spiral
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Post by spiral on Jul 1, 2015 15:12:37 GMT
Contracts repaid during the promotional period will still be valid for the promotion.
I took this as meaning any eligible loans for the cashback that are repaid early will still be valid, so if you are lucky enough to lend out £10K of qualifying money today and it gets repaid tomorrow (or more likely a few months down the line), you will still qualify and RS will not persue claiming the cashback back.
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Steerpike
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Post by Steerpike on Jul 1, 2015 15:22:47 GMT
I have enough 3 and 5 year loans for now and so I'm reasonably happy with a rapidly matched 3.4%(4.4%) in the 1 year market although I managed 3.8%(4.8%) on the previous cash back.
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jonbvn
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Post by jonbvn on Jul 2, 2015 7:57:21 GMT
I have enough 3 and 5 year loans for now and so I'm reasonably happy with a rapidly matched 3.4%(4.4%) in the 1 year market although I managed 3.8%(4.8%) on the previous cash back. I am also diverting repayments back into the 1 month market. Looks like 3.5%+ may be achievable.
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Post by bobthebuilder on Jul 2, 2015 8:38:07 GMT
I have enough 3 and 5 year loans for now and so I'm reasonably happy with a rapidly matched 3.4%(4.4%) in the 1 year market although I managed 3.8%(4.8%) on the previous cash back. You can't even get that now. Last match in the 1 year market was at 3.0%, and that's unattractive - to me anyway - even with the 1% cashback. Last match in the 3 year market was at 5.4%, with small amounts on offer down to 4.9%. Normally I've been getting 5.9% or 6.0 % in this market recently. Time to divert repayments to another platform for the next month or so until all this silliness dies down, I think. Either that, or plaster links like this one all over the forum: forums.moneysavingexpert.com/showthread.php?t=5271334&utm_source=MSE_Newsletter&utm_medium=msccontent&utm_term=30-Jun-15-v2&utm_campaign=forum&utm_content=1
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pom
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Post by pom on Jul 2, 2015 9:15:19 GMT
I just looked and monthly rates (3.2) are now higher than annual (3). Bonkers.
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Post by contangoandcash on Jul 2, 2015 9:58:03 GMT
Hello, my first post on the forum.. I guess this cash back offer provided the tipping point for me to actually register and have a public grumble.
I have 95% of my investment in the 5 year market, but I'm taking any repayments and putting them into the monthly until this cash back offer has finished and equilibrium is restored.. previously I had thought that the 5 year rates approaching 7% were starting to feel roughly sensible. Does anyone have any ideas on how long it may take for rates to work themselves back to 6.8%+ ? I guess with the market rate mechanism, things will be kept lower potentially for a while.
I can't believe people are willing to take sub 6% on this. Panic selling for an extra fraction of a % over 5 years..
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Post by p2plender on Jul 2, 2015 10:47:22 GMT
Hello, my first post on the forum.. I guess this cash back offer provided the tipping point for me to actually register and have a public grumble. I have 95% of my investment in the 5 year market, but I'm taking any repayments and putting them into the monthly until this cash back offer has finished and equilibrium is restored.. previously I had thought that the 5 year rates approaching 7% were starting to feel roughly sensible. Does anyone have any ideas on how long it may take for rates to work themselves back to 6.8%+ ? I guess with the market rate mechanism, things will be kept lower potentially for a while. I can't believe people are willing to take sub 6% on this. Panic selling for an extra fraction of a % over 5 years.. It's market forces at work. Hang on a minute..........
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jonbvn
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Post by jonbvn on Jul 2, 2015 13:28:24 GMT
Hello, my first post on the forum.. I guess this cash back offer provided the tipping point for me to actually register and have a public grumble. I have 95% of my investment in the 5 year market, but I'm taking any repayments and putting them into the monthly until this cash back offer has finished and equilibrium is restored.. previously I had thought that the 5 year rates approaching 7% were starting to feel roughly sensible. Does anyone have any ideas on how long it may take for rates to work themselves back to 6.8%+ ? I guess with the market rate mechanism, things will be kept lower potentially for a while. I can't believe people are willing to take sub 6% on this. Panic selling for an extra fraction of a % over 5 years.. You are correct. Over the 5 year term these dips in rates are just noise. After previous similar offers rates returned to "normal" almost immediately after the offer ended.
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jcb208
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Post by jcb208 on Jul 2, 2015 17:57:21 GMT
Crazy market conditions I managed 6.8% in the 5 year market easy last week,lucky to get 5.8% now.Just going to sit tight and wait for the rates to recover.I fell for the cashback last time but learned from my mistake
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Post by GSV3MIaC on Jul 2, 2015 18:25:37 GMT
Yep, the MR folks are going to take a pasting again, as it'll take a while for the ripple to work out of the system. I suspect some recent 3/5 year borrowers may be exercising their cancel options when they see how rates have gone down since they matched a week ago.
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jonah
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Post by jonah on Jul 2, 2015 18:40:05 GMT
3.2 million 'on market' currently.
Only 1 million matched in the last 24hrs, so there are effectively three days worth of cash hanging around (even excluding 'silly' rates).
i guess you can say that the RS offer pulled in the punters!
Friday MR is 4.7 and 5.9 for 3 and 5 year respectively. I assume that ouch is the correct term!
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Post by p2plender on Jul 3, 2015 6:48:54 GMT
Hello, my first post on the forum.. I guess this cash back offer provided the tipping point for me to actually register and have a public grumble. I have 95% of my investment in the 5 year market, but I'm taking any repayments and putting them into the monthly until this cash back offer has finished and equilibrium is restored.. previously I had thought that the 5 year rates approaching 7% were starting to feel roughly sensible. Does anyone have any ideas on how long it may take for rates to work themselves back to 6.8%+ ? I guess with the market rate mechanism, things will be kept lower potentially for a while. I can't believe people are willing to take sub 6% on this. Panic selling for an extra fraction of a % over 5 years.. FC has plenty of secured at 8%+ and 12/18 months as well. Just a heads up.
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spiral
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Post by spiral on Jul 3, 2015 7:32:44 GMT
Friday MR is 4.7 and 5.9 for 3 and 5 year respectively. I assume that ouch is the correct term! It really does beg the question of does the average man in the street think that the 1% cashback is equivalent to just adding it to the achievable rate i.e in the 2 rates above you get 5.7 and 6.9 which are more akin to what was achievable before the CB or does it just make "dormant" people join in without any understanding of what was going on before. If it is the former, then perhaps AER's should be stated in the CB promotion although I notice RS were clever in stating an amount as opposed to a % although most people read it very quickly as 1%. With the new MR calc I think it may take until mid Aug for all the workings of this "blip" to pass.
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Post by brokenbiscuits on Jul 3, 2015 7:57:32 GMT
Veterans of the last cash back are saying rates rose instantly.
im not convinced we are dealing with the same set of circumstances here. With market rate and cash back coming along at the same time combined with enough lenders seemingly wanting to set their rate well below average... Its not looking great.
maybe everything will time perfectly with markets dropping significantly due to over reaction to Greece. Pull out ratesetters money to top up undervalued isa and then come back once the wobble has passed?!
for now i decided to drop down to 6.3% thinking this would be my absolute minimum. Maybe it is, but its not anywhere near even a nibble.
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oldgrumpy
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Post by oldgrumpy on Jul 3, 2015 8:22:33 GMT
Oooh! Just back from a week away and saw my YR (6.8% -5yr) unlent for 1/2/3 July, with rates sub 6%. Quick thought ...CASHBACK (which I have successfully avoided again )! Correct. Looks like a two week sabbatical from reinvestments - glad I overinvested when the rates were higher. Interesting that cashback is marketed as an incentive to lenders, but in reality it seriously lowers the returns for them, and everybody else on MR. I don't regard RS as a sneaky platform, but this marketing ploy does have a sneaky "aroma" about it - whether or not it is intended.
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