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Cod Wars - The Titfield Thunderbolt
Heisenberg might have stayed here
Cod Wars
"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

It seems that the story has changed through the day, but that is rather unambiguous and undiplomatic language, even for someone who may be "tired and emotional" after thrashing out a rescue plan all night long.

Meanwhile other Icelandic banks have had their UK assets transferred to ING.

The interest rate cut will suit me nicely - provided IF pass it on to their customers. (There was an announcement from Halifax today that their SVR would be reduced but I'm never sure whether that automatically applies to IF or not).

I had a quick look, but I couldn't find Iceland for sale on eBay. Surely it can only be a matter of time.

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8 comments or Leave a comment
pm215 From: pm215 Date: October 8th, 2008 08:47 pm (UTC) (Link)
My IF mortgage is defined to track the BoE base rate (with defined limits on how long they can delay a rate change), so if yours is the same then they are obliged to pass on the cut.
uitlander From: uitlander Date: October 9th, 2008 06:42 am (UTC) (Link)
I suspect my IF deal and qatsi's are about the same as were were both early adopters and on very similar deals. Mine isn't any form of tracker, but gave me a reduced rate for 2 years and now is IFs SVR - we'd both quite like them to change their SVR, which they don;t always do when the BOE changes its rates.
pm215 From: pm215 Date: October 9th, 2008 07:31 am (UTC) (Link)
Mine was also a 2-year deal reverting to the SVR, but IF do let you remortgage with them (you pay an up-front fee and get a reduced rate), so I'm technically now on my third IF mortgage. My current mortgage is interesting in that it's called the "retention tracker" and has the tracker rate for the lifetime of the mortgage...

I suspect that at the moment the deals available aren't so likely to be good, but if either of you are actually paying significant amounts of interest in the monthly mortgage payment it's certainly worth investigating what they'd do you in the way of a remortgage.
uitlander From: uitlander Date: October 9th, 2008 07:38 am (UTC) (Link)
My mortgage is currently fully offset, so I pay 0%. I can't see there being a better deal out there for me and am quite happy to stay where I am right now ;-)
qatsi From: qatsi Date: October 9th, 2008 07:56 pm (UTC) (Link)
Like uitlander, I don't actually end up paying any interest, so paying any fee to remortgage isn't appealing (but thanks for the note anyway). All that will happen in practice if the rate doesn't change is that I will end up paying the mortgage off substantially more quickly. In fact even if rates went up, I suspect my recalculated payment would go down as I dropped a lump sum into the mortgage a few months back. As far as I can tell I'm in a very fortunate win-win situation with that.
rfmcdpei From: rfmcdpei Date: October 8th, 2008 10:45 pm (UTC) (Link)
Russia might snap it up first what with the huge amounts of money that Russia's lending it.
qatsi From: qatsi Date: October 9th, 2008 07:53 pm (UTC) (Link)
Maybe, but a £3.1bn loan doesn't sound like a "huge" amount of money when the outstanding amount due to UK savers is £4bn (before you count the various bits of local government that seem to have had money stashed there).
uitlander From: uitlander Date: October 10th, 2008 12:45 pm (UTC) (Link)


8 comments or Leave a comment