how bad is the credit crunch???uk

[ScottMGee]

All the flat rates were changed after VAT was reduced to 15% so there is no change to those using the fixed rate scheme.  It may be that he hasn't changed his flat rate.

I think the flat rates were not reduced by the same 14.3%, hence some traders are out of pocket.

[lazaroonie]

Chelsea BS - Discounted tracker = base rate - 0.5% - current deal 2.5% - will be 1.5% from january (confirmed by chelsea).

do I win a prize ?

Are you actually getting a free mortgage now?

i think so. will need to check. its a weird situation anyway.....

[phatomch]

I work in the finance game,I specialise in secured loans and pensions. Secured loans have gone to shit as of today the best rate out there is 12.98% with a maximum ltv of 70% (mortgage balance+secured loan amount diveided by the value of your property) this time 2 years ago we could get 6% and 125% ltv.

Pensios are now are companys way forward we have been in buisness for 20 years and without them we would go under.

[EvilPie]

Just agreed an extra chunk of cash on my mortgage with IF.

Thought they'd put me on some weird rate that they made up from somewhere but no they just added it to my existing tracker.

1%. Wiiiiiiiiiiiiiiiii.

How long will it last though? I'd have had this no matter what but how many people will borrow more against their houses just because it's cheap? Surely the rate will go up at some point and a lot of people will be knee deep in shit.

Surely this is just compounding the "credit crunch" problem by encouraging more spending of money that people haven't got?

[phatomch]

I turned downa loan today for 100k on a prop worth 1.9 mil with a mortgage balance of 1.1 mil, The money isn't there for everyone.