Alliance and Leicester Rip OFF

dmg24

Rheumatoid wrote: »

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.

It isn't, this is the decrease from the last BoE rate cut. A&L aren't the quickest, but do tend to get there in the end!

Rheumatoid

lisyloo wrote: »

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

Thats what I'm hoping!

Rheumatoid

Thanks all, if true then I guess its good news as I'm due more reductions than I thought - particularly if they close to mirror the recent BoE cut!

R.

sherer

just checked their web site and no mention of a rate cut and their details are dated 6th November.

Called them earlier and their SVR was the same as web site at 6.94. Hopefully this will get updated tomorrow then.

payless

Believe SVR was 7.19% dropped to 6.94% in response to Oct 08 bank rate drop... notb aware of of repsonse to Nov drop yet

samraj

No it's been 6.94 for some time and it's been cut by .25% in response to Oct 0.5% BOE cut. They are due to release new rates this Monday I've been told. I am currently on 1.8% cut on svr for 5 years (3 yrs remaining) and also have a quote for 1.99% BOE tracker rate to switch for 2yrs. Waiting till monday to make up my mind!! They are also to release new tracker rates on Monday...Any suggestions will be welcome....

jaigo76

I hope we all get good news on Monday!

Bilko99_2

A&L announced yesterday a new 2 year tracker of 1.89 above base rate. Nothing on their web site yet though

If i change from a SVR mortgage with them to a tracker will they charge me a redemption fee for the old mortgage.

thanks

jaigo76

This is bad news... they've just updated their website - all fixed rate mortgages have gone UP!! And are all now based on LTV. Standard variable remains the same at 6.94%. How can this be?

shell1000

WestonDave wrote: »

This hysteria is almost laughable - those lenders who have cut their rates are often doing so with effect from 1st December. Are you really going to pay typically £500+ to get on a different deal only to find that by Friday A&L have finished doing their sums and got it sorted to a rate comparable to all the others?

As I've said elsewhere its very noticeable that the banks that didn't get bailed out (HSBC (inc First Direct) and A&L (under Santander)) haven't bowed to Darlings pressure to make quick announcements and are thinking it through - probably with a view to undercutting everyone else who has jumped in quickly in order to mop up all the best business. I would expect those who were most competitive before the cut to be at least as competitive after its all shaken out.

yes but the difference is first directs svr is currently 5.5% and alliance and leicesters is 6.94%! Before that Alliance and Leicester were charging 7.2% which was just disgraceful when you could fix with first direct at 5.99%

I've moved to a first direct fix and i might not be a 'winner' because i don't have a tracker, but at least I don't feel like im being ripped off! Also I have the opportunity to offset my interest and reduce it which is great.

I totally understand the Original posters frustration with A and L and I have removed my mortgage and am currently in the process of closing all my bank accounts with them, and that says a lot as im from leicestershire originally and have had these accounts for 20 years..