RBS Tracker...anyone else got one?

Hugbubble

I haven't had a letter, or any communication, from RBS indicating what the change in payments will be following the recent rate chage.

I've only had the mortgage a few months, and I was a first time buyer so am still somewhat unsure what normal procedure is, although I would have expected to hear something from them.

Can anyone with an RBS tracker confirm whether they normally notify customers, and if so have you received anything from them yet?

Thanks

emeraldbugle

Hey, I don't have an RBS tracker but one with a building society. The last few rate changes, I received a letter middle of the month.

I haven't had one yet for the drop of 0.5%, so I contacted them yesterday and asked them what the new payment is. (My BS doesn't do direct debit, so I have to amend the standing order, so it was important I changed it before it went out).

You should get it in writing though, hopefully my letter might turn up one day.

feisty1

Who do u think would know best?

RBS
Mortgage queries

• 0800 056 3220

Vixstar

They usually send a letter out when the interest rate increases and your payments increase. What they seem to do with rate decreases is keep your payments the same but the interest accruing on your mortgage is less so in effect you are paying more off your mortgage. But I haven't had a letter confirming this and I'm not too great on the money jargon.

salesadmin

We've had our mortgage with RBS since Feb and it was reduced in April & May I think. We got a letter both times, telling us our new payment, although we haven't had one yet since the last rate drop. It doesn't come into effect until the month after the rate drop though, so ours won't be until our 1st December payment.

tiredredhead

I have got a tracker with RBS and i was on the phone to them today telling them to keep my DD the same despite the rate dropping, and a letter came through my door, stating that the new rate will be applied on 1st Nov, checked my T& C's and yes i only benefit from the first day of the following month after BoE rate change. So expect a letter anytime now.

manikm

ive had a letter today dated 20th Oct !!!! (even though ive now completed a remortgage to another lender) saying that my "monthly" (not anymore to RBS) payments will have decreased from 5.00% to 4.5% (on SVR)

Hodgehappy

I have RBS Tracker mortgage (for 10yrs now) my new letter only rec'd yesterday says it will decrease to 5.19%? from 1st Dec. Planning on ringing them this morning was expecting 3% since I am suppose to have a lifetime tracking mortgage in place