Alliance & Leicester SVR concern

mrdantheman

Hello,
I currently have a mortgage with Alliance & Leicester and have recently come out of my fixed term. Does anyone know whether A&L will pass on the recent base rate cut to existing customers? I really need them to! They recently wrote to me before the big announcement saying they had cut the svr by 0.25%. My mortgage term is currently 8 years longer than my friends and £35000 more, yet I am paying £150 a month more on my mortgage.

Oh the joy! I feel totally stressed out with it all.

Dan

pritsim

i dnt think they have announced it yet...i will be suprised if they pass on the full cut...i am currently on their svr which is 6.94%..so i am hoping they cut it sonn..bloody cheky of them not to cut it..last time they only passed on .25 cut while boe cut it by .50!!! i just came out of a fixed deal as well..

mrdantheman

Thanks for your response, it is nice you made the effort. I wont hold my breath with them then! I think I was totally shocked with the Alliance when I called them to see what deals they could provide their existing customers only for them to basically say nothing! Oh, other than more charges etc

Cheers

pritsim

yeah i hav had massive probs with tehm they offerd me a fix for 5 years at 6.89% percnet wid 1500 booking fee..mugs! i even got myself a deal before my ended but never received anythin in the post or email as they say,and when icalled them back as i was away on holiday they said it was the 29th day..and i couldnt get it!!! but i cant remeber them telling me i had to reply ion 28 days..and reply to something whihc i have never received..and they even admitted they had my wrong postal add!!!

fletch3163

Hi there

I received a letter telling me Alliance & Leicester were to reduce my rate by .25 only days before the BIG drop of 1.5%. So far though, they've not shared that joy with me. I'm currently on a 2 year discounted variable that's finishing in March. My friend is with Northern Rock and she's got the whole drop. Am raging!

They are quite slow in passing on the drops though so maybe they'll do it yet

20400keith

I saw an A&L Mortgage Advisor because my deal was ending and I wanted to increase my loan for a kitchen extension (it'll still be below 50% LTV). He said he's ashamed of A&L products and suggested I'd get a better deal with HSBC.

Are A&L in trouble? I read they have liquidity problems but I assumed Santander would sort this.

jonnyenglish

Got my letter yesterday. It was only dated "November 2008"

"We are writing to advise you, under the terms of your mortgage, that the rate of interest payable on this account has been decreased by 1.500%...Payment due from December 2008"

It was just a waiting game but A&L finally came up trumps.

matt83uk

Jonny can you confirm for the readers if this is on the SVR or are you on a BoE tracker where they are legally obliged to pass on?

pritsim

i would like to knwo that too..i am on their svr and not received anythig yet?//

algar5

Hi, I got my letter as well I have part tracker and part SVR and the rate cut is only for the tracker at present.

pritsim

i will be very surised if they will give us the full1.5%, we should be lucky even if we get 1%....pure rip off from banks...lets move from alliance and leicester and get ripped off somewhere else...