Bank of England cuts Interest Rates by 1.5%

Major shock! Takes Interest rates to 3% lowest since the sixties. Lots of people on Variable rate morgage and anybody on a Tracker is going to be quids in.

I have just remortgaged on a Tracker as my fixed term came to an end and I knew rates would drop. The mortgage only completed on Monday. Lucky I did it when I did, because no bulding society will be offerring Trackers now. A lot of the major Banks/Building societies have not stated whether they will pass on this decrease in Interest Rates to customers on a standard variable rate, which is a shit trick considering that the governments cash injection to save these institutions was funded by us the tax payer. Nice way to say thanks innit :mad:

If you are paying £500 quid on a variable rate and your Bank/Building Society pass on the cut, then it should say oyu about £60 a month.

They have cut the rate by 1.75% here in Aus in the past two months, I think it's a bit excessive, although I think my eastern state counter parts are struggling.