The first in a series where I will seek to share my financial wisdom:
ING's continued failure to pass on the benefit of the rise in base rates is nothing short of a disgrace, given their promises when their account was launched. Anyone who has got savings with them should get them out now and put them somewhere like Icesave (Landisbanki), who are currently offering a whopping 6.20% - guaranteed to exceed then match the base rate for some time too.
Next instalment: The merits of buying gold
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Comments
Don't even go there ;-)
I have been giving serious consideration to cashing in my housing portfolio & investing all my money in Gold. I am worried about where I would live if I sold all my properties though, Could I use the gold bricks to construct a new house & would it keep me dry when it rains ?
Yours in all seriousness
Ketters
Hey, Ketters, a house built from gold would be a lot cheaper to buy than one made of ordinary bricks.......
LOL you are probably right ....
Not at all mate, it was prompted by the email I got from the b*stards over the weekend with this bit of public relations gold :
"Following the recent Bank of England base rate increase from 5.5% to 5.75%, we are writing to let you know our current rates.
Our savings rates will remain as follows:
ING Direct Savings Account at 5.0% AER / Gross 4.89% p.a.
You are always free to consider other savings options. Of course with the ING Direct Savings Account and the ING Direct Cash ISA, you are free to withdraw your money at any time without penalty or notice. "
So basically, if you don't like it then f**k off. Doesn't really bother me that much as I shipped out of there a while ago, but thought I should try to pass on my wisdom to fellow Addicks.
I.e. Interest rates go up 0.25% my mortgage goes up approximately £30, my savings on the other hand don't come anywhere near catching up.
Hence, I'm better off putting money I should be saving towards paying sitting debts off like a mastercard bill.
A wise sage once sang that he believered the children were the future, so on that advice i have gone out and bought 3 mongolian and 7 somalian nippers.
I was thinking about getting a midget over the weekend but I'm worried about their temperament. A friend of mine said they need walking regularly and not to feed them after dark or drop them from excessive heights as it can damage brain.
Stick with orphans is what he said.
....bad advice, AFKA. You should have been told children are your financial millstone of your future.
Fun for 20 minutes and paying for 20 years.
Like: " Daddio, I need new trainers....." ;-)
Carter, you're right to pay off the credit card (and any store cards, other loans etc) as the interest rates on those are so high, but it's worth having a buffer of savings in case you get made redundant or you have some kind of domestic emergency like the boiler blowing up or your car getting written off. The general rule of thumb is having 3 - 6 months salary in savings that you can get to reasonably easily, and it makes sense to get a cash ISA, as the interest rate is better than it looks cos you don't get taxed on it. Once you've got that buffer in place, then you can start overpaying on the mortgage. There's a good article here about the pros and cons of paying off your mortgage.
A poster on here will be getting a call as soon as this mortgage is up for renewal!!!
Anyone brave enough to go for this?
You should be quids in when Madonna comes calling
Before anyone does- just remember it's a very long time to be tied in- look back at the last 10 years of your life and imagine you had taken a ten year fix out then, if you are old enough, and ask yourself, would it have worked for me..?
You can move house with the mortgage, so you're not fully tied down I spose. You also have to imagine that the interest rate will fall, as well as rise, over the next 25 years. Have to admit, I'd love the stability of knowing you have to pay x amount every month. We're currently on a 5 year fixed, and I hate the worry of not knowing what the interest rate will be at the end of that term.... could be 2%.... could be 22%...
He's moving out so he needs to be paid his share of the house then me and my best mate need to renegotiate the mortgage to pay him and set us up for the next deal.
nightmare
Right place, right time.
I definately don't think rates will be coming down anytime soon so wouldn't really recommend that anyone stays put and goes onto to a Standard Variable Rate.
Its the fees involved that really wind me up, opening fees, exit fees, overpayment fees. ARRGH
I have at least half a dozen clients who are coming off 4.19- 4.29 fixed rates early next year. Already warned , but not going to like it.
$64,000 question isn't it- very difficult
I'm now paying £150 a month more than I was then. GRRRRRRR
Robbing bastards, and they wonder why have the nations under 30's live at home still!!!!