We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Why 10% of borrowers are screwed
Comments
-
Nobody could have reasonably foreseen such a drastic rate cut, including HSBC. What has happened is that people on trackers have just been very lucky. You have not been so lucky. However, there is no basis for any legal claim.
... and the lenders who did not put collars on their trackers are looking to be unlucky:rotfl:I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
A couple of months ago I bought some petrol from my local garage at £1.15.9 per litre, now the same garage is selling it at 94.9p per litre.
Can I claim the difference back as I believe I was missold the petrol !!
No!
You where happy to use that petrol at that price at the time and I believe you have continued to make further petrol payments at this rate.So tough.
£2 Coins Savings Club 2012 is £4
.............................NCFC member No: 00005.........
......................................................................TCNC member No: 00008
NPFM 210 -
SVR are also coming down and alot of the big lenders with a little help and encouragement from the government have dropped there rates.
This may not be for the full 2 % cut we have seen from the bank of england
but EVERY LITTLE HELPS and have you not heard of the credit crunch
PS I want my money back from the banks I have lent them ( VIA the BOE bailout ) or at least a little interest.0 -
aqueoushumour01 wrote: »people enter fixed rate mortgages to avoid interest rate risk - better off if rates rise and worse off if rates fall. bit silly IMO to expect compensation now that rates have fallen. mis-sold? what a lot of tosh
Not talking fixed, talking discount variable. I normally use a broker (I research the market, find the best value product over a 2/3 year time span and ask the borker to arrange it for me in return for 30% of his fees) except that at that time (not sure if the case now) a lot of mortgages were lender direct only.
I did not anticipate the huge reduction of lenders in the market place and that my lender who had historically been competitive for svr would decide they no longer needed to be.
As I say in my first post, the banks have probably borrowed appropriate funds for fixed rate mortgages so are neutral for BoE rate changes, are taking a bath on trackers (40% of loans) and and so are screwing those who are locked in to svr deals to try to recover their losses. Not mis selling but not very fair for the 10% who are locked in to svr deals.I think....0 -
Oh no, another "i was mis-sold" thread.
Im staying out this time, else I will cause offence.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards