We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Leeds Building Society Mortage Rate Reduction

Options
2

Comments

  • martinman3
    martinman3 Posts: 727 Forumite
    thewrightpart wrote: »
    Nationwide - the bastion of mutallity has a SVR of 4.69%

    Why don't you try to re-mortgage with them then. :cool:
    There is a reason why they are lower you know.
  • dsi_2
    dsi_2 Posts: 2 Newbie
    I belive that I have a potential claim against Leeds Building Society as reghrds their failure to reduce their SVR promptly based on brecah of contract. I am intrested in particulr to hear from anyone who had a mortgage based on the SVR with Mercentil Building Society before it was bought by the Leeds. In order to progress the claim I will need at least 100 people to put forward a class action.

    looking forward to hearing from you.

    dan
  • Tinka21
    Tinka21 Posts: 375 Forumite
    thewrightpart wrote: »
    Sorry, how can 1.15% be "not bad at all". Base rate reduction was 1.5% and this is what virtually all lenders have passed on.

    Nationwide - the bastion of mutallity has a SVR of 4.69%

    I think 1.15% is a good cut to have made and not all lenders have made the 1.5% cut.

    I think what we all need to remember is that in light of the government stepping in and bailing out some of the big names, the money has to come from somewhere and not just the taxpayer! All banks and building societies are having to foot the bill to help out their competitors. Now because of that reason they can't reduce their rates as low as the now governement owed places. So unless we would like all our mutual societies to disperse i think we should be supporting them.
    Total Debt [STRIKE]£36323[/STRIKE] [STRIKE]Dec 2012[/STRIKE]:eek: £19000 January 2016
  • Raikks
    Raikks Posts: 10 Forumite
    NOTE TO EVERYONE WITH A LEEDS MORTGAGE!

    Today I went in to the branch to ask what my new payments would be (on a tracker deal with them) I was told that it would not change until FEB/MARCH 2009 because "most of our mortgages are under annual review, so we look at what has happened over the year and then apply something." I just stared at the woman in shock!

    I phoned HO when I got home and was told this was right, but I could call between 9 - 5 and ask for my rate to be recalulated now.

    If I hadn't been so aware of the SVR reduction I would have known nothing until March!

    Just a warning to anyone expecting their mortgage to reduce...
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    Tinka21 wrote: »
    I think 1.15% is a good cut to have made and not all lenders have made the 1.5% cut.
    I don't think it's really that good as we think. If I'm correct Leeds didn't change their SVR at all from the beginning of the year so there was about a 2.25 - 2.50 % drop that should have been taken into consideration not just the recent 1.50% (well alone yesterdays 1% drop). It's better than a kick in the teeth mind but more would be appreciated.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    Raikks wrote: »
    NOTE TO EVERYONE WITH A LEEDS MORTGAGE!

    Today I went in to the branch to ask what my new payments would be (on a tracker deal with them) I was told that it would not change until FEB/MARCH 2009 because "most of our mortgages are under annual review, so we look at what has happened over the year and then apply something." I just stared at the woman in shock!

    I phoned HO when I got home and was told this was right, but I could call between 9 - 5 and ask for my rate to be recalulated now.

    If I hadn't been so aware of the SVR reduction I would have known nothing until March!

    Just a warning to anyone expecting their mortgage to reduce...

    That is the case. I'm on an annual review and have to call everytime to get my payments ammended. Otherwise they will be classed as overpayments. It also works the otherway mind and when interest rates go up unless I call my payments are classed as underpayments and during my annual review they will be recalculated into the remainder of the mortgage.

    Silly I know, but at least if rates go up I can put it off for a while.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    Does anyone know yet if Leeds will reduce their SVR following the reduction of 1% yesterday?
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
  • G-G-Granville
    G-G-Granville Posts: 8 Forumite
    I phoned them this morning and their reply was... it's currently being reviewed.:rolleyes:
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    Typical. Knowing Leeds it'll take them a month before they've made a decision either way.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    I had this email from Leeds yesterday:
    Thanks for your email,

    Following the reduction in the Bank of England rate last week our Standard Variable rate is once again under review. Once an announcement has been made we will email you with the details.

    Regards,

    Direct Mortgages
    Leeds Building Society
    Tel: 08450 50 50 62

    More waiting....grrr!!!
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture