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andyfowles
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Joined: 03 Apr 2007
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Location: Woking, Home of McLaren F1 Racing. Driven by the winner of the F1 drivers championship 2008.
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 Post subject: Bank of England Interest Rate Cut |
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The Bank of England has today announced it is cutting the interest rate by one percentage point from 3% to 2%, the lowest level snice 1951.
The cost of borrowing has been more than halved since early October.
This is not such good news for investors.
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Thu Dec 04, 2008 1:05 pm
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rob
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Joined: 08 Aug 2004
Posts: 7707
Location: Tenerife
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Typical  When I started in business I was paying 18% interest on loans. Now that I finally have a little spare cash to invest!!!! 
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Remember: You don't stop laughing because you grow old, You grow old because you stop laughing. |
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Thu Dec 04, 2008 2:45 pm
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andyfowles
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Joined: 03 Apr 2007
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Location: Woking, Home of McLaren F1 Racing. Driven by the winner of the F1 drivers championship 2008.
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| rob wrote: | | ....18% interest on loans |
I know what you mean Rob, when we bought our first house the mortgage rate was just shy of 16%
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Thu Dec 04, 2008 8:00 pm
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margaretbl
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Joined: 01 Mar 2007
Posts: 3782
Location: south tyneside
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tomorrow I am going to be at the Doors of the Abbey for them opening so I can make a final payment on my mortgage 
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Failures don't plan to fail, they fail to plan
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Fri Dec 05, 2008 12:29 pm
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rob
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Posts: 7707
Location: Tenerife
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Good for you.... another step nearer to being able to afford to retire!
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Who am I? Follow the myspacetenerife link under my avatar.
Remember: You don't stop laughing because you grow old, You grow old because you stop laughing. |
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Fri Dec 05, 2008 12:34 pm
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margaretbl
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Joined: 01 Mar 2007
Posts: 3782
Location: south tyneside
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I wish all I will say is kids and grandkids 
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Failures don't plan to fail, they fail to plan
(Harvey Mackay) |
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Fri Dec 05, 2008 12:35 pm
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andyfowles
Pro Reefer
Joined: 03 Apr 2007
Posts: 658
Location: Woking, Home of McLaren F1 Racing. Driven by the winner of the F1 drivers championship 2008.
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| margaretbl wrote: | | .....so I can make a final payment on my mortgage.... |
| Rob wrote: | | ...another step nearer to being able to afford to retire.... |
I look forward to both of those days 
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Fri Dec 05, 2008 5:02 pm
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MaryJ
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Joined: 09 Sep 2007
Posts: 479
Location: Chesterfield, Derbyshire
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Grrrrrrrr! 
I don't really want to talk about it.
We are aproaching retirement with no mortgage now, and have been saving like crazy for our retirement.
When we had a mortgage we had high interest rates too, and couldn't save much.
Now we have savings what the **** is going on!
I feel sorry for the people who are genuinely in difficulty with their repayments because they have lost their jobs but why should we careful people be paying for the ones who have been greedy!
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Growing old is mandatory. Growing up is optional. |
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Fri Dec 05, 2008 8:47 pm
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yorkshire
Junior Reefer
Joined: 03 Mar 2007
Posts: 81
Location: Bradford
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| trouble is , not all of the banks are passing the cut on to its customers. i bet they will drop the rates on the investment accounts thou !!! |
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Sun Dec 07, 2008 9:49 am
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