Name and Shame Stingy Mortgage Providers

womblin3

Not only has my mortgage provider, Leeds & Holbeck, not yet passed on the massive 1.5% Bank of England rate drop from the beginning of this month, it hasn't even passed on the 0.5% cut from October. This is what they told me when I enquired (again) this month:

Thank you for your recent email,

Our standard variable rate is still currently under review following the recent Bank of England rate reductions.

A change to the Society’s SVR is a complex decision and must take into account the interests of both the Society’s borrowers and savers.

Once the decision is made with regards to what change will be implemented, messages will be communicated in the standard ways i.e. Notices in national press (Times & Telegraph) and in the Society’s branches and website.

Based on the current market volatility full consideration needs to be given to all the factors involved and this is the reason that no announcement has yet been made.
Regards,

Direct Mortgages

Leeds Building Society

Grrrrr.

Anyone else out there either still waiting to hear some good news or instead being straight-up robbed by their mortgage provider because they refuse to drop rates?

Post here. Let's name and shame them.

bunny999

Can you move your mortgage?

womblin3

Yes, we're not locked in. In fact, that's looking like the only option now.

martinman3

You must realise that all building societies which get all or almost all of their funding from deposits must tread very carefully.

If they cut saving rates by too much then there will be a movement of funds out of the society which would be catastrophic. They want to cut borrowing rates by 1.5% but it must still leave them a large enough profit to continue in business.

They will cut before the end of the month.

womblin3

martinman3 wrote: »

You must realise that all building societies which get all or almost all of their funding from deposits must tread very carefully.

If they cut saving rates by too much then there will be a movement of funds out of the society which would be catastrophic. They want to cut borrowing rates by 1.5% but it must still leave them a large enough profit to continue in business.

They will cut before the end of the month.

It's been nearly two months now. I wish they'd hurry up.

When one is paying a mortgage at 7.5% SVR, and one's building society has passed on all the rate cuts and rises of the last four years, you can see that one might have just a bit of a nasty taste in one's mouth at the moment.

Savers, schmavers, I'm afraid. I'd like to see my mortgage come down now. L & H are just plain greedy.

beecher

womblin3 wrote: »

Savers, schmavers, I'm afraid. I'd like to see my mortgage come down now. L & H are just plain greedy.

And savers probably don't have much sympathy for you either. Their needs are of equal importance to yours.

womblin3

Well, I don't see Leeds & Holbeck running to up the savings rate either, even though they are fleecing their mortgage customers. What's to do, eh?

Riog

Yorkshire building society still on 6.60 variable. No cuts in the last 3 months, it really is scandalous.

devon_guy

Is the Leeds more of a subprime type lender?? Their rates seem very high and they were the only ones that would lend me the money for a mortgage when all the others declined. Just a thought.....

tyllwyd

There's an article here putting the other side of the argument ...

http://citywire.co.uk/personal/-/personality-finance/bricks-and-mortar/content.aspx?ID=321257&Page=1

"Personally, as one of the taxpayers who recently contributed to the banking system, I don’t think there’s much to be said for forcing banks to borrow at the Libor rate and lend at 0%. That feels like bad business and I don’t want to buy a bad business"

(Which I picked up on by clicking through from http://www.theratandmouse.co.uk/weblog/index.php which is my favourite blog at the moment)

Jimbo65

Egg SVR still at 6.69%. Have heard tracker rates being reduced, no reductions to SVR in 3 months, no communication, cannot even confirm what they are still waiting for...

GE Money bless them. Bought out a loan company with no choice whatsoever for those borrowing from the original lender, wrote this month, to state rates were going UP 1.95% to 13.15% against a Libor of 4.2%, BoE rate of 3% and collapsing oil prices......and backdated it to the beginning of October so we're all now in arrears as a result with no hope of getting another lender if anyone was lending anyway. Regulation is impotent and government this afternoon will be purchasing 42p RBS shares for 65p each with tax revenues whilst the schools and hospitals fall down about our ears. These people make Bin Laden look like mother Theresa.:mad: