Have Natwest pulled the offset flexible mortgage?

nickmbarrett

Hate to break it to you all but they've only passed on 1% of the recuction. Doubt if this is quite as well publicised as when they said they were going to pass on the full 1.5% to all existing variable rate customers!

MVALEK

so where is the final 0.5% ? this is outrageous behaviour by a state owned bank. anyone got darling's or mandie's email address?

diamondbubbles

You may want to look at the forum entitled "One account rates cut". This discussion has been running a long time and various MP's, journalists etc have already been contacted. There is also a goal for us all to pull together to try to obtain the extra 0.5% rate cut.

You should be aware that the Virgin One account, Nat West Offset and RBS offset accounts have been lumped together as RBS manages them all together.

I hope this helps a little.

nickmbarrett

Spoke to Natwest/RBS offset team today and they say the rate is not linked to the BOE base rate, it is set by them after review of rates/market and conditions and they've very knidly decided to give us a 1% cut. This means we have now missed out on a total of 1% in rate cuts this year - not just the 0.5% this time. They were quite dismissive and - of course - said they could do nothing about it, as if I'd expect the guy on the other end of the phone to be able to. All you can do is register your disapproval which I did as I have before.

Will be interesting to see if they decide to give us a break if interest rates start to rise again - maybe not today, maybe not tomorrow but they will.

mellomello

1% rate cut confimed in letter today by Nat West. Where the other half percent and will we see any of todays BR cut??

venter

As I understood from reports etc. and also a while ago on MSN that Natwest would pass on the whole 1.5% to their variable rate customers. Wonder what happened. Got letter today that rates have been cut by 1% and is now on 4.95%. How do we go about pulling together to get the other .5% cut then? How do you register your disapproval?

DudleyMan

I must say I'm pretty miffed at NatWest/RBs for taking the publicity of saying their variable rates would all be cut by 1.5% and then giving us only 1%, in spite of previous rises from them earlier this year when BOE rates didn't rise.:mad:

As this government is trying to get the banks to pass on the full rate cuts, how about a petition on the No.10 web site?

Ratman_2

Recived letter yesterday informing me of 1% cut. Just got off phone to Natwest asking to pass saving on to me. Also informed me that a further 0.75% cut is being passed on, bringing rate down to 4.2%. Told to ring back after the 16th Dec to arrange this.

mellomello

I assume that the extra 0.75% follows this weeks 1% cut. So that another 0.25 they are not passing on to us.

mick4321

wharty wrote: »

The reason i ask is i cant find it on their website anymore.
I have this mortgage myself and have been lucky to get the first rate cut and now the full 1.5% cut too so its now 4.45%.
My thinking is they have scrapped it for new customers seeing as it is such a good rate.

Hi there I got an off set with Natwest I am currently on 4.95% how did
you get down to 4.45% Please elighten me I need the money.