One Account rates cut

smarty_pants_4

I posted the names and email address of the One Account "Managing Director, Mortgages" and "Head of Existing Customers Retail Products - Mortgages" so that customers can complain to these people directly.

This is information in the public domain so why would the moderators remove these from my post?

Thought this forum was not moderated?

wymondham

The One Account is a VARIABLE rate mortgage and this is always how it has been sold. Nowhere does it say when and how they should vary this. I can understand your frustrations at lack of news etc, but they are under NO obligation to change the rate - up or down!

If you don't agree with this then you should leave and find a tracker or fixed rate mortgage where you know when the rate should change and by how much.

It's no use complaining about it as this is how the product works and what you signed up to.... if they leave the announcement longer and more people leave then this is probably by design and they wish to reduce their books (I suspect this is the desired result), but don't fool yourself you'll be 'punishing' them if you go!

I have one of these mortgages and it has always been clear to me how it works.....

By all means chew the fat amoungst yourselves, but the bottom line is there is nothing you can do about it... don't confuse morality with business!! ;-)

teabelly

Following their statement to the logical conclusion when the LIBOR drops then they should start passing on the rate cuts. If not, then I think it could be a matter for the FSA as it is one thing to write in every single letter 'good news the BOE rate has dropped so we're passing it on' to suddenly deciding it is the LIBOR but not passing that on if that drops as well.

red789

Interesting collection of posts on this. I've tried a different tack as their website compares their product with "typical rates" from competitors. The example they use is the Lloyds Bank Variable rate - and they quote 6.5% whereas of course the LBVR is now only 5%

Calling one account the first time I got the standard "we are reviewing rates" response. However when I mentioned the website and the misleading figures I got a much sharper response. In fact I got a call back within about 5 minutes from someone who wanted to check exactly what I was quoting at them and they agreed it was misleading. They then send they would pass the message on. I said I thought a week was reasonable before I report it to someone like the FSA. She said she couldnt possibly make any promises. I said of course she couldnt but I was telling her I thought one week was reasonable.

Why am I doing this? Well its one thing to react very slowly to your current customers to an interest rate drop. Its another completely to force them to plaster all over the website how uncompetitive they are. Every little helps. And actually, they genuinely are being very naughty leaving misleading info up like that. Personally I think a week is generous.

alanco15

I wouldn't leave it a week, why give them any slack they havn't given us any.
If they are misleading us then we obviously need the help of the FSA as they don't seem to want to listen to us.

I had such high hopes of this account , at the end of the day if they drop their rates they will still be making money from us each month but if we leave they wont make any, I cant see the logic myself.

hope this all resolves soon

jackarmy

Not quite sure where the one account is going. They are delaying passing on any information about rate cuts to existing customers and yet it is closed to new customers.

smarty_pants_4

Their online chat perons says it is still open to new customers who go direct with One account. Max LTV is 75%.

Brice

As already said, the oneaccount is a variable rate and if they decide not to mirror the rate there is not much we can do about it except leaving them.

Anyone has starting to look at the other offers around?
Did you find anything as flexible as the oneaccount?

jackarmy

According to the RBS intermediary site the account is closed to new customers.

Johnkg

I've got an RBS Offset Mortgage. All RBS owned Offset mortage products are still 'under review', so it looks as though we will all hear at the same time what rate changes are made.

RBS have also withdrawn their own and the Natwest Offset Mortgage to new customers (Natwest is also owned by RBS).

I read on another forum (I won't post the link in case its not true) that the RBS & Natwest products have been removed forever, but they haven't as yet made a decision as to with existing offset customers. Can't see how they move existing customers off it, but I'll check the T&Cs tonight.