Archive for the 'mortgage' Tag
The "credit crunch" has officially hit and the UK is in a recession. Times are going to get a lot harder, though I hope some of the tips on FrugalFergal.co.uk will help lessen the impact, and people are going have to reign in their spending and put their finances in order.
One of the first things to do during a recession is get rid of as much debt as possible. This post assumes you've already done that and the only debt you have left is your Nationwide tracker mortgage. I say Nationwide tracker mortgage as this is all I have experience with, but you may find your lender offers a similar service.
Good news for all tracker mortgage holders: you're about to save a packet on your mortgage thanks to the 1.5% rate cut the Bank of England announced this morning.
Sadly, it's not good news for savers and I can guarantee the banks will be dropping these rates much quicker than they will drop their mortgage rates.Continue Reading »
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