Alliance and Leicester Rip OFF

jaigo76

I'm patiently waiting for A&L to reduce their rates. I'm currently on SVR and holding back on going on another fixed rate deal. I was about to send the forms back to go on the 5.9% fixed, but a few days after the papers, it decreased to 5.7%. This will no doubt come down again. Hopefully they will reduce their rates v soon.

sherer

i'm with A&L and my fixed deal expires on 31 December. I'm waiting for them to announce their new SVR as I may go onto that at no fee and still be on the same rate as i'm currently paying.

As they deal with far more than just my mortgage I will give them time to announce this as it won't go into affect until 1st December and I won't pick it up until 1st Jan anyway.

It's standard business to raise prices straight away and lower them at a slower rate i'm sure if I ran a bank I would do the same.

Don't panic and rush and you will get the best deal you can, if you see a better deal get a mortgage offer and then if the A&L rate cut is better take that instead

payless

sherer check your terms some of A&L fixed rates have a default to a base rate tracker rate rather than SVR

sherer

payless wrote: »

sherer check your terms some of A&L fixed rates have a default to a base rate tracker rate rather than SVR

thanks for that, might be quicker if I give them a call as my terms are still at my parents and not the place I live now

greyhorse_2

Told one rate over tha phone , then get a letter today telling me the rate is 7.19 varible, top it off they have enclosed someone elses mortgage offer with account number and details etc.

Great company, why havent they followed abbey as they are after all owned by the same group.

Very poor !!!!

nicksta27

payless wrote: »

sherer check your terms some of A&L fixed rates have a default to a base rate tracker rate rather than SVR

Yes make sure you check this as my deal with A&L runs out in January and I just presumed I would go onto the SVR, but checked my paperwork and it does actually go onto a base rate tracker +0.75% above the base rate for the rest of the term of the mortgage!

I phoned them last night to confirm and if the interest rate stays the same then it will be 3.75% - much better than my current fixed rate deal!

sherer

nicksta27 wrote: »

Yes make sure you check this as my deal with A&L runs out in January and I just presumed I would go onto the SVR, but checked my paperwork and it does actually go onto a base rate tracker +0.75% above the base rate for the rest of the term of the mortgage!

I phoned them last night to confirm and if the interest rate stays the same then it will be 3.75% - much better than my current fixed rate deal!

damn just called and I go onto the SVR which is 6.94 but they haven't changed it yet, hopefully they will soon.

I have a new offer from them but am waiting until 1st December for some new deals to come out before deciding what to do

Rheumatoid

Just had a letter today from A+L saying the rate on my mortgage (a discounted one) will decrease 0.25% from 2/11/08 to 5.14%

I hope this isn't the sum total of their response to the BoE cut! If so I'm off as well!

R.

lisyloo

Just had a letter today from A+L saying the rate on my mortgage (a discounted one) will decrease 0.25% from 2/11/08 to 5.14%

Are you sure this isn't the response to the 8th October cut?

I hope this isn't the sum total of their response to the BoE cut! If so I'm off as well!

I would suggest you do your research first.
This is 25 days after the last cut so could be that one.
It might be wrong but it would be silly to pay hundreds of pounds in fees without being clear on it.
A lot of trackers take 30 days to pass on cuts, so it's certainly not beyond the realms of possibility that this relates to OCtobers cut.

payless

that reflects the 0.25% cut in SVR in oct ( when BofE cut base by 0.5% )