Alliance & Leicester SVR concern

sherer

MorganW wrote: »

I've put my money where my mouth is and signed up to First Direct. I'm going over to their BOE+1.49% tracker rate. I have no intention of being held over a barrel by A&L!

what LTV do you need for that ? I'm at 70% if they value my flat properly but with the low valuation I have been given i'm having problems finding a tracker that matches my LTV

jrh20

I got my letter at the weekend (have just come of fixed rate last month). For some reason they want to charge me a load more this month (based on the old rate) and then give it back to me the next month and then charge the correct amount the month after (by the time the rate will have changed again). Thanks for screwing me over again A+L

MorganW

sherer wrote: »

what LTV do you need for that ? I'm at 70% if they value my flat properly but with the low valuation I have been given i'm having problems finding a tracker that matches my LTV

As far as I can tell, with First Direct their LTV is a max of 90%.

sherer

MorganW wrote: »

As far as I can tell, with First Direct their LTV is a max of 90%.

thanks for the info. Just gave them a quick call about the lifetime tracker and it is LTV 80% for a remortgage.

teeboy123

Just found this quote while googling:

"Existing tracker customers at Alliance & Leicester will benefit from the full 1% reduction in the Bank of England's base rate with effect from 1 January. From 2 January, Alliance & Leicester's Standard Variable Rate (SVR) is reducing, down to 5.34% from 5.84%. All of Alliance & Leicester's mortgage products are available to existing customers, enabling those on SVR to swap to a new deal if it suits their needs better.."

It was found at this site: http://www.easier.com/view/Finance/Mortgages/News/article-221408.html

I can't find it anywhere else, but it looks like the SVR will only go down .5%.

Luckily I find myself on an SVR - 1.8% deal, but most of that 1.8% has been swallowed up now by A+Ls failure to pass on the rate cuts...

T

teeboy123

Actually it is official - it is hidden at the end of a press release about new mortgage deals.....

http://www.alliance-leicester-group.co.uk/html/media/non-indexed/release.aspx?txtcode=PR1012082

sherer

well the rate is coming down which is good news shame it isn't coming down enough.

I have found the first direct tracker which is mentioned above which looks a good deal. This is a 80% LTV deal so those having problems switching might be able to use this deal.

It seems at the moment 60% is the new value all the banks are now using for mortgages and i'm just a bit too far off that at the moment

Fliss_M

teeboy123 wrote: »

Just found this quote while googling:

All of Alliance & Leicester's mortgage products are available to existing customers, enabling those on SVR to swap to a new deal if it suits their needs better


T

Well what ever there offering would suit me better, but I doubt it will be offered to me. Am currently on a one way street to neg equity! Well at least SVR is going to be lower then my fixed rate when it ends in Feb. Still, I would prefer to fix rate if I could. Grrrr. Come on lotto win! Then I can tell em where to stick it! :rotfl:

austinslide

So, in the last 3 months there has been a total rate decrease of 3%.
A&L have passed on 1.85%

Grim.

jrh20

Yes it is true that they are reducing the rate to 5.34

http://www.alliance-leicester-group.co.uk/html/media/non-indexed/release.aspx?txtcode=PR1012082

Still no deals for people with high LTVs