Is your bank passing on the cut?

michaels

valiantman1967 wrote: »

Leek United BS have cut the SVR 5.99% from 6.89% ,the month before they cut it by just 0.2%.

I am not too happy with this ,but didn`t expect anything different.

A lot better than HSBC

brown1950

Barclays / Woolwich SVR rate of 6.64% still remains under review !

matt83uk

Leeds BS are currently boasting they are 94% funded by customer deposits, and therefore have very little need to go out into the market for money, so charging over twice base rate is extortionate! Not least that I spoke to them recently about a consent to let on my mortgage (as BTL out of the question)...they said yes as long as I consented to THEM loading the rate by another 1%:rotfl:

And your argument? How is charging twice the base rate extortionate if they offer depositors 5% and have to use the remainder cover costs, defaults, administration.

lizzymouse

EMail responce received from A and L this morning

Thank you for your email.

At the moment Alliance & Leicester have not made a decision regarding
our Standard Variable Rate in response to the adjustment from the Bank
of England.

If we do decide to adjust our Standard Variable Rate all affected
customers will be informed in writing of the change.

Getting pretty fed up of them now, cant understand why Abbey (same group) can pass on the cut but A and L havent?

Their SVR of 6.94% is now looking pretty massive compared to the other major lenders, and very unfair to its customers.

pickles110564

lrr wrote: »

Seems like the RBS group is a total shambles just now!

As about as useful as a chocolate teapot just now!!!!!!!!!

However ok if you are hungry!

pstokes

Ive had my mortgage with Alliance and Leicester for about five years. They used to aggressively go after business offering great deals. Clearly thats all changed!

LIBOR has now fallen to 3.94% so A&L's current SVR is 3 % above that. I thought the take over by Santander, which the FSA fully supported, was supposed to improve their reserves. Abbey, part of Santander, passed the full rate cut on one day after rates were dropped. Are A&L really not planning on cutting their rates at all?

What annoys me the most is the lack of communication from A&L. I'd like to know when they are going to tell us about any rate cut. Im tired of checking the internet everyday. Do people think that A&L's foot dragging is a way of reducing their mortgage business or is it just incompetent? Either way for people who are financially struggling all of this delay must be torture. Why arent people like Martin etc kicking up more of a stink about this?

Tra77

Heard nothing from Coventry BS as yet - but they generally take a while / are one of the last to pass on any rate cuts. :0(

natman

I am fortunate that I have had both the 0.5% and the 1.5% drops included in my new monthly payments.
I took out a tracker mortgage in 1999 0.5% above base rate for life.
Was an ok deal then, seems a fab mortgage at present........
I have mortgage with Britannia Building society

jpatrick

Standard Life have now updated their website with the following information:

Due to the expectation of a further Bank of England Rate reduction on 4 Dec 2008 Standard Life Bank, in line with some other banks, will be reviewing its interest rates for borrowers and savers following this decision.

We will inform our customers of any changes to their rates at an appropriate point thereafter.

I imagine that this means they may pass on the next cut but are skipping this one?

I have to say that this decision is outrageous and is causing me a great deal of stress. I have lost my job due to the recession and have two mortgages with Standard Life. Not passing on any of the 1.5% cut is shameful.

martinman3

jpatrick wrote: »

Due to the expectation of a further Bank of England Rate reduction on 4 Dec 2008 Standard Life Bank, in line with some other banks, will be reviewing its interest rates for borrowers and savers following this decision.

Which banks are these and how do they know ?