Rbs Svr ???

carrottopsuk

Middo wrote: »

Wow ...how have you managed this?

I have spoken to Natwest three times about my offset mortgage and they are adamant that the rate is definately not being reduced from 6.45%.

Bad news!!! Thanks for letting us know.

Johnkg

Middo wrote: »

Wow ...how have you managed this?

I have spoken to Natwest three times about my offset mortgage and they are adamant that the rate is definately not being reduced from 6.45%.

I got a letter from the RBS telling me my offset was reduced from 6.45% to 5.95% as of the 2nd of November. Did NatWest give you the 0.5% cut on your mortgage?

It'll be interesting to see how much they do pass on, as the RBS offset mortgage was already lower than their SVR of 6.69% (linky to press official release). Can't see why they can't drop it to 4.45% :rolleyes: .

Too late to phone them tonight, I'll give them a ring tomorrow.

Middo

I got the initial 0.5% from the previous rate cut (albeit a month late but never mind). Nothing from the latest 1.5% cut and its not looking too hopeful on this from my phone calls to them.

When the inerest rates went down in April they actually put the interest rate up. When I phoned them to ask why they told me "we aren't making enough money from your account". Unbelievable. :mad:

No doubt they will be looking on the recent 1.5% cut as a little bonus. They know most people will stay with them as people either can't afford to move mortgages or can't get another mortgage on a similar/better deal.

They should at least bring the offset rate down to the same as their SVR.

mikeriley_2

currently with RBS - made my last payment to them on fixed rate deal 2 days ago and curently in process of switching to nationwide. Lots of letters going back and forth as you can imagine. Got letter from them at end of oct saying i would switch to svr and my monthly payment would be £618 (this before the 1.5% cut). Got another letter from them today saying that my next payment to them on the svr would be £644 i.e. my next payment on 10 december - so, the rate goes down by 1.5% yet my monthly payment goes up by approx £25!!!! How the hell do they work that one out?!!! Needless to say i will be phoning them tomorrow! Interestingly there was no actual rate mentioned in todays letter - just the new amount. My fixed deal was at 4.99% @£575 per month - how the hell can they now ben wanting £644 - some £75/mnth more?!

Johnkg

Well, I phoned the RBS this morning. They stated they have not yet made a decision as to whether they will drop the rate for Offset customers yet

carrottopsuk

Johnkg wrote: »

Well, I phoned the RBS this morning. They stated they have not yet made a decision as to whether they will drop the rate for Offset customers yet

Thanks for letting us know. Did they give any timeframe as to when they will make that decision or do you think they are just going to keep it at this rate but don't want customers challenging them about it?

Johnkg

carrottopsuk wrote: »

Thanks for letting us know. Did they give any timeframe as to when they will make that decision or do you think they are just going to keep it at this rate but don't want customers challenging them about it?

No other info I'm afraid, I'll give them another ring on Monday and ask them.

Judging by the other threads here, there seems to be a lot of uncertainty as to whether some of the other banks are actually going to pass on the cut to their customers.

I personally reckon RBS will wait and see what the other banks announce before deciding on how much much to drop theirs by.

Johnkg

19/11 - Thought I may as well try again :rolleyes:

Rang the official RBS Offset Mortgage enquiries tel no. (08453 004013) and the the first thing you hear is an announcement stating

'following the 1.5% rate cut ... the Offset rate is still under review and no further information is available at present'.

I think this is same message the One account and NatWest Offset holders are also getting.

I thought I'd try and get the full message to type in this post. But whenever I ring the nuumber I now get a 'due to circumstances out of control we cannot answer your call, please try again later'. Either the help desk has blown-up or they are being inundated with enquiries.

I wonder how many offset mortgage holders RBS has?

hermanmunster_3

Hi I was talking to RBS phone banking yesterday and after dealing with the standing order I wanted to set up they said "oh my colleague has flagged up that she would like to talk to you" - ended up being heavy sell on Royalties Gold and why didn't I want more interest on my savings?? Ahem I said because they are offsetting, and by the way - what is happening to the interest rate ????? - retreat of sales bod under desk and offer to put me through to someone else .... I declined - couldn't be bothered to wait !!!! Maybe all the RBS offsetters should vote with our feet, after alll we have some savings to take away and hide under the mattress??

carrottopsuk

hermanmunster wrote: »

Hi I was talking to RBS phone banking yesterday and after dealing with the standing order I wanted to set up they said "oh my colleague has flagged up that she would like to talk to you" - ended up being heavy sell on Royalties Gold and why didn't I want more interest on my savings?? Ahem I said because they are offsetting, and by the way - what is happening to the interest rate ????? - retreat of sales bod under desk and offer to put me through to someone else .... I declined - couldn't be bothered to wait !!!! Maybe all the RBS offsetters should vote with our feet, after alll we have some savings to take away and hide under the mattress??

I wonder if our MPs would be interested in this, after all they did say they were going to cut the rates to benefit customers.