One Account rates cut

Saran_2

vadonald wrote: »

Ha ha, I've just received my notification of the miserly 1% cut from last months rate through the post.....

Me too.

Interestingly it is signed by Craig Calder, RBS Mortgages.

OA not RBS? Can't get their story straight it seems...

jtcedinburgh

I'm confused. I thought the One Account was designed to track the base rate + some margin, but clearly RBS is playing a fast one.

Also, what *is* the lowest tier? I've a mortgage of ~£80k and savings offsetting of around £30k at present. House was valued at time of taking mortgage out (2004) at £175k, which means LTV is <50%, but I am sure I'm paying 6.2% still. Is that correct?

I am *so* close to closing but I have a feeling they will try to penalise me if I leave, though I wonder whether they might be in breach of some of their own T&Cs by not passing on the rate reductions. Anyone know?

Thanks,

John

RCG99

jtcedinburgh wrote: »

I'm confused. I thought the One Account was designed to track the base rate + some margin, but clearly RBS is playing a fast one.

Also, what *is* the lowest tier? I've a mortgage of ~£80k and savings offsetting of around £30k at present. House was valued at time of taking mortgage out (2004) at £175k, which means LTV is <50%, but I am sure I'm paying 6.2% still. Is that correct?

I am *so* close to closing but I have a feeling they will try to penalise me if I leave, though I wonder whether they might be in breach of some of their own T&Cs by not passing on the rate reductions. Anyone know?

Thanks,

John

Log on to the online banking system and it shows your interest rate on the first page. It should 5.1% (or similar)

musicegbdf

jtcedinburgh wrote: »

I'm confused. I thought the One Account was designed to track the base rate + some margin, but clearly RBS is playing a fast one.

Also, what *is* the lowest tier? I've a mortgage of ~£80k and savings offsetting of around £30k at present. House was valued at time of taking mortgage out (2004) at £175k, which means LTV is <50%, but I am sure I'm paying 6.2% still. Is that correct?

I am *so* close to closing but I have a feeling they will try to penalise me if I leave, though I wonder whether they might be in breach of some of their own T&Cs by not passing on the rate reductions. Anyone know?



Thanks,

John

It is the value of the property at last valuation against the total size of your Facility whether you use it or not. If you do not need a large facility it would be better to reduce it and get the lower interest rate. Though not tried it yet....

RichieC_2

My MP has already agreed to take up the issue about One Account, so I am now going to send him the links to the article in The Guardian and also the letter stating their promise to follow the base rate.

Can I suggest that everyone else that has contacted their MP, do the same.

RCG99

RichieC wrote: »

My MP has already agreed to take up the issue about One Account, so I am now going to send him the links to the article in The Guardian and also the letter stating their promise to follow the base rate.

Can I suggest that everyone else that has contacted their MP, do the same.

yep FWIW, I've just emailed my MP. If enough MP's get harangued about this, the more likely it will filter up the food chain. Especially target Tory MP's if you have one in your area. They love putting the boot into the government :eek:

Poj

hey, I just got my email read out on 5-Live to Gordon Brown!

He fudged his way through the answer though. Typical.

RichieC_2

Does anyone know if any of the other banks that said they would pass on the full cut have done similar to One Account?

If there are, it may help to join forces to lobby the government.

Also, does anyone know the url of the Facebook page that we can join?

jtcedinburgh

musicegbdf wrote: »

It is the value of the property at last valuation against the total size of your Facility whether you use it or not. If you do not need a large facility it would be better to reduce it and get the lower interest rate. Though not tried it yet....

Facillity is the 'sliding downwards' option (currently at 80k-ish) and last (and only) valuation was £175k. So I'm definitely in the <50% LTV band. Just checked and I'm at 5.1% not 6.2% (don't know why I got that wrong) but it's still at least 2% higher than it ought to be.

apap

Poj wrote: »

hey, I just got my email read out on 5-Live to Gordon Brown!

He fudged his way through the answer though. Typical.

What excatly did he say?