One Account rates cut

Durbs_2

I have a relatively small mortgage with the One Account but share everyones frustrations.

I emailed my MP, and this morning received a reply. It basically says thank you for bringing it to my attention I will make some enquiries and come back to you.

I'll let you know if I hear anything else.....

RCG99

Durbs wrote: »

I emailed my MP, and this morning received a reply. It basically says thank you for bringing it to my attention I will make some enquiries and come back to you..

I wouldn't hold your breath waiting for a politician to "get back to you" or give a f***

If we dont hear something by next Monday, it isn't going to happen and the OA will be making a conscious decision to reduce it's mortgage book and royally shaft us at the same time.
Get out of all RBS products asap.

Yorkshire_Bred

From the BBC Webite Today......

http://news.bbc.co.uk/1/hi/business/7754153.stm

Mortgage rates
Lenders had also been facing pressure to cut variable mortgage rates following November's dramatic drop in the Bank rate by 1.5 percentage points.
All the major lenders, except Barclays' lending arm the Woolwich, are cutting their standard variable rate (SVR) with effect from next week.
The Woolwich has a very small proportion of borrowers on a SVR mortgage, as those whose fixed-rate deals come to an end are moved on to a tracker deal.
Ray Boulger, of mortgage brokers John Charcol, said he expected the Bank rate to fall by a further one percentage point in December.
But, he suggested that mortgage providers would only cut their SVRs by 0.25 to 0.5 percentage points in response.
"As the Bank rate gets lower, it would become more difficult for them to pass it on," he said.

karanda

This was on the BBC web site today - like many other One Account holders, I think crunch time will be 1 December.


HOW MORTGAGE LENDERS RESPONDED

Lender SVR before BoE decision SVR after BoE decision Rate change (percentage points) HBOS 6.50% 5.00% -1.5 Nationwide BS 6.19% 4.69% -1.5 Abbey 6.94% 5.44% -1.5 Lloyds TSB/ C&G 6.50% 5.00% -1.5 Northern Rock 7.34% 5.84% -1.5 Barclays 6.64% Under review RBS 6.69% 5.19% -1.5 HSBC 6.25% 5.44% (5 Dec) -0.81 Alliance & Leicester 6.94% 5.84% -1.1 Bradford & Bingley 7.09% 5.59% (7 Dec) -1.5 Bristol & West 6.59% 5.49% -1.1 Britannia BS 6.30% 5.30% -1 Yorkshire BS 6.60% Under review GE Money 10.39% 8.44% -1.95 Coventry BS 6.84% 5.34% -1.5 Standard Life 6.59% Under review Clydesdale & Yorkshire 6.64% 5.14% -1.5 Chelsea BS 6.94% 5.79% -1.15 Skipton 6.45% 5.95% -0.5 SVR: Standard Variable Rate. All changes on 1 December unless stated.

Yorkshire_Bred

Add your commentd here......

http://news.bbc.co.uk/1/hi/business/7753845.stm

Have you been affected by issues covered in this story? Do you work for Royal Bank of Scotland? Are you a shareholder? Send us your comments.

Vancat

Does anyone else think RBS were waiting for the final announcement today, re the government share holding, before they commited to reducing their rates?
If, perhaps, they hadn't needed the government to take a major holding, by their own shareholders pumping enough money into them, (fat chance) they may have felt that they could get away with little or no reduction.
As it now stands, surely they will have to go with their promise to AD to cut rates and help, in return for such a huge handout from us, the taxpayer?
They haven't actually said they aren't reducing rates, just that they are "still under review".....
VC

lrr_2

Yorkshire_Bred wrote: »

Add your commentd here......

http://news.bbc.co.uk/1/hi/business/7753845.stm

Have you been affected by issues covered in this story? Do you work for Royal Bank of Scotland? Are you a shareholder? Send us your comments.

Just did it!

Everyone should!

RCG99

lrr wrote: »

Just did it!

Everyone should!

yep me too. C'mon everyone, pile in and give it to them good and proper:D

tajima1

Vancat wrote: »

Does anyone else think RBS were waiting for the final announcement today, re the government share holding, before they commited to reducing their rates?
If, perhaps, they hadn't needed the government to take a major holding, by their own shareholders pumping enough money into them, (fat chance) they may have felt that they could get away with little or no reduction.
As it now stands, surely they will have to go with their promise to AD to cut rates and help, in return for such a huge handout from us, the taxpayer?
They haven't actually said they aren't reducing rates, just that they are "still under review".....
VC

They only promised that their SVR rates will drop Monday by the full 1.5%. That was announced soon after the original Bof E cut and only after a serious eye-browing from the chancellor. The question here is, are they hoping to hide behind the Virgin Oneaccount name to avoid giving it to us? Monday is D-day, every day beyond that adds insult to injury. My re-mortgage application starts Monday if no cut is forthcoming.

teabelly

If it cuts rates to below an economic level then it will go bust. Then we'll all have to say good bye to the most flexible mortgage product in the entire market, so careful what you wish for!

Once you factor in the cost of remortgaging every couple of years the one account is a lot more competitive than it first appears.

If you don't like what they are doing then leave. No-one is being forced to stay with them. It is annoying but they did change their terms and conditions to basically reflect the BOE is no longer a barometer of the costs of lending.