jonah
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Post by jonah on Jun 24, 2015 18:27:28 GMT
I was expecting todays changes to drop the rate down. Perhaps it has for the borrowers with the best timing? Personally, about 11am I put on just over £100 at 6.8% and now about 7 hours later its all matched. will keep adding more funds if rates stay at around 6.5% but will definitely consider my options if rates (as i expect) slip closer to 6% with the new changes. Some 6.9 has gone out this evening.
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jonah
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Post by jonah on Jun 25, 2015 4:55:02 GMT
Well, this morning has some interesting offers....
5.6% £184 3 £436 5.5% £97 3 £252 5.3% £55 1 £154 5.0% £37 2 £99 3.0% £61.80 2 £61.80
thats in 5 year market!
Ok, less than 10k at 6.6 or below, which I would guess won't last long, but there will be a few potentially unhappy lenders there.
The numbers for 6.7 to 7.0 are slightly odd, with 6.8 as almost a gap.
i assume this will settle down in a few days but could be interesting.
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gnasher
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Post by gnasher on Jun 25, 2015 4:56:57 GMT
Looks like this will not have a big impact on the market. It seems most people have something sensible set i.e. 6.7% or above. There is just 9.7k of presumably YR stuff gone in at between 3% and 6.6%, with the MR peak at 6.7. That 9.7k is not enough to move the market down, it should soon be gobbled up.
Edit : cross posted with jonah
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Post by westonkevRS on Jun 25, 2015 7:16:49 GMT
Well, this morning has some interesting offers.... 5.6% £184 3 £436 5.5% £97 3 £252 5.3% £55 1 £154 5.0% £37 2 £99 3.0% £61.80 2 £61.80 thats in 5 year market! Ok, less than 10k at 6.6 or below, which I would guess won't last long, but there will be a few potentially unhappy lenders there. This might be some low-ball offers, but also (depending on the implementation) some unchanged "Your Rates" coming onto the Market. For what it was worth people did react to the email, forum, big and social media updates. Yesterday midnight had just 37 lenders with a YR lower than the prevailing MR across the markets (excluding monthly). We made outbound calls to all of these remaining customers. @ westonkevRS
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Post by beegee on Jun 25, 2015 7:52:41 GMT
I changed my YR to 6.8% last night and this morning checked and my returned money went out at 6.8%. All ok. Then I checked my email and it said my contract was for 6.6%. On checking my Reinvestment page it had been reset to 6.6%. I have asked Ratesetter for an explanation of what is happening.
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oldgrumpy
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Post by oldgrumpy on Jun 25, 2015 7:54:40 GMT
My repayment this morning went in at YR 6.8%, and was matched long before I had my first cup of tea despite MR providing £100K+ at 6.7% and a few more offerings down to 6.1% still lingering at 08:45. Last match apparently was 6.2% at 06:31 so I have no idea why my cash was lent out so early. Naurally, the borrower offers from early this morning have been set at 5.9%. Hopeful, maybe some of them strike lucky.
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spiral
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Post by spiral on Jun 25, 2015 9:05:22 GMT
My repayment this morning went in at YR 6.8%, and was matched long before I had my first cup of tea despite MR providing £100K+ at 6.7% The only explanation I can come up with is that your money went on market first and someone matched that before the remainder of the repayment money came in. Kev said a few months back that the money from the oldest loans get processed first so if that was to be the case, your repayment would have had to have been from a pretty old loan.
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Investor
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Post by Investor on Jun 25, 2015 10:12:55 GMT
westonkevRSWhilst I support the changes made to YR process made on the 24th I would suggest an extra function which may help support users with the process. Could an 'opt in' daily email be setup which informs users of the MR when set each day. This can either be on a per market basis or to simplify just a single email that tells the MR for all 4 markets as soon as it is set. As simple as "Today's MR has been set as x.x% in the monthly market, x.x% in the 1 year market etc. Not sure how useful this will be for others but the number of likes to this post might give you an indication, and as it is opt in only should not really offend anyone.
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Post by westonkevRS on Jun 25, 2015 13:18:17 GMT
westonkevRSWhilst I support the changes made to YR process made on the 24th I would suggest an extra function which may help support users with the process. Could an 'opt in' daily email be setup which informs users of the MR when set each day. This can either be on a per market basis or to simplify just a single email that tells the MR for all 4 markets as soon as it is set. As simple as "Today's MR has been set as x.x% in the monthly market, x.x% in the 1 year market etc. Not sure how useful this will be for others but the number of likes to this post might give you an indication, and as it is opt in only should not really offend anyone. Seems reasonable and I would use this email. I'll request it... @ westonkevRS
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Post by GSV3MIaC on Jun 25, 2015 15:52:27 GMT
I'd use it too, just to check MR wasn't getting ahead of my YR .. however I'd still like the 'floor rate' function back (i.e. I'm happy with MR as long as it doesn't 'do a ZOPA' on me).
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spiral
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Post by spiral on Jun 25, 2015 16:16:13 GMT
Could an 'opt in' daily email be setup which informs users of the MR when set each day.
I would prefer only to receive the email if my reinvestment money at YR was below MR. That would mean I'd only receive 1 email every blue moon rather than daily.
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Post by GSV3MIaC on Jun 25, 2015 17:38:13 GMT
I'd rather have it anyway .. one use is to check if MR has gone too far the other way (sticking your money in at 6.9% is all very well if MR is 6.5% or some such, but if MR has gone down to 5.5%, you might need to think again. I guess the 'your money has been un-lent for 2 weeks' email might eventually serve the same purpose, but I turned those off). 8>.
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sl75
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Post by sl75 on Jun 25, 2015 21:09:19 GMT
This might be some low-ball offers, but also (depending on the implementation) some unchanged "Your Rates" coming onto the Market. For what it was worth people did react to the email, forum, big and social media updates. Yesterday midnight had just 37 lenders with a YR lower than the prevailing MR across the markets (excluding monthly). We made outbound calls to all of these remaining customers. @ westonkevRSSo can you confirm that the person with the 3.0% offer had explicitly agreed to lend that far below the market rate? (i.e. it wasn't just someone who'd taken no action having set up the offer a while ago when RS were promising to increase any "low-ball" offers to market rate, with the "your rate" acting as a floor)
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jonah
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Post by jonah on Jun 26, 2015 3:44:39 GMT
27 loans and 12.8k below 6% in the 5year this morning. Lowest 5%. I expect the message about the new YR is starting to get out there.
there is a trickle below 6.6 (25 k total) and then 130k at 6.6, so I assume that is MR today. 6.7 and 6.8 almost nothing, then 89 and 138 at 6,9 and 7 respectively.
So MR is slightly down on yesterday. There was at least one huge request at 6.6 so that will have helped set the MR. I know that there was some 6.8 and 6.9 which went out yesterday but I assume not enough to pull up the average.
If I was looking to add some new money today, my question would be 6.7 or 6.8... Not sure which I would pick. For various reasons that isn't a choice I'm making today. I assume that the money at 7 may be moved by the owners at some point.
whilst probably far to soon to say, I get a feeling that MR will likely find it a lot easier to drop a notch than to rise one, as the huge block loans will always be below 'current ' money and influence downwards. I hope I'm wrong.
ps 3yr starts at 5.9 and 6.0 is MR so this is the second day with 5 year with ( a little!) money less than 3!
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gnasher
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Post by gnasher on Jun 26, 2015 4:44:25 GMT
I think the market display of the new system with its huge spread of lenders offers will be very confusing for RS newcomers to interpret. There has always been a tendency for people to place money at or below the lowest rate offered, rather than in a queue at a higher rate. Right now on the screen where you lend money the 3 displayed rates are 5.0, 5.3 and 5.5.
Would a newcomer place money at something like that, or at a more sensible 6.7 (the MR) with that display? OK, it looks like it will only be like that for a short time every morning, but very confusing while it is there.
The last matched is showing as 6.6, but with this damn stupid spaced out purple format (I still hate it!) it is not visible as it is off the bottom of the display.
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