It was a tracker mortgage set at 0.5% below the baserate.
Earlier this year, the baserate went below 0.5% which means that their mortgage was being paid off even if they didnt make any payments, cunts.
(, Mon 8 Jun 2009, 13:53, archived)
in any case there will be a small print clause prohibiting the rate from dropping below zero, even if nothing below is applicable.
(, Mon 8 Jun 2009, 14:06, archived)
It's not being paid off. It just isn't currently increasing in debt.
And trackers like that are only set for 2 years max anyway.
and they are set below the banks base rate, not the bank of englands. Bank base rates are 2-4% higher than the BoE base rate. So he'll still be paying 2% interest or so.
(, Mon 8 Jun 2009, 14:04, archived)