Cheap and fair interest rates !?
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It makes me absolutely vomit that the banks rip off their own employees and customers and get praised for it.
Look, UK base rate is 5.75 yet loans are around 10% if you include the costs.
Mortgages are never under 8% and credit cards are over 15% and it is all such a TOTAL RIP OFF !
Maybe it is fair to charge a 0.5% margin on mortgages and 1% on credit cards (because of merchant charges too) and perhaps 2% on unsecured loans as 1% of people might default.
But hey, current margins are CRIMINAL and it is absolutely ridiculous that banks are allowed to do this in a democratic society.
Don't you think UK banks ought to be properly regulated and then everyone would be better off and we would avoid the coming economic depression.
Cheap and fair interest rates !?Banks don;t make much on mortgages.
On the whole, they borrow the money from elsewhere and its very typical for mortgages to be 0.5-1% above base, so where you got 10% I'm not sure.
For my mortgage, I paid for survery etc now only pay 0.5% above base which I think is perfectly reasonable considering the risk and the admin they have.
Cheap and fair interest rates !?Margins are actually much too low ...
Northern Rock was essentially sunk when the markets realised that the interest rate on the BoE loan was higher than the interest rate being paid by NR Mortgage holders ...
The banks are already over-regulated (did you know that if they have any reason at all to believe you have made a 'suspicious transaction' they are obliged by law to freeze your account (no money in, no money out) for weeks on end whilst the Police investigate ?)
NB. We live in a capitalist system - your ideas of 'fairness' may have merit in a communist system, however as we all know, such a system is not viable ... so stop thinking 'lets outlaw the capitalist system and revert to a barter economy' and start thinking 'where's the profit for me ?'
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