do as you ask... I'll buy a new car, new TV, have a holiday, and reduce my savings to zero ..and have a nice time doing so ...

What then  I now have no income, so I pay no tax, I have no savings so I'm eligible for all those state benefits I was not allowed before... I'll start to claim everything I can because I'm no longer able to support myself...

The Government now has to pay out more from its reduced income .... so it has to raise your taxes ... not mine .. I don't pay any now... to pay me ....

So, now do you still want me to spend all my money

The policies of the mad-house.

If there was a simple solution to this I am sure someone, somewhere would have come up with it by now. The Government aren't just trying to get us to spend, as such, just to get money "moving". In the short term I guess us spending is the easiest for them to have a go at ---- even though I still feel it's a shortsighted plan.

If savers want too save, more power to them .... after all, it's their money to do with what they want. Savers, spenders and borrowers alike are getting scr*wed at the moment  

[TheBoy]

And, once again, my pension pot has been dessimated - hence I need to pay mortgage asap so I can start saving for retirement...

Blimey! You've had the courage to look?

Not sure I'm going to even open my pension statement when it lands on the doorstep. :-/

Kevin

Mines all online.  Thought I'd better look at it when the redundancies were doing the round around 3 weeks ago.

[iggy21uk]

Taken the money out of BS put  bought premium bonds at least I
might win even though that payout has gone down -hence less for the BS to lend at +/- 0 ish interest to me but more to borrowers ?

Fixed ISA's % ok short term

But spending far less now so VAT reduction utter waste of time
Must agree with Marks point of view currancy wise imports more expensive i.e  - petrol / gas

[TheBoy]

Taken the money out of BS put  bought premium bonds at least I
might win even though that payout has gone down -hence less for the BS to lend at +/- 0 ish interest to me but more to borrowers ?

Fixed ISA's % ok short term

But spending far less now so VAT reduction utter waste of time
Must agree with Marks point of view currancy wise imports more expensive i.e  - petrol / gas

It not really a point of view - all over modern finacial history this has been the case....

[Mr Skrunts]

Taken the money out of BS put  bought premium bonds at least I
might win even though that payout has gone down -hence less for the BS to lend at +/- 0 ish interest to me but more to borrowers ?

Fixed ISA's % ok short term

But spending far less now so VAT reduction utter waste of time
Must agree with Marks point of view currancy wise imports more expensive i.e  - petrol / gas

I think there was a rethink on the prize funds and they were reduced.  Nothing published about it.  But sure one of the members posted about it a few months ago.

[shyboy]

Taken the money out of BS put  bought premium bonds at least I
might win even though that payout has gone down -hence less for the BS to lend at +/- 0 ish interest to me but more to borrowers ?

Fixed ISA's % ok short term

But spending far less now so VAT reduction utter waste of time
Must agree with Marks point of view currancy wise imports more expensive i.e  - petrol / gas

I think there was a rethink on the prize funds and they were reduced.  Nothing published about it.  But sure one of the members posted about it a few months ago.

The Government simply reduced the rate of interest paid on the net prize fund, so reducing the total number of prizes. Remember that Premium Bonds should not be considered as an investment as such, but as a monthly gamble with money you do not need for day to day living, much like the Lotto. The advantage of course is that you do not lose your money, even though it will diminish in real value over time.
I have a modest number of bonds just to be in the hat.
There's a very interesting appraisal of the chances of winning on Martin Lewis' 'Moneyexpert' site.