Alliance & Leicester SVR concern

crewdy123

What a load of shi*e. Good bye A&L!:mad:

Pythagorous

I'm on A&L's SVR and currently only paying 3.95%. Seems pretty good to me!

milesoneill

teeboy123 wrote: »

My letter only just arrived this morning - so don't panic it is probably in the post. Just to confirm - decreased by 1.1% from 2nd December 2008.

Tony

No sign of my letter for the 1.1% drop either. Still waiting, and it'll certainly be another while before the 0.5% letter comes. They are sooooooooo slow.
Miles.
EDIT: Letter (1.1%) received today, that a nice reduction in payments!!

teeboy123

If you are paying 3.95% then you are not on the SVR (as the S stands for Standard), you are probably on a discount SVR.

In October the A+L SVR was 6.94%
In December after the BofE 1.5% cut it was 5.84% (less 1.1%)
In January after the RofE 1% cut it will be 5.34 (less .5%)

I am also on a 1.8% discount SVR which will see me paying 3.54% in the new year, which is pretty lucky, but is still annoying when other Banks SVRs are 4% without any discount (e.g. Lloyds/C+G)

T

Pythagorous

teeboy123 wrote: »

If you are paying 3.95% then you are not on the SVR (as the S stands for Standard), you are probably on a discount SVR.

In October the A+L SVR was 6.94%
In December after the BofE 1.5% cut it was 5.84% (less 1.1%)
In January after the RofE 1% cut it will be 5.34 (less .5%)

I am also on a 1.8% discount SVR which will see me paying 3.54% in the new year, which is pretty lucky, but is still annoying when other Banks SVRs are 4% without any discount (e.g. Lloyds/C+G)

T

Nah I came off my 2 year discounted rate about a year ago. It does seem v low for the svr though, so maybe the rate they have quoted on my last interest rate change letter was quoted incorrectly (although it does match my payments!).

rlc22

Pythagorous wrote: »

Nah I came off my 2 year discounted rate about a year ago. It does seem v low for the svr though, so maybe the rate they have quoted on my last interest rate change letter was quoted incorrectly (although it does match my payments!).

A lot of A&L's rates reverted to a BOE tracker after the special discounted/fixed rate was up. My fixed rate ends at the end of this month and goes to BOE+0.95 - so sounds like yours is the same.

Unfortunately the other part of my mortgage that ends next June isn't one of the ones that reverts to a tracker, but goes onto the SVR - if only it was all the same I would save a load of money!

Pythagorous

Ahh that'd make sense. Cheers. I'm surprised they didn't try to stick me unto the SVR, not that I'm complaining.

rlc22

Pythagorous wrote: »

Ahh that'd make sense. Cheers. I'm surprised they didn't try to stick me unto the SVR, not that I'm complaining.

I was rather pleased myself when I dug out my KFI a few months ago and saw that it was a tracker when I was expecting SVR.

And then I was even more pleased when the BOE started cutting rates at lightning speed (although obviously would rather pay more and not be heading into a nasty recession, but it will definitely help me out to save about £40 a month from January)

neverdespairgirl

austinslide wrote: »

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

Grim.

Your mortgage has gone down an unusual 1.85% in 3 months and that's grim? Hate to see what you think good news is....

neverdespairgirl

sherer wrote: »

t

My valuation on my flat has come in so low i'm having trouble getting a new deal at the moment, the valuation I was given is no where near what my flat is worth but it seems I am at the mercy of surveyors

Generally speaking at the moment, where there is a big difference between what an owner thinks and a surveyor thinks, I reckon the owner is the one who is wrong. Perhaps you are just being far too optimistic about what your flat's really worth now?